Second week of price increase

Domestic gold price

At the end of yesterday’s trading session, the price of 9999 gold bars at SJC and Doji listed as follows:

SJC HCMC: 68.5 million dong/tael (buy in) – 69.5 million dong/tael (sold out)

SJC Hanoi: 68.5 million dong/tael (buy in) – 69.52 million dong/tael (sold out)

Doji Hanoi: 68.5 million dong/tael (buy in) -69.4 million dong/tael (sold out)

Doji Ho Chi Minh City: 68.5 million VND/tael (buy in) – 69.45 million VND/tael (sold out)

International gold price

In the world gold market, spot gold price closing the session in the US fell 3 USD/ounce to 1,850.6 USD/ounce. Gold futures for delivery in June 2022 on the Comex New York exchange increased 1.4 USD to 1,850.6 USD/ounce.

The price of gold on the international market skyrocketed due to the deep fall of the US dollar in the context of investors worried that US$5 trillion in assets would evaporate. Currently, there are many signals that US inflation may not have peaked and may continue to rise higher. In such a context, the forecasts point towards the possibility that gold will again be selected as a high-haven asset.

Worries about geopolitics and inflation are driving the bulls up stock market awkward. These are also bullish factors for the safe-haven metals.

Gold is currently subject to many different factors and volatility does not have a clear trend. The Fed’s tightening monetary policies pulled the dollar up and pushed the price of gold down. However, the USD is also under strong downward pressure when the euro is forecasted to appreciate.

In the previous session, the US Federal Reserve’s Open Market Committee (FOMC) expressed a tough stance on the stance of tightening monetary policy.

The US Federal Reserve (Fed) has now confirmed the risk of rising inflation and its growing threat to the economy. Most likely, the agency will raise interest rates by 50 percentage points each time in its June and July meeting.

Gold price forecast

According to experts, gold tends to become less attractive to investors when the US increases interest rates. However, this precious metal is considered a safe-haven asset during economic crises.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank (Switzerland), said that this support is short-lived, as bond yield trends remain positive in the medium term thanks to the interest rate outlook. increase in the US.

Told him

Falling in the opposite direction of the world, domestic gold is the lowest in the past 2 monthsThe domestic gold price continuously decreased following the movements of the world market to the threshold of 68 million dong/tael, the lowest level in the past two months.