Gold price today May 31: Massive selling force, gold plummeted

Gold price today 31/5: Gold fell, investors lowered the prospect that the US would further tighten monetary policy

In the morning session of May 31, the spot gold price fell 0.09% to $1,852.5 per ounce at 7:00 a.m. (Vietnam time), according to Kitco. Gold price for June delivery also fell 0.09% to $1,855.71.

Gold price increased in the session on Monday (May 30), but fluctuated in a narrow range at 1,850 USD, thanks to the decrease of the dollar, while investors lowered the prospect that the US will further tighten monetary policy.

However, gold is still in the momentum of recording a second consecutive month of decline. Gold price fell due to a stronger USD, and the selling force of investors was strongly promoted.

“If economic concerns continue to weigh on yields, gold could rally again, with $1,870 an ounce being the first test of its kind,” said Craig Erlam, senior market analyst at OANDA. then $1,900/ounce.”

“Sentiment in the market remains extremely fragile but if investors focus solely on the economic slowdown rather than additional rate hikes, gold could continue to hold its ground,” he said.

Investors now expect the US Federal Reserve (Fed) to slow down in tightening monetary policy after the interest rate hikes in June and July.

“The gold trade serves as a potential hedge against any policy missteps,” said Saxo Bank analyst Ole Hansen.

While gold is seen as a hedge against inflation and a safe-haven in times of political and financial uncertainty, a higher exchange rate increases the opportunity cost of holding unprofitable gold.

Although there have been positive developments since touching a 3-month low of $1,786.60 an ounce on May 16, gold prices are still on track to record a 2-month losing streak, the first time ever. as of March 2021.

Domestic gold price: At the end of the trading session on May 30, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows: SJC Hanoi: 68.30 million VND/tael – 69.32 million VND/tael. Doji Hanoi: 68.20 million VND/tael – 69.15 million VND/tael. SJC HCMC: 68.30 million VND/tael – 69.30 million VND/tael. Doji Ho Chi Minh City: 68.15 million VND/tael – 69.15 million VND/tael.

World Gold converted at the bank’s USD price, excluding taxes and fees, about 17.3 million VND/tael lower than the domestic gold price by the end of the afternoon session on May 30.