The domestic gold price at the end of the session on May 25 was listed in Ho Chi Minh City at 36.28 - 36.45 million VND/tael (buy in/sell out), an increase of 30,000 VND/tael compared to the beginning of the trading session on the same day.
At the same time, DOJI Group listed the price of SJC gold at 36.30 - 36.40 million VND/tael, an increase of 20,000 VND for buying but a decrease of 30,000 VND for selling.
At Phu Quy SJC, the price of SJC gold bars stood at 36.30 - 36.40 million VND/tael, unchanged from the beginning of the trading session on the same day.
At Bao Tin Minh Chau, the price of 9999 gold is listed unchanged at 36.31 - 36.39 million VND/tael.
World spot gold prices increased by 0.1% to 1,283.91 USD/ounce at one point. Meanwhile, the price of gold for delivery in the US ended the session at 1,283.60 USD/ounce.
Overall, spot gold prices rose about 0.5% for the whole week, driven by a weakening of the US dollar and speculation that the US Federal Reserve (Fed) will cut interest rates.
Last week, world gold prices benefited from the escalating US-China trade tensions. After the embargo on Huawei's component purchases and Google's suspension of service for Android software, the US continued to put 5 more Chinese technology company names under control.
This caused the stock market to reverse and lose points in the last 2 sessions of the week. Gold, on the other hand, increased in price.
According to Kitco News, the world gold market will escape the current gloom and quickly regain its upward momentum next week. The latest survey by Kitco News on gold price prospects shows that the majority of analysts and investors on Wall Street and Main Street expect gold to increase in price next week (May 27 - 31, 2019).
Analysts led by Eugen Weinberg at Commerzbank said a resounding victory for the Indian Prime Minister Narendra Modi could be a positive factor for gold.
During the election campaign, Mr. Modi promised to increase voting gifts for rural people. This is the largest group of gold consumers in India to date, and the gift would allow them to buy large quantities of gold, the analysts said.
Gold also seems to have found some support from political uncertainty in the UK following the resignation of British Prime Minister Theresa May next month after failing to secure support for her Brexit plan.
