Gold price today, May 29: Unstoppable plummet, gold market cools down

    Phương Anh |

    Gold prices today (May 29) continued to decline in the direction of yesterday's session. Precious metals businesses have adjusted down the range of about 20,000 - 30,000 VND per quantity. In the world market, skepticism about the trade war and the US dollar increased dramatically, causing gold prices to plummet.

    The domestic gold price today was listed by Saigon Jewelry Company at 36.18 million VND/tael (buy) and 36.37 million VND/tael (sell), down 50,000 VND in both buying and selling directions compared to the end of the trading session on May 28.

    Doji Jewelry Group listed at: 36.25 million VND/tael (buy) and 36.35 million VND/tael (sell), down 50,000 VND for selling compared to the end of the previous session.

    Bao Tin Minh Chau Jewelry Company listed the following prices: 36.26 million VND/tael (down 30,000 VND/tael for buying) and 36.34 million VND/tael (down 40,000 VND/tael for selling).

    World gold prices closed the trading session in the US market early this morning (Hanoi time) at 1,280 USD/oz, down 5 USD compared to the close of the previous session.

    Meanwhile, the world gold price in the Asian market was trading around 1,280 USD/oz, down slightly by 4 USD compared to the same trading time yesterday morning (May 28).

    Gold prices today are 1.9% lower (24.5 USD/ounce) than in early 2018. World gold converted to USD at 35.4 million VND/tael, excluding taxes and fees, is about 1 million VND lower than domestic gold.

    World gold prices fell quite strongly due to the increase in the USD and stocks in the context of Mr. Donald Trump's positive opening about the trade war. However, the China-US confrontation still has many potential uncertainties.

    Many experts believe that gold prices have mainly decreased due to the USD rising from the bottom for many days after US President Donald Trump gave a positive opening statement about the prospect of US-China trade negotiations that have been shady over the past week due to attacks targeting China's No. 1 technology company Huawei.

    In Tokyo, during his visit to Japan, Mr. Trump expressed his confidence that the US and China will have a major trade deal in the future and that Washington expects this to happen.

    This is a rare positive signal in the past week as the US-China trade war has entered a new phase, reaching a much higher level and the conflict between the two countries is considered unlikely to be resolved in the short term.

    Phương Anh
    TIN LIÊN QUAN

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