The domestic gold price this morning was listed by Saigon Jewelry Company at 36.30 million VND/tael (buy) and 36.49 million VND/tael (sell), an increase of 150,000 VND in both buying and selling directions compared to the end of the trading session on May 30.
Doji Jewelry Group listed at: 36.33 million VND/tael (up 110,000 VND for buying) and 36.43 million VND/tael (up 110,000 VND for selling) compared to the previous session.
Bao Tin Minh Chau Jewelry Company listed at: 36.22 million VND/tael (buy) and 36.30 million VND/tael (sell).
The world gold price at early morning of May 31 (Vietnam time) was immediately traded on Kitco at 1,288 USD/ounce, up about 10 USD compared to the same time of yesterday's trading session.
June gold futures rose $5.10 an ounce, currently trading at $1291.40 an ounce.
Gold prices increased in the context of escalating US-China trade tensions.
A recently released important US economic data shows that the estimate of gross domestic product in the first quarter of this year increased by 3.1% (the previous estimate increased by 3.2%). The latest GDP figure is expected to increase by 3.0% annually. The market has yet to have a clear reaction to this report.
Gold prices increased after the world stock market witnessed a slight recovery from selling pressure seen earlier this week.
Frank personal, CEO of U.S. Global Investors believes that the tariffs recently applied by the US on imports from China could push up inflation in the US. That will be a good support factor for gold prices.
In addition, this CEO believes that lower interest rates from a more dovish US Federal Reserve Fed will also benefit gold prices:
"We are now seeing interest rates much lower than in October and that is also a fundamental structure that is very supportive of gold prices, and if you add inflation to it, gold only takes a few seconds to increase to $1,400/ounce," Frank Holmes said.
