Gold price update at the closing session on May 10th: Heavy losses despite gold price increase last week

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 164.5-167.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (May 3), SJC gold bar price at Saigon SJC Jewelry Company increased by 1.5 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 164.5-167.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (May 3), SJC gold bar price at DOJI increased by 1.5 million VND/tael in both buying and selling directions.

If buying SJC gold bars on May 3rd and selling them on today's session (May 10th), buyers at Saigon Jewelry Company SJC and DOJI will both lose 1.5 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 164.5-167.5 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 164.3-167.3 million VND/tael (buying - selling), an increase of 1.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

If buying gold rings in the session on April 26 and selling them in today's session (May 3), buyers at DOJI will lose 1.5 million VND/tael; while buyers at Phu Quy will lose 1.7 million VND/tael.

World gold price

Closing the week's trading session, world gold prices were listed at 4,713.7 USD/ounce, up 100.3 USD compared to a week ago.

Gold price forecast

After the US April jobs report was released, gold and silver prices simultaneously maintained their upward momentum as the market continued to assess the monetary policy outlook of the Fed and geopolitical risks in the Middle East.

New economic data shows that the US economy created 115,000 jobs in April, higher than market expectations, while the unemployment rate remained at 4.3%. However, consumer sentiment in the US continued to weaken as the preliminary consumer confidence index in May fell to 48.2 points, lower than the 49.8 points of the previous month.

Analysts believe that the opposite economic picture is helping gold maintain a high price range. Positive jobs reports reduce the risk of a short-term recession, thereby making the expectation that the Fed will soon cut interest rates not really clear. However, the decline in consumer confidence and the expectation that inflation will cool down support the precious metal to maintain the 4,700 USD/ounce mark.

Mr. Sean Lusk - co-director of trade hedging at Walsh Trading - said the jobs report is not weak enough to create strong momentum for gold in the short term. According to him, high energy prices and the risk of supply chain disruptions related to the Middle East conflict may cause the Fed to maintain a cautious monetary policy for longer.

The market still has to monitor further jobs and inflation data in the coming time. If price pressure increases again due to geopolitical tensions, the Fed may even have to consider tightening policies instead of easing" - Mr. Sean Lusk said.

Meanwhile, Marc Chandler - Managing Director of Bannockburn Global Forex - said that gold has recovered quite well after a period of strong correction at the end of last month. He assessed that the gold buying activity of the People's Bank of China (PBOC) continues to be an important supporting factor for the precious metals market.

In addition to economic factors, investors are still closely monitoring developments in the Strait of Hormuz. Although the US and Iran have not completely broken the ceasefire agreement, the military situation in the region continues to be tense, increasing the risk of disruption of energy supplies and global sea transport activities.

According to many experts, if oil prices continue to linger high and the USD weakens, gold may still have room to increase in the near future. However, market volatility will still largely depend on inflation data, retail sales and statements from the Fed next week.