Gold price update at the closing session on May 11th: Falling, under pressure as oil prices remain high

SJC gold bar price

As of 5:00 PM, SJC gold bar prices were listed by DOJI at the threshold of 162.2-165.2 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 162.2-165.2 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 162.2-165.2 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

9999 gold ring price

As of 5:00 PM, DOJI listed the price of gold rings at the threshold of 162.2-165.2 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 162.2-165.2 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at the threshold of 162-165, down 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

The buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 5:00 PM, world gold prices were listed around the threshold of 4, 655.5 USD/ounce, down 58.2 USD compared to the previous day.

Gold price forecast

World gold prices fell sharply in the first session of the week as high oil prices raised concerns about prolonged inflation, amid tensions between the US and Iran showing no signs of cooling down. The rising USD also put more pressure on the precious metal, making gold more expensive for investors holding other currencies.

According to Reuters, Brent oil prices have surpassed the $103/barrel mark after peace talks between the US and Iran fell into deadlock. US President Donald Trump declared that he would reject Tehran's response to Washington's peace proposal, saying that requests from Iran are "completely unacceptable".

Concerns about prolonged conflict in the Middle East continue to disrupt transportation through the Strait of Hormuz, thereby pushing oil prices up sharply. This development increases global inflationary pressure and makes the market expect the Fed to maintain high interest rates for a longer time.

Mr. Han Tan - Head of Market Analysis at Bybit - said that market sentiment is still under great pressure from inflation risks, especially when efforts to end the conflict in the Middle East have not made significant progress.

According to this expert, if the US consumer price index (CPI) announced this week is higher than expected, gold prices may continue to be under downward pressure as the Fed is forced to extend its high interest rate policy.

Data from CME's FedWatch tool shows that the market is almost no longer betting on the possibility of the Fed cutting interest rates this year. Even investors are considering the possibility of the Fed raising interest rates again in 2027.

Meanwhile, some Wall Street experts believe that gold still faces short-term correction risks even though the long-term trend has not been broken.

Mr. Darin Newsom - senior market analyst at Barchart. com - said that gold prices are currently approaching an important technical resistance zone around the 50-day moving average. According to him, gold has not been able to close above this zone since mid-March and the risk of correction is still present if buying pressure does not improve.

However, Mr. Newsom believes that the long-term outlook for the precious metal remains positive if the price maintains the important support zone around 4,533 USD/ounce.

Experts predict that gold price movements this week will continue to depend on US inflation data, Fed policy orientation and geopolitical tensions in the Middle East.