Gold price update at the closing session on May 15: Domestic gold prices plummet

SJC gold bar price

As of 5:45 PM, SJC gold bar prices were listed by DOJI at 160.5-163.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 161-164 million VND/tael (buying - selling), down 1 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 160.5-163.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

9999 gold ring price

As of 5:45 PM, DOJI listed the price of gold rings at 160.5-163.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 161-164 million VND/tael (buying - selling), down 1 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 Gold and Gems Group listed the price of gold rings at 160.5-163.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 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 5:45 PM, world gold prices were listed around 4,559.1 USD/ounce, a sharp decrease of 139.9 USD compared to the previous day.

Gold price forecast

World gold prices are under strong downward pressure as US Treasury bond yields and the USD rise together. This development increases the opportunity cost of holding gold - an unprofitable asset, and makes the precious metal more expensive for investors using other currencies.

According to analysts, the biggest pressure on gold today comes not only from the USD or yield, but also from concerns about inflation returning. Brent oil prices increased sharply during the week, hovering above the threshold of 109 USD/barrel, amid tensions in the Middle East and the risk of transport disruptions through the Strait of Hormuz not cooling down. Fuel price increases could spread to production and transportation costs, thereby pushing commodity prices higher.

StoneX expert Rhona O'Connell said that yields and the USD increased due to concerns about rising inflation, partly due to tensions in the Gulf region, plus US CPI and PPI data released this week. These data strengthened expectations that the US Federal Reserve (Fed) will maintain interest rates at a higher level for longer.

This is a disadvantage for gold in the short term. Although gold is often seen as an inflation hedging tool, in the context of inflation originating from the oil price shock, the market is worried that the Fed will have difficulty easing monetary policy soon. When the expectation of interest rate cuts is narrowed, speculative cash flow tends to leave gold to seek USD and bonds.

In addition, market sentiment was also affected by sell-offs after the previous strong increase. Some information about import tax policies in India also increased pressure on physical demand in this large gold consumption market.

Independent expert Ross Norman believes that the long-term outlook for gold still leans towards a positive trend, but in the short term, the market is very difficult to predict when geopolitical and interest rate information continuously changes. Therefore, investors need to be cautious with strong fluctuations, especially when the buying-selling spread in the country is still high.