Gold price update at the close of the session on May 22nd: World moving sideways, domestic falling

SJC gold bar price

As of 5:00 PM, SJC gold bar prices were listed by DOJI at 159-162 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 159-162 million VND/tael (buying - selling), down 400,000 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 159-162 million VND/tael (buying - selling), down 400,000 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 PM, DOJI listed the price of gold rings at 159-162 million VND/tael (buying - selling), down 400,000 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 the price of gold rings at 159-162 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 159-162 million VND/tael (buying - selling), down 400,000 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 5:10 PM, world gold prices were listed around the threshold of 4,531.9 USD/ounce, unchanged compared to the previous day.

Gold price forecast

Downward pressure continues to weigh on the world gold market as this precious metal is heading towards its second consecutive week of decline. Gold's decline is taking place in the context of oil prices remaining high, the USD strengthening and expectations that the Fed may raise interest rates once again this year increasing.

Brent oil prices are hovering above the 105 USD/barrel mark after the market doubted the possibility of a breakthrough in peace talks related to Iran. Rising energy prices raise concerns that inflation will drag on, thereby strengthening the possibility of interest rates in the US remaining at a higher level for longer.

Mr. Ole Hansen - Head of Commodity Strategy at Saxo Bank - said that oil, the USD and bond yields are currently the factors that have the strongest impact on gold prices. According to this expert, oil prices, especially, will play a decisive role in gold trends in the coming sessions.

Although gold is often seen as an anti-inflation shelter, a high interest rate environment reduces the attractiveness of this non-performing asset. According to CME Group's FedWatch tool, the market currently assesses the probability of the Fed increasing by another 25 basis points in December to about 41%.

The USD maintaining near its 6-week high also makes gold more expensive for buyers holding other currencies. Mr. Ole Hansen believes that technically, the 200-day moving average around 4,372 USD/ounce and the 50-day moving average around 4,667 USD/ounce are creating an important fluctuation band for the market. This expert believes that gold may continue to lean towards a downward trend until Middle East tensions cool down.

In Asia, physical gold demand continues to weaken due to too strong price fluctuations. In India, gold is being traded with large discounts compared to domestic official prices. Many retail buyers are cautious after the country's government raised gold import tax from 6% to 15%.

Meanwhile, in China - the world's leading gold consumer - gold insurance premiums have also cooled down. Mr. Bernard Sin - China Regional Director of MKS PAMP - said concerns about the Fed raising interest rates, rising bond yields and the strength of the USD continue to put pressure on the gold market in this country.

According to analysts, safe-haven demand due to geopolitical tensions still exists, but is not strong enough to help gold reverse course in the context that tight monetary policy is still a factor dominating the market.