Gold price update at the closing session on May 23: Extending the decline

SJC gold bar price

As of 5:00 PM, SJC gold bar prices were listed by DOJI at 158.5-161.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 158.5-161.5 million VND/tael (buying - selling), down 500,000 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 158.5-161.5 million VND/tael (buying - selling), down 500,000 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 17:00, DOJI listed the price of gold rings at the threshold of 158.5-161.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 158.5-161.5 million VND/tael (buying - selling), down 500,000 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 Gold and Gems Group listed the price of gold rings at 158.5-161.5 million VND/tael (buying - selling), down 500,000 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 5:00 PM, world gold prices were listed around the threshold of 4,505.5 USD/ounce, down 26.4 USD compared to the previous day.

Gold price forecast

World gold prices continued to experience a week of strong fluctuations as shelter demand from geopolitical tensions intertwined with pressure from the rising USD, high US bond yields and concerns that the US Federal Reserve (Fed) will maintain its "hawkish" stance longer than expected.

Gold's upward momentum was once supported by complex developments related to the Strait of Hormuz and US-Iran negotiations. However, the market quickly reversed when investors returned to focusing on inflation risks and the possibility that the Fed would not cut interest rates soon.

A consumer psychology survey by the University of Michigan shows that the US consumer confidence index fell to 44.8 points in May, much lower than the previous month. Meanwhile, inflation expectations continue to rise, causing the market to worry more about prolonged price pressure.

Fed Governor Christopher Waller said the energy shock from the Middle East is making him pay more attention to inflation. The official even did not rule out the possibility of continuing to raise interest rates if inflation expectations are out of control. These tough statements have put significant pressure on the precious metal.

According to Kitco, spot gold prices are currently fluctuating around 4,500 USD/ounce after two consecutive weeks of decline. Spot silver prices are also under adjustment pressure as 10-year US bond yields remain around 4.6%.

However, many experts believe that gold has not completely lost its long-term upward trend. Mr. Marc Chandler - Managing Director of Bannockburn Global Forex - said that gold is still accumulating around the important support zone of 4,500 USD/ounce. According to him, the market needs to surpass the 4,600 USD/ounce mark to confirm a clearer recovery, while the risk of deep decline may pull prices back to the 4,370 USD/ounce zone.

Meanwhile, Mr. Adrian Day - Chairman of Adrian Day Asset Management - believes that gold prices are likely to continue to fluctuate but still lean towards an upward trend in the short term thanks to the need to hedge geopolitical risks.

Some other experts are more cautious, saying that cash flow is still prioritizing the stock market and the USD. If Middle East tensions cool down, gold may continue to face adjustment pressure in the short term.