Gold price update closing session 31.5: Losing when surfing

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 156-159 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week's trading (May 24), SJC gold bar price at Saigon SJC Jewelry Company decreased by 2.5 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at 156-159 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (May 24), the price of SJC gold bars at DOJI decreased by 2.5 million VND/tael in both buying and selling directions.

If buying SJC gold bars in the May 24th session and selling them in today's session (May 31st), buyers at Saigon Jewelry Company SJC and DOJI will both lose 5.5 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 156-159 million VND/tael (buying - selling), down 2.5 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 155.5-158.5 million VND/tael (buying - selling), down 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 May 24th session and selling them in today's session (May 31st), buyers at DOJI will lose 5.5 million VND/tael, while the loss when buying at Phu Quy is 6 million VND/tael.

World gold price

Closing the weekly trading session, world gold prices were listed at 4,531.3 USD/ounce, down 29.8 USD compared to a week ago.

Gold price forecast

World gold prices fell for the third consecutive week. The market was simultaneously affected by geopolitical fluctuations, US monetary policy prospects and upcoming economic data. Despite falling compared to the previous week, the precious metal still showed remarkable recovery potential after retreating to important technical support zones.

Kitco News' weekly gold survey shows that the psychology of Wall Street analysts has shifted to more positive. Among 12 experts participating in the survey, 9 people, equivalent to 75%, predict gold prices will increase next week; 2 people think prices will decrease and 1 person predicts prices will remain unchanged.

Meanwhile, the group of individual investors is more cautious when only 44% expect gold prices to increase, while 26% forecast a decrease and 31% believe the market will move sideways.

Mr. Marc Chandler - Managing Director of Bannockburn Global Forex - said that gold has recovered along with risky assets in the context of the market expecting conflict in the Middle East to cool down. According to him, the gold price surpassing the 4,585 USD/ounce range will significantly improve technical signals in the short term. This development shows that investors are still closely monitoring information related to the US - Iran, oil prices and safe-haven demand.

Meanwhile, Mr. Naeem Aslam - Investment Director at Zaye Capital Markets - believes that the gold market is standing between two opposing waves of impact. On the one hand, eased geopolitical tensions may reduce safe-haven demand. On the other hand, inflation remains high, along with cooling signals from the US labor market, continuing to create support for gold prices.

Next week, investors will focus on a series of US economic data such as the ISM manufacturing PMI index, JOLTs jobs report, ADP, ISM service PMI, weekly unemployment claims and especially the non-farm payroll. These data may strongly impact interest rate expectations of the US Federal Reserve (Fed), thereby directly affecting the diễn biến of gold prices.

Analysts believe that in the context that the market is still heavily dependent on news, investors need to be cautious with strong fluctuations. The high domestic buying-selling spread also increases the risk of short-term losses if investors chase upwards.