Gold price update closing session May 3: Domestic gold buyers suffer heavy losses

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 163-166 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 (April 26), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 3.3 million VND/tael on the buying side and decreased by 2.8 million VND/tael on the selling side.

Meanwhile, DOJI listed SJC gold price at 163-166 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (April 26), the price of SJC gold bars at DOJI decreased by 3.3 million VND/tael on the buying side and decreased by 2.8 million VND/tael on the selling side.

If buying SJC gold bars in the session on April 26 and selling them in today's session (May 3), buyers at Saigon SJC and DOJI Jewelry Company both lost 5.8 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 163-166 million VND/tael (buying - selling), down 2.8 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 163-166 million VND/tael (buying - selling), down 2.8 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 session on April 26 and selling them in today's session (May 3), buyers at DOJI and Phu Quy will lose 5.8 million VND/tael.

World gold price

Closing the weekly trading session, world gold prices were listed at 4,613.4 USD/ounce, down 95.4 USD compared to a week ago.

Gold price forecast

After a week of strong fluctuations, the outlook for gold prices next week is assessed in a differentiated direction, but a slight upward trend is gradually prevailing as geopolitical risks and interest rate expectations continue to affect the market.

The latest survey shows that Wall Street analysts' sentiment has improved significantly. About half of experts predict gold prices may recover next week, while the rest are divided between a down scenario and a sideways trend. This reflects the tug-of-war between high interest rate pressure and safe-haven demand in the context of global instability.

Mr. Rich Checkan - Chairman and CEO of Asset Strategies International - said that gold prices are likely to increase again after the adjustment due to the impact of the meeting of the US Federal Reserve (Fed).

According to him, precious metals may record moderate increases as tensions in the Middle East have not cooled down, but it is difficult to form a sustainable upward trend if the conflict is not resolved clearly.

Agreeing with this view, Mr. James Stanley - senior market strategist at Forex. com - said that the upward trend is still being maintained, although the market does not have a clear breakthrough momentum. He emphasized that buyers still maintain their advantage after a prolonged period of struggling in April.

From a more cautious perspective, some experts warn that gold prices are still under pressure from expectations that interest rates will remain high for a long time, as inflation related to energy prices has not shown signs of cooling down. This increases the opportunity cost of holding non-profit assets like gold.

However, many opinions suggest that the current adjustments may be an opportunity for accumulation, as buying demand from central banks and long-term investors remains stable. The 4,600 USD/ounce threshold continues to be considered an important psychological milestone, deciding the short-term trend of the market.

In the coming week, a series of US economic data, especially the April jobs report, will play a key role in shaping monetary policy expectations. However, oil price movements and the Middle East situation are likely to remain the main factors dominating global gold prices.