Gold price update morning of May 14th: Continues to decline

SJC gold bar price

As of 6:00 AM on May 14, SJC gold bar prices were listed by DOJI at the threshold of 162-165 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.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 162-165 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 the threshold of 162-165 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.

9999 gold ring price

As of 6:00 AM on May 14, DOJI listed gold ring prices at the threshold of 162-165 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 gold ring prices at the threshold of 162-165 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 the price of gold rings at the threshold of 162-165 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.

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 9:23 PM on May 13, world gold prices were listed around the threshold of 4, 676.8 USD/ounce, down 37.6 USD compared to the previous day.

Gold price forecast

World gold prices continue to be under pressure as US inflation data rises hotter than expected, raising concerns that the US Federal Reserve (Fed) will maintain high interest rates for a longer time.

According to Kitco, at the time of the survey at 9:11 PM on May 13 (Vietnam time), spot gold prices fluctuated around 4,677 USD/ounce, down nearly 0.8% compared to the previous session. During the session, this precious metal traded in the 4,678-4,727 USD/ounce range and lost the important psychological milestone of 4,700 USD/ounce.

The biggest pressure on the gold market comes from the April US Producer Price Index (PPI) report. The US Department of Labor said the PPI increased by 1.4% in the past month, significantly higher than the forecast of 0.5% by experts. This is also the strongest increase since March 2022.

Year-on-year, manufacturing inflation in the US increased by 6% - the highest level since the end of 2022. Meanwhile, core PPI (excluding food and energy prices) increased by 1% in April and increased by 4.4% compared to the same period last year, far exceeding market expectations.

Analysts believe that cost pressure is spreading in the US economy, especially as energy prices continue to escalate. Output energy prices increased by 7.8% in April, of which gasoline prices jumped more than 15%. This makes the market increasingly concerned that the Fed will have to maintain tight monetary policy for longer to control inflation.

Mr. Naeem Aslam - Investment Director at Zaye Capital Markets - said that the latest PPI data is a "hawkish warning" to the financial market. According to him, strong inflation is driving the USD and real yields up, thereby creating more selling pressure on gold.

Many investors are now also adjusting their monetary policy expectations. The market is valuing about 40% of the possibility that the Fed may continue to raise interest rates by the end of this year. A high interest rate environment is often detrimental to gold because it increases the opportunity cost of holding non-performing assets.

In addition to inflation, geopolitical tensions in the Middle East are still a major variable for the commodity market. Oil prices are hovering at high levels due to concerns about supply disruptions in the Strait of Hormuz, which continues to make global inflationary pressure unable to cool down, thereby creating a tug-of-war for the gold market in the short term.