Gold price update on the morning of May 6: Sudden sharp increase, breaking many-day peak

Updated SJC gold price

As of 6:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at 117.8-119 1.8 million VND/tael (buy in - sell out), down 1.5 million VND/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.

At the same time, the price of SJC gold bars was listed by DOJI Group at 117.8-119 million VND/tael (buy in - sell out), down 1.5 million VND/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 117.8-119 1.8 million VND/tael (buy in - sell out), down 1.5 million VND/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.

Phu Quy Gold and Stone Group listed the price of SJC gold bars at 116.8-119 1.8 million VND/tael (buy in - sell out), down 700,000 VND/tael in both directions. The difference between buying and selling prices is at 3 million VND/tael.

9999 round gold ring price

As of 6:00 a.m., the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 112.5-115 million VND/tael (buy in - sell out), down 1.5 million VND/tael. The difference between buying and selling prices is at 2.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 115.5-118.5 million VND/tael (buy - sell), down 1.1 million VND/tael for buying and down 1.2 million VND/tael for selling. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 113.5-116.5 million VND/tael (buy in - sell out), down 500,000 VND/tael in both directions. The difference between buying and selling prices is at 3 million VND/tael.

In the context of strong fluctuations in domestic gold prices, the buying-selling gap is pushed too high, increasing the risk for individual investors. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

At 5:50 a.m. on May 6, the world gold price listed on Kitco was around 3,331.1 USD/ounce, up 91.5 USD.

Gold price forecast

World gold prices skyrocketed due to increased safe-haven demand, especially from China. Silver prices also edged up. June gold futures rose $74.9 to $3,318.2 an ounce, while May silver prices rose $0.166 to $22.155 an ounce.

A market analyst from Saxo Bank said that strong demand for gold from Chinese consumers is keeping gold prices stable, despite selling pressure from Western speculators. This shows that Chinese people are very concerned about the domestic economic situation and are looking for gold as a safe asset.

This week, the interest rate decision of the US Federal Reserve (FED) will be announced on Wednesday afternoon. The market is not expecting any changes in monetary policy after the FOMC meeting that began on Tuesday morning.

Veterans will closely monitor the reaction of the crude oil market after the results of the FED meeting. Crude oil often leads the group of basic goods, so fluctuations in oil prices can greatly affect other markets, including metals.

If the Fed shows Haves (supporting a tight monetary policy), oil prices could face further pressure. Conversely, if the FED dobs (lowering support), oil prices could recover.

The crude oil price for June futures that need to be monitored is the April low at 54.67 USD/barrel. If it breaks through this level, the price could fall to $50/barrel. Conversely, if it closes above 62.5 USD/barrel, it could be a sign of creating a bottom in the oil market and the risk-off sentiment of investors is returning. However, this could have a mixed impact on gold prices.

Technically, June gold futures are in a short-term technical advantage that leans towards buyers. The next target for buyers is to surpass the strong resistance level at 3,400 USD/ounce. Meanwhile, the sellers wanted to push prices below the important technical support level at the bottom of last week at 3,209.4 USD/ounce.

The resistance level is close to $3,350/ounce and then $3,370/ounce. The near support level is $3,300/ounce and next is the night low at $3,243.1/ounce.

Overseas markets are now showing a slight decline in the USD index. NYMEX crude oil prices also fell, around $57.25/barrel. OPEC is expected to increase production from June. The yield on the 10-year US Treasury note is currently at 4.343%.

Notable economic data schedule

Wednesday: Fed monetary policy decision.

Thursday: Bank of England interest rate decision; US weekly jobless claims.