Gold price today May 10th: Loss of 1.7 million VND/tael after a week

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 164.5-167.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (May 3), SJC gold bar price at Saigon SJC Jewelry Company increased by 1.5 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 164.5-167.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (May 3), SJC gold bar price at DOJI increased by 1.5 million VND/tael in both buying and selling directions.

If buying SJC gold bars on May 3rd and selling them on today's session (May 10th), buyers at Saigon Jewelry Company SJC and DOJI will both lose 1.5 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 164.5-167.5 million VND/tael (buying - selling), an increase of 1.5 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 164.3-167.3 million VND/tael (buying - selling), an increase of 1.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

If buying gold rings on May 3rd and selling them on today's session (May 10th), buyers at DOJI will lose 1.5 million VND/tael; while buyers at Phu Quy will lose 1.7 million VND/tael.

World gold price

Closing the week's trading session, world gold prices were listed at 4,713.7 USD/ounce, up 100.3 USD compared to a week ago.

Gold price forecast

Last week, gold prices experienced many strong fluctuations. At the beginning of the week, the precious metal fell sharply as oil prices rose sharply due to tensions in the Middle East, raising concerns about prolonged inflation and high bond yields. This made gold lose its short-term appeal.

However, in the middle of the week, gold prices quickly recovered as the market expected US-Iran tensions to cool down, pulling oil prices down again. At the same time, falling US bond yields along with the weakening of the USD created momentum to help gold rebound to the 4,700 USD/ounce mark.

After a week of strong fluctuations, world gold prices are receiving many positive forecasts from Wall Street experts and individual investors.

Although the market is still under pressure from the interest rate policy of the US Federal Reserve (Fed) and US economic data, many opinions suggest that gold is still being supported by safe-haven demand and stable buying power from the central bank.

Kitco News' weekly gold survey shows that optimistic sentiment is dominating the market. Among 11 Wall Street experts participating in the survey, up to 64% predict that gold prices will continue to increase next week. In the group of individual investors, about 69% of respondents also expect the precious metal to go up.

Mr. Marc Chandler - Managing Director of Bannockburn Global Forex - said that gold prices maintained an important support zone around 4,500 USD/ounce in the early week before rebounding sharply in the middle of the week thanks to falling oil prices, cooling interest rates and weakening the USD.

This expert also said that reserve data from the People's Bank of China (PBOC) shows that this agency continues to buy gold strongly as prices adjust. According to Mr. Chandler, the nearest target for gold prices may be towards the 4,850 USD/ounce zone.

In another development, buying power from central banks continues to be seen as an important support foundation for the gold market. China has extended its gold reserve buying streak for the 18th consecutive month. Many other countries such as Poland, Kazakhstan or Uzbekistan have also maintained gold hoarding despite prices still hovering at high levels.

Currently, some experts warn that gold prices may still be under short-term pressure if the USD strengthens or the Fed continues to maintain a tough monetary policy longer than expected.

Next week, the market will focus on monitoring a series of important US data such as CPI, PPI, retail sales and number of unemployment claims to assess the Fed's interest rate outlook.