Gold price today May 16: Decreased by 4% compared to the recent peak

SJC gold bar price

As of 10:00 AM, SJC gold bar prices were listed by DOJI Group at 160.5-163.5 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 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 160.5-163.5 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 3 million VND/tael.

9999 gold ring price

As of 9:24 am, DOJI Group listed the price of gold rings at 160.5-163.5 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 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 160.5-163.5 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 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 to 4 million VND/tael, posing a risk of losses for investors.

World gold price

At 10:00 AM, world gold prices were listed around the threshold of 4,539.2 USD/ounce, down 73.5 USD compared to the previous day.

Gold price forecast

World gold prices are under great pressure as the macroeconomic environment becomes less favorable for precious metals. After a period of strong increase before that, gold's upward momentum was blocked by a series of factors such as persistent inflation, rising US bond yields and a stronger USD.

In the past week, the price increase momentum of precious metals has clearly weakened. Gold decreased by about 4%, while silver plummeted by about 13% compared to the recent peak. This development shows that selling pressure is still dominating the market, especially when investors adjust expectations about the monetary policy of the US Federal Reserve (Fed).

Instead of expecting the Fed to cut interest rates soon, the market is considering the possibility that this agency will maintain a high interest rate level for a longer time. Even a part of investors do not rule out the risk of monetary policy further tightening if inflation does not cool down as desired.

Pressure is clearly shown in the US bond market. 30-year term bond yields have exceeded the 5% threshold, the highest level in many years. Notably, this increase mainly comes from real yields, instead of long-term inflation expectations. As real yields increase, the opportunity cost of holding gold - non-interest assets - also increases.

According to Mr. Marc Chandler - Managing Director of Bannockburn Global Forex, the sharp increase in interest rates and the rise in the USD have put pressure on gold prices at the end of the week. He believes that if gold prices break through the important support zone, the market could open up a deeper decline.

Meanwhile, Mr. Daniel Pavilonis - senior commodity broker at RJO Futures - said that gold's decline reflects a cautious sentiment in the face of rising bond yields and expectations of higher interest rates. He believes that the 4,500 USD/ounce mark is a noteworthy support zone in the short term; if this zone is not maintained, the downward trend may expand.

However, the long-term outlook for gold is not necessarily negative. Inflation risks, geopolitical tensions, tightened financial conditions and the central bank's protectionist demand can still support the precious metal. However, in the short term, gold prices are likely to fluctuate strongly and be under pressure if real yields continue to rise.