SJC gold bar price
Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 160.5-163.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.
Compared to the closing session of last week (May 10), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 4 million VND/tael in both buying and selling directions.
Meanwhile, DOJI listed SJC gold price at 160.5-163.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.
Compared to the closing session of last week (May 10), SJC gold bar price at DOJI decreased by 4 million VND/tael in both buying and selling directions.
If buying SJC gold bars in the May 10th session and selling them in today's session (May 17th), buyers at Saigon Jewelry Company SJC and DOJI will both lose 7 million VND/tael.
9999 gold ring price
At the same time, DOJI Group listed the price of gold rings at 160.5-163.5 million VND/tael (buying - selling), down 4 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 160.5-163.5 million VND/tael (buying - selling), down 3.8 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 10 and selling them today (May 17), buyers at DOJI will lose 7 million VND/tael; while buyers at Phu Quy will lose 6.8 million VND/tael.
World gold price
Closing the week's trading session, world gold prices were listed at 4,539.2 USD/ounce, down 174.5 USD compared to a week ago.
Gold price forecast
World gold prices have just experienced a week of strong pressure as safe-haven buying pressure is not enough to compensate for the impact of a stronger USD, rising US bond yields and concerns about inflation due to rising oil prices.
According to analysts, the upward momentum of the precious metal group has been significantly affected, in which gold fell nearly 4% in the week, while silver plunged about 13% compared to the recent peak.
The biggest pressure on gold today comes from interest rate expectations. The market is adjusting the possibility that the US Federal Reserve (Fed) will have to maintain a tight monetary policy for longer, instead of soon switching to interest rate cuts.
Long-term US government bond yields increased sharply, especially the 30-year term yield exceeded the 5% threshold, causing the opportunity cost of holding gold - an unprofitable asset - to increase.
Notably, the increase in nominal yields mainly comes from real yields, while long-term inflation expectations do not increase correspondingly. This makes gold more disadvantaged, especially for institutional investors who tend to look for assets to create cash flow when the general level of interest rates is high.
Adam Button - Head of Currency Strategy at Forexlive. com - believes that gold fluctuations in recent times reflect developments in the global bond market.
According to him, after a series of CPI and PPI data, the bond market did not ignore the risk of inflation. The yield of 30-year US bonds has risen to around 5.11%, while long-term yields in the UK and many other markets have also increased sharply. He assessed that the market is entering a stage where it must consider the possibility of interest rates remaining at a high level, even the risk of interest rate hikes returning.
Kitco News' weekly gold survey shows that Wall Street sentiment strongly leans towards a downward trend. Among 13 experts participating in the survey, only 2 people, equivalent to 15%, predict gold prices will increase next week; 10 people, equivalent to 77%, believe prices will decrease; the remaining 1 person predicts prices will remain unchanged.
Meanwhile, individual investors still maintain a more positive view. Among 29 online survey participants, 17 people, equivalent to 59%, expected gold prices to increase; 4 people predicted a decrease and 8 people thought prices would remain unchanged.
Next week, the market will monitor US housing, manufacturing, consumer confidence data and the minutes of the Fed's most recent meeting. However, developments in the Middle East, oil prices and bond yields are still considered the main influencing factors. If real yields continue to rise, gold may still be under downward pressure; conversely, geopolitical instability and inflation risk are still factors supporting the safe haven role of precious metals.
Gold price data is compared to a week earlier.
See more news related to gold prices HERE...
