Gold price today, May 21: Sharp increase, about to regain the 3,300 USD/ounce mark

Updated SJC gold price

As of 9:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at 118-120.5 million VND/tael (buy in - sell out), an increase of 1.2 million VND/tael in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.

At the same time, the price of SJC gold bars was listed by DOJI Group at 118-120.5 million VND/tael (buy in - sell out), an increase of 1.2 million VND/tael in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 118-120.5 million VND/tael (buy in - sell out), an increase of 1.2 million VND/tael in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.

Phu Quy Gold and Stone Group listed the price of SJC gold bars at 118.5-120.5 million VND/tael (buy - sell), an increase of 2.5 million VND/tael for buying and an increase of 1.5 million VND/tael for selling. The difference between buying and selling prices is at 2 million VND/tael.

9999 round gold ring price

As of 9:00 a.m., the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 112-115 million VND/tael (buy in - sell out), an increase of 500,000 VND/tael in both directions. The difference between buying and selling prices is at 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 114.5-117.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 112.3-115.3 million VND/tael (buy in - sell out), an increase of 800,000 VND/tael in both directions. The difference between buying and selling is 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 9:08, the world gold price listed on Kitco was around 3,292.6 USD/ounce, up sharply by 70.6 USD/ounce.

Gold price forecast

According to Kitco, gold prices increased sharply as the market assessed the impact after Moody's' rating agency surprised when it lowered the US Government debt rating last weekend.

Moody's downgrading US debt credit is considered a short-term positive signal for the gold and silver markets. The return to US fiscal and debt issues this week has put downward pressure on US stock indexes, thereby stimulating safe-haven demand for the two precious metals.

However, the impact of Moody's news is expected to quickly ease, as market attention gradually shifted to concerns about inflation and the possibility of the US Federal Reserve (FED) maintaining a stable interest rate policy in the next few weeks.

In another development, the People's Bank of China cut its key interest rate on Tuesday, after releasing unfavorable economic data on Monday. The Australian Central Bank also cut its key interest rate today.

On Kitco, Aaron Hussein - global market strategist at JP Morgan Asset Management said that investors should not put all their faith in gold: "Gold is a good asset for diversification and flexibility for portfolios, but high volatility, does not create income and is unstable as an anti-inflationary barrier".

Mr. Hussein admitted that in the current economic and geopolitical context, gold still plays an important role. Gold can act as a lifeline in the face of geopolitical shocks, a downward trend in globalization and a weakening of confidence in the foreseeable, so a small and moderate proportion in the portfolio helps diversify and create flexibility.

However, gold is not a "medicine for all diseases". It fluctuates strongly, does not generate income, is unstable in its anti-inflation effectiveness and has experienced many periods of slow growth.

Head of market strategy Phillip Streible of Blue Line Futures said: "Gold prices will face strong resistance at $3,350/ounce, with light resistance at $3,300/ounce. We are trading in a new range of $3,150 to $3,350 an ounce.

Marex analyst Edward Meir predicts that gold prices will be in the trading range of 3,000 to 3,500 USD/ounce for the rest of the year.