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Today's (May 16th) SJC gold bar price decreased by 500,000 VND/ounce compared to yesterday's closing price and by 4 million VND/ounce compared to the end of last week, currently listed around 160.5 - 163.5 million VND/ounce. The price of gold rings from major brands such as Bao Tin Manh Hai, Bao Tin Minh Chau, Doji , Phu Quy, etc., is also listed at a similar price to SJC gold.
Phu Quy silver bars are listed at 75.4 - 77.7 million VND/kg this morning, a decrease of 4.7 - 5 million VND/kg compared to the same time yesterday.
World gold prices closed last night at around $4,540 per ounce, down $137 per ounce from the same time the previous session (a drop of nearly 3%), while world silver prices fell to just $75.9 per ounce, down 10.3% compared to yesterday.
Global gold prices weakened due to warmer inflation data, rising bond yields, and a stronger dollar, while geopolitical risks provided only limited support for gold prices.
This week, spot gold prices started the trading week at $4,687 per ounce, but quickly reversed course and fell as traders shifted their focus from safe-haven demand to concerns about persistent inflation, rising Treasury yields, and a stronger US dollar.
Kitco News' latest weekly survey shows that experts are pessimistic about the outlook for gold prices. Marc Chandler, Managing Director at Bannockburn Global Fore, believes that gold has not broken the $4,500 mark since the end of March, and if it does, it could be pushed towards $4,350.
Meanwhile, Adrian Day, president of Adrian Day Asset Management, argues that in the short term, higher oil prices and the tightening trend of global central banks to combat inflation will cause gold prices to fall. However, in the long term, the factors that have driven gold over the past three years will reaffirm: steady buying from central banks and other institutions in the face of a weakening US global influence.
RJO Futures commodity broker Daniel Pavilonis also suggested that the recent drop in gold prices was primarily a reaction to the lack of a breakthrough between Iran and China, coupled with rising Treasury yields – which themselves are reacting to the possibility of a Fed interest rate hike.
Although many analysts view corrections in the gold market as buying opportunities, market sentiment suggests that now is not the right time to buy, as prices could still fall further.
"I would definitely wait a little longer because the downward momentum is only just beginning to form. We could experience a period of significant volatility in the next few days. Be prepared," said Fawad Razaqzada, market analyst at FOREX.com.
Mr. Razaqzada also argued that as long as the turmoil in the Middle East continues to support high oil prices, bond yields will remain high.
Regarding silver, in addition to the negative impact from bond yields, demand for silver this year is also projected to decrease, according to UBS Bank's forecast. In its latest assessment, UBS suggests that investment demand for silver will only be around 300 million ounces, instead of the previously projected 400 million ounces. This is due to weakening industrial demand while supply from mining activities increases.
UBS also believes that the supply deficit in the silver market will narrow significantly, to around 60-70 million ounces, much lower than the previous forecast of around 300 million ounces.
This information negatively impacted market sentiment because silver was considered a metal that benefited from the prolonged supply shortages of recent years.
In its latest precious metals outlook report, Sucden Financial noted that silver prices could still be supported in the short term due to the persistent supply deficit and the fact that speculative positions in the market are not yet too high.
However, the organization believes that the silver market currently lacks a sufficiently large influx of investment to create a sustainable price increase.
Sucden Financial currently forecasts that silver prices will continue to be supported in the $70-72/ounce range. This is considered a key support zone for the market in the short term. Experts advise investors to be cautious with silver. In the short term, silver prices may continue to fluctuate sharply due to market sentiment remaining sensitive to new economic data. However, in the long term, silver is still considered to have potential due to its important role in industrial production, especially in the fields of clean energy, battery storage, and high-tech electronics.
Source: https://baodautu.vn/bac-lao-doc-vang-bi-thoi-bay-hang-tram-usd-d597098.html
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