Gold price forecast after strong week increase

At the end of the trading week from May 19 to May 24, the price of SJC gold bars was listed by large enterprises at 119-121 million VND/tael (buy - sell). The difference between the two buying and selling directions was 2 million VND/tael.

At the beginning of the week, the price of gold bars "started" at 115.5-118.5 million VND/tael (buy - sell). Thus, after a week, the buying price increased by 3.5 million VND, the selling price increased by 2.5 million VND.

The price of plain gold rings is listed at 113.5-116 million VND/tael (buy - sell). Thus, the selling price of gold bars is 5 million VND/tael more expensive than gold rings. This is also the largest difference in the past few months. This development is in contrast to the previous period, when there was a time when gold rings exceeded the price of gold bars due to high demand for storage.

Domestic gold prices experienced a strong increase in the week along with international market developments. At the end of this week, the world gold price stopped at 3,360 USD/ounce. After opening the week at 3,217.90 USD/ounce, gold quickly broke out and the increase continued in the sessions, causing the price to break through the resistance levels. Overall, the world gold price increased by 4.8% compared to the end of last week.

Gold price forecast for next week shows mostly upward trend (Photo: Manh Quan).

Analysts say the gold price increase is not only due to trade tensions but also a series of other macro factors, including Moody's decision to downgrade US government bonds, increasing budget spending pressure and a not-so-positive outlook on international trade negotiations.

Rich Checkan, president of financial solutions provider Asset Strategies International, predicts gold prices will rise next week. The gold rally was especially supported after Moody's downgraded the credit rating of US government bonds from Aaa to Aa1.

Colin Cieszynski, chief strategist at SIA Wealth Management, said that Donald Trump's new tough stance on tariffs, along with the lack of substantive trade deals in recent times, has allowed gold to return to its role as the "king" of defensive assets.

Kitco's weekly gold price forecast survey also reflects positive sentiment: 81% of experts surveyed expect gold prices to continue rising, while 63% of retail investors participating in the online survey bet on an upward trend.

The upcoming trading week is shortened due to the Memorial Day holiday on Monday, but it will be packed with important data, including US goods orders, US consumer confidence, the Reserve Bank of New Zealand's monetary policy decision, FOMC meeting minutes and the personal consumption expenditure (PCE) index - the US Federal Reserve's preferred inflation measure.

Source: https://dantri.com.vn/kinh-doanh/du-bao-gia-vang-sau-tuan-tang-manh-20250524231814832.htm