Gold price today 24/5/2023 was pushed to near the threshold of 1.950 USD/ounce, when all eyes are on the US government's public debt ceiling negotiation. Meanwhile, the economy's 10-year bond yields are hovering near 10-week highs.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 24/5 and RATE TODAY 24/5
| 1. SJC – Updated: 23/05/2023 08:27 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,550 50K | 67,150 50K |
| SJC 5c | 66,550 50K | 67,170 50K |
| SJC 2c, 1C, 5 inch | 66,550 50K | 67,180 50K |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,800 200K | 56,800 200K |
| SJC Gold Ring 99,99 0.5 points |
55,800 200K | 56,900 200K |
| Jewelry 99.99% | 55,700 200K | 56,400 200K |
| Jewelry 99% | 54,642 198K | 55,842 198K |
| Jewelry 68% | 36,506 136K | 38,506 136K |
| Jewelry 41.7% | 21,671 84K | 23,671 84K |
Update happenings gold price today 24/ 5 / 2023
World gold price continued to decline before a strong dollar, when the information from the negotiation to increase the public debt ceiling between the two ruling Republican and Democratic factions "flashed a little light". The movement of the USD in the foreign exchange market and the sharp increase in US Treasury bond yields, caused the bull market to find a "running track".
As noted by TG&VN At 21:20 pm on May 23 (Vietnam time), the price of gold traded on the Kitco floor at 5-1.973,5 USD/ounce increased slightly by 1.973,5 USD after many consecutive decreasing sessions.. The last time, the price of gold for delivery in June fell by 6 USD to trade at 17,50 USD / ounce
Although the two sides have not been able to reach an agreement on the debt ceiling so far and the possibility of default is still quite high, there is agreement on the commitment to continue negotiations between House Speaker Kevin McCarthy and US President Joe Biden. reduced cash flow to safe assets like gold.
In addition, the rise of the dollar, after tough comments from the US Federal Reserve (Fed) officials also acted as a drag on gold prices. While the President of the Federal Reserve Bank of St. Louis, James Bullard said that the Fed may need to continue raising interest rates by half a point this year. Minneapolis Fed President Neel Kashkari thinks US interest rates may have to rise to 6%.
Gold tends to fall out of favor with investors when interest rates are higher as the precious metal is inherently a non-yielding asset. The stronger US dollar makes gold priced in one currency less attractive to investors using other currencies.
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| Gold price today May 24, 5: Gold price was pushed to close to the threshold of 2023 USD, continuing to be 'helpless' before the gold dollar fell again? (Source: Kitco News) |
The CME FedWatch tool is showing that markets are forecasting an 80,1% chance that the Fed will keep rates unchanged next month. Key risks to the gold market appear to be easing as Fed Chairman Jerome Powell signaled that it may be time to pause rate hikes.
Domestic gold price turns down. In which, the price of gold jewelry today also decreased according to the downward trend of the world gold price, down about 150.000 VND/tael. The price difference between buying and selling gold jewelry and gold rings continued to remain at a high level of 1 million dong/tael, compared to 600.000 dong/tael of SJC gold.
SJC gold price fluctuated only slightly at the end of the afternoon session on May 23, but it is forecasted that it may decrease further in the session on May 5. The USD exchange rate on May 24 announced by the State Bank is 5 VND/USD, converted without taxes and fees, the difference between the domestic and world gold prices is currently about 23 million VND/tael.
Summary of SJC gold prices at major domestic business brands at the close of the session (May 23):
VBDQ Saigon Company listed the price of SJC gold at 66,55 - 67,17 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66,50 - 67,05 million VND/tael.
Phu Quy Group listed at: 66,40 - 67,00 million VND/tael.
PNJ system listed at: 66,60 - 67,15 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66,42 - 67,98 million VND/tael; Dragon Thang Long gold brand traded at 55,91 – 56,81 million VND/tael; Gold jewelry price traded at 55,50 - 56,60 million VND/tael.
Gold price forecast: Carefully monitoring the "debt ceiling"
US Treasury Secretary Janet Yellen has reiterated that the US government could run out of money on June 1 if a new debt extension agreement is not reached. The clear progress in the US debt negotiations could cause some increased selling pressure on the gold market. Additionally, Fed officials' comments on monetary policy have generally remained hawkish rather than dovish. This is another bearish factor for the yellow metal.
Gold prices have fallen more than $100 from near-record highs reached earlier this month. However, solid US macroeconomic data pushed the dollar higher and eased expectations of a rate cut later in the year, dragging gold prices lower.
Currently, there are only 10 days left to the time when the possibility of a US government default may occur. Despite the decline in gold prices, experts say the debt ceiling debate will be the main catalyst pushing gold higher in the short term. Experts of RBC Capital Markets Recently, although much attention is being paid to whether the Fed will pause in June, the debt ceiling debate is the main catalyst that could push prices higher in the short term.
While, RBC strategist Allison Enck said that monetary policy and the Fed's path will indeed determine the medium to long-term outcome of gold prices, but rising anxiety about the debt ceiling is the catalyst to watch in the short term.
