Gold price drops, 'sharks' buy 15 more tons

On the world market, the spot gold price on May 13 (Vietnam time) was trading at 2,010 USD/ounce. The futures gold price was trading at 2,011 USD/ounce.

According to the World Gold Council (WGC), in April, global gold ETFs bought a net 15 tons, worth 824 million USD. Total global gold ETF assets increased by 1%, to 221 billion USD at the end of April. The amount of gold held by these funds was 3,459 tons.

The WGC said that the demand for gold investment from US funds continues to lead the global market. The US ETF funds trading gold account for a large number. According to experts, the economic recession and falling bond yields in the US have made gold a safe haven.

Investment funds buy more gold. (Photo: Reuters)

Meanwhile, European-based funds reduced their gold holdings. In April, European funds reduced 0.7 tons of gold, worth $223 million.

Funds in Asia traded quite modestly, only 0.1 tons of gold, worth 49 million USD.

WGC forecasts that gold investment demand from funds will continue to increase in the context of economic recession and unstable financial and stock markets.

Gold could struggle in the short term with core inflation unchanged from last month and well above the US Federal Reserve's target, said Ole Hansen, head of commodity strategy at Saxo Bank.

Investors need to pay more attention to the state of the banking system and negotiations on the US debt ceiling, according to precious metals market research firm StoneX.

Domestic gold increased by 250,000 VND/tael

In contrast to the decline in the world market, domestic gold prices increased last week.

At the end of the trading session on May 13, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.55 million VND/tael (buy) and 67.25 million VND/tael (sell). SJC Hanoi listed at 66.55 million VND/tael (buy) and 67.27 million VND/tael (sell).

Doji Hanoi listed at 66.5 million VND/tael (buy) and 67.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.6 million VND/tael and sold at 67.2 million VND/tael.

Weekly, the gold price at SJC increased by VND250,000/tael for buying and VND230,000/tael for selling. At Doji, the gold price increased by VND150,000/tael for both buying and selling.

Gold prices increase, mysterious 'shark' collects 300 tons . Up to now, information about the "shark" collecting 300 tons of gold last year is still a mystery.

Source: https://vietnamnet.vn/gia-vang-giam-ca-map-mua-them-15-tan-2142827.html