Gold price drops, transactions are sparse, precious metals are 'snubbed', SJC gold continues to plummet

Gold price today May 30, 2023, gold price decreased slightly, precious metals are not favored when interest rates increase, there is a wave of withdrawal from safe-haven assets. However, experts are still optimistic. SJC gold is on the decline.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 5/30 AND EXCHANGE RATE TODAY 5/30

1. SJC - Updated: 05/29/2023 15:08 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,400 ▲50K	67,000 ▼50K
SJC 5c	66,400 ▲50K	67,020 ▼50K
SJC 2c, 1c, 5c	66,400 ▲50K	67,030 ▼50K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,600	56,550
SJC 99.99 gold ring 0.5 chi	55,600	56,650
Jewelry 99.99%	55,450	56,150
Jewelry 99%	54,394	55,594
Jewelry 68%	36,336	38,336
Jewelry 41.7%	21,567	23,567

World gold prices and domestic gold prices both decreased.

At the opening of the first trading session of the week on May 29, the domestic gold price decreased by 50 thousand VND/tael in the selling direction. Accordingly, the SJC gold price in the Hanoi market was listed by Saigon Jewelry Company at 66.4 - 67.03 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in the buying direction but a decrease of 50 thousand VND/tael in the selling direction compared to the closing session at the end of last week.

At Phu Quy Jewelry Company, the listed price of SJC gold is at 66.35 - 67 million VND/tael (buy - sell), unchanged from the closing price of last weekend.

Meanwhile, in the Asian market, gold prices fell in the morning session of May 29, under pressure from the preliminary agreement on raising the US debt ceiling and concerns about the prolonged high interest rate situation.

Spot gold fell 0.3% to $1,941.45 an ounce in the early morning hours of May 29, near a two-month low hit in the previous session. Meanwhile, gold futures fell 0.2% to $1,940.70 an ounce.

The US dollar rose 0.1% in the session, making gold, a precious metal priced in the currency, more expensive for buyers holding other currencies.

Gold price today May 30, 2023: Gold price decreased, transactions were sparse, precious metals were 'snubbed', SJC gold continued to plummet. (Source: Reuters)

According to World & Vietnam Newspaper , at 7:31 p.m. on May 29 (Vietnam time), the world gold price on Kitco floor was at 1,948.0 - 1,949.0 USD/ounce, up 1.8 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of May 29:

Saigon Jewelry Company listed the price of SJC gold at 66.4 - 67.0 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.35 - 66.95 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.4 - 67.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.47 - 67.0 million VND/tael; Rong Thang Long gold brand is traded at 55.66 - 56.56 million VND/tael; jewelry gold price is traded at 55.30 - 56.40 million VND/tael.

Thus, compared to the early morning of May 29, the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company remained unchanged for buying and decreased by VND30,000/tael for selling.

Converted according to the USD price at Vietcombank on May 29, 1 USD = 23,650 VND, the world gold price is equivalent to 55.53 million VND/tael, 11.47 million VND/tael lower than the selling price of SJC gold.

World gold prices trade and fluctuate within a narrow range

Gold prices edged lower in thin trading on Monday as U.S. officials reached a debt ceiling deal, removing concerns from markets and weighing on safer assets, while the prospect of higher interest rates from the Federal Reserve dampened demand for bullion.

Spot gold fell 0.1% to $1,945.29 an ounce at 1013 GMT, hovering near a two-month low hit last Friday. U.S. gold futures were also unchanged at $1,944.80 an ounce.

The retreat from safe-haven assets such as gold came as world stocks rallied on news of a debt ceiling deal being finalized in Washington, although trading with parts of Europe, including the UK and US, on holiday was subdued.

“Until a few days ago, most investors were betting that the Fed would keep interest rates steady and not raise rates next month,” said Carlo Alberto De Casa , an analyst at Kinesis Money.

However, last week's economic data changed that view, with the Fed now expected to raise rates at its June 13-14 meeting.”

Fed Funds futures show a 65.6% chance of a 25 basis point rate hike, with rates peaking in July at 5.317%.

Gold, which offers no yield of its own, tends to fall out of favor with investors when interest rates rise.

Meanwhile, the US dollar index near a two-month high put pressure on gold prices.

“As long as we stay above $1,900 an ounce, I don’t see too much downside risk… I see a small downside range, in the worst case scenario it could be $1,800 an ounce, but that’s not it because demand is very solid, but the market could have a temporary correction,” added analyst De Casa.

After weeks of negotiations, President Joe Biden and House Speaker McCarthy reached a preliminary agreement on the debt ceiling late on May 27. According to the agreement, the two sides agreed to suspend the debt ceiling for two years, until January 1, 2025.

Inflation rose and consumer spending in the United States rose more than expected in April, data released recently showed, boosting the growth prospects of the world's largest economy in the second quarter.

The report raised the probability of a 25 basis point rate hike in June to 64.2 percent, and rates are expected to remain at the new level through the end of the year, according to the CME FedWatch tool.

Rising interest rates will put pressure on gold prices because it increases the opportunity cost of holding non-yielding assets like gold.

Source