Gold price drops, buying at the beginning of the week lost 400,000 VND/tael

Opening the market at the first session of the week (May 22), the price of 9999 gold bars at SJC Ho Chi Minh City was 66.75 million VND/tael (buy) and 67.35 million VND/tael (sell). SJC Hanoi listed at 66.75 million VND/tael (buy) and 67.37 million VND/tael (sell).

Doji Hanoi listed at 66.65 million VND/tael (buy) and 67.2 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.75 million VND/tael and sold at 67.25 million VND/tael.

In the following trading sessions, domestic gold prices decreased by about 50,000-100,000 VND/tael.

Compared to the decrease in world gold prices, the domestic market is still quite modest. The difference between domestic and world gold prices is about 10 million VND/tael.

At the end of the trading session on May 27, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.35 million/tael (buy) and VND67.05 million/tael (sell). SJC Hanoi listed at VND66.35 million/tael (buy) and VND67.07 million/tael (sell).

Doji Hanoi listed at 66.35 million VND/tael (buy) and 66.95 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.4 million VND/tael and sold at 67 million VND/tael.

Weekly, gold price at SJC decreased by 300,000-400,000 VND/tael. Meanwhile, gold price at Doji decreased by 300,000 VND/tael.

On the world market, the spot gold price on May 27 (Vietnam time) was trading at 1,946 USD/ounce. The futures gold price was trading at 1,947 USD/ounce.

Better-than-expected U.S. economic data, rising U.S. dollar index and U.S. Treasury yields have weighed on gold. Gold fell below $2,000 last week but is still up 6% year-to-date.

Technical analyst Wang Tao predicted that gold prices could break the resistance level of $1,985/ounce and climb to the range of $1,992-$2,003/ounce before falling.

However, USB Bank (Switzerland) is still optimistic that central banks' demand is one of the reasons why gold will increase to 2,100 USD/ounce by the end of the year and 2,200 USD by March 2024.

The world is increasingly uncertain, gold attracts the elite . The world gold price is forecast to continue to be attractive, especially to the elite when the USD is unlikely to avoid a downward trend while the world is increasingly uncertain.

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