Opening the market at the beginning of the week (May 22), the price of 5 gold bars at SJC HCMC was 9999 million dong/tael (buying in) and 66,75 million dong/tael (sold out). SJC Hanoi listed at 67,35 million dong/tael (buy in) and 66,75 million dong/tael (sold out).
Doji Hanoi listed at 66,65 million dong/tael (buy in) and 67,2 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 66,75 million dong/tael, sold at 67,25 million dong/tael.
In the following trading sessions, the domestic gold price adjusted down by about 50.000-100.000 VND/tael.
Compared to the decrease of world gold, the domestic market is still quite modest. The difference between domestic and international gold prices is about 10 million VND/tael.
Closing the session on April 27, the price of 5 gold bars at SJC Ho Chi Minh City was 9999 million dong/tael (buying in) and 66,35 million dong/tael (sold out). SJC Hanoi listed at 67,05 million dong/tael (buying in) and 66,35 million dong/tael (sold out).
Doji Hanoi listed at 66,35 million dong/tael (buy in) and 66,95 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 66,4 million dong/tael, sold at 67 million dong/tael.
On a weekly basis, the gold price at SJC decreased by 300.000- 400.000 VND/tael. The price of gold at Doji decreased by 300.000 VND/tael.
On the world market, the spot gold price on May 27 (Vietnam time) traded at $5 per ounce. Gold futures price traded at $1.946 per ounce.
Better-than-expected US economic data, US dollar index and rising US Treasury yields are negative factors for gold. Gold fell below $2.000 in the past week but is still up 6% year-to-date.
Wang Tao, technical analyst, predicts that gold may break the resistance at $1.985 per ounce and climb to the range of $1.992 to $2.003 before plunging.
However, USB Bank (Switzerland) is still optimistic, saying that central bank demand is one of the reasons why gold will rise to $2.100 an ounce by year-end and $2.200 by March 3. .
