Gold price today May 5: Down 1.5 million VND in the first trading session after the holiday

Saigon Jewelry Company - SJC reduced the price of SJC gold bars by 1.5 million VND per tael, buying at 117.8 million VND, selling at 119.8 million VND. Phu Quy Company reduced the price of gold bars by 700,000 VND per tael, buying at 116.8 million VND, selling at 119.8 million VND... The price of 4-number 9 gold rings was also adjusted by SJC Company to decrease by 1.5 million VND per tael, buying at 112.5 million VND, selling at 115 million VND. Phu Quy Company reduced the price by 1 million VND/tael, buying at 113 million VND, selling at 116 million VND... The price of SJC gold bars is higher than the world price, shortened to 16.6 million VND/tael, gold rings are higher by 11.8 million VND/tael.

SJC gold bar price decreased

The world gold price increased sharply by 28 USD/ounce, to 3,268 USD/ounce. The price is still up nearly 24% since the beginning of the year. Despite selling pressure, gold is still in a strong uptrend. Mr. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said that he is buying when the gold price is low, but warned that the price could still fall lower. The reason for the gold price falling to 3,200 USD this week is because Chinese investors started a five-day holiday. Therefore, he recommended that we closely monitor Asian demand this week. Because the precious metal will be the reaction of Chinese investors in the first 24-48 hours after they return on Tuesday. "Will they panic and sell when the gap opens lower, or will they see it as a great opportunity to accumulate. Gold also needs a new catalyst to attract more demand from the West," said Mr. Ole Hansen.

For many analysts, the catalyst that could spark a new rally in gold prices could come from the Federal Reserve’s monetary policy meeting this week. US economic data, while slowing, continues to highlight some recovery strength. Official labor market data was better than expected. The economy created 177,000 jobs last month, beating expectations. The unemployment rate remained unchanged at 4.2% last month, and wage growth was relatively steady. Economic data last week also showed that inflationary pressures remained steady. These data give the Fed the ability to signal a change in monetary policy this week. The market does not expect the Fed to cut interest rates next week, but the move could send a dovish signal that a rate cut is coming.

In addition to the Fed's monetary policy decision, the market this week will receive some other information that affects gold such as the ISM services PMI index, the Bank of England's monetary policy decision, and the US's weekly unemployment benefit claims./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-vang-hom-nay-552025-giam-15-trieu-dong-ngay-sau-ky-nghi-le-185250505083944776.htm

Source: https://baolongan.vn/gia-vang-hom-nay-05-5-giam-1-5-trieu-dong-ngay-phien-giao-dich-dau-tien-sau-ky-nghi-le-a194654.html