Gold price today May 14: Domestic increase

On the morning of May 14 (Vietnam time), the gold price stood at 2,010 USD/ounce, unchanged from the previous trading session.

Experts say the precious metal has lost none of its luster as it continues to attract investor attention.

Gold price today May 14: Domestic increase - 1 — Domestic gold price increased slightly today. (Illustration photo)

For many investors, a key factor that continues to drive interest in gold is central bank demand, which is not expected to go away anytime soon. Last week, the World Gold Council said central banks bought 228 tonnes of gold in the first quarter, a record start to the year.

The fact that gold has remained above $2,000 an ounce despite selling pressure is also a reason why investors are more interested in this precious metal.

According to Kitco reporter Anna Golubova, American consumers consider gold their second-most preferred investment after real estate. According to the most recent Gallup poll, 26% of Americans consider gold their best long-term investment, up from 15% last year.

Investor interest in gold is at its highest since 2012. The survey also found that 34% of Americans consider real estate their best investment, down from 45% last year.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on May 14, the gold price at Doji was listed at 66.50 - 67.10 million VND/tael (buy - sell), unchanged from the same time yesterday.

Meanwhile, the gold price at SJC was listed at 66.55 - 67.25 million VND/tael (buy - sell), an increase of 150,000 VND/tael in selling price compared to yesterday afternoon.

The price of gold rings and jewelry of all kinds is traded around 55.08 - 57.35 million VND/tael.

+ International gold price

The world gold price listed on Kitco is at 2,010 USD/ounce, unchanged from yesterday morning. The spot gold price on May 12 (Vietnam time) is trading at 2,019 USD/ounce. The futures gold price is trading at 2,020 USD/ounce.

The Dollar Index, which measures the greenback against a basket of six major currencies, rose more than 0.18%. Meanwhile, US bond yields rose to 3.425%. The poll showed that US 2-year and 10-year bond yields are forecast to rise about 20 and 10 basis points, respectively, next month.

Gold price forecast

While more investors are starting to pay attention to gold, many argue that the market is not ready to break record highs yet. However, according to Edward Morse, head of commodities research at Citi, the spikes we have seen in the gold market are just a glimpse of what the precious metal can do.

He predicts gold prices will rise to $2,400 an ounce by the end of the year. “ We remain bullish on gold. But we must remind investors that this is a bumpy road and they need to be patient,” said Edward Morse.

Morse said investors need to prepare for further volatility. He is also optimistic that the long-term trend of gold is still up.

Some other experts believe that gold's path to a record high will be complicated as the precious metal still has to face the US Federal Reserve's aggressive monetary policy in the context of high and persistent inflation.

If core inflation remains above 5% by mid- or late summer, it would not be surprising if the Fed becomes more hawkish, said senior market analyst Edward Moya of OANDA.

Analysts are looking ahead to macro data in the coming week, including retail sales, debt ceiling debate as the June 1 deadline approaches and banking sector risks. Moya noted that the current risks will boost demand for safe havens.

TD Securities global head of commodity strategy Bart Melek predicts gold could fall below $2,000 an ounce. However, he still expects gold to reach $2,100 an ounce. But that level will not be maintained until the end of the year when the Fed is sure to ease policy.

Thanh Lam

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