Gold price today, May 16: Strong increase

(NLDO) – World gold prices this morning, May 16, increased sharply thanks to a combination of cheap hunting activities and safe haven sentiment.

Last night, the world gold price increased by 132 USD/ounce.

At 6:00 a.m. on May 16, the spot gold price on the world market reached 3,252 USD/ounce, a sharp increase of 132 USD compared to the lowest level in last night's trading session (3,120 USD/ounce).

The main driving force behind today's sharp increase in gold prices comes from investors' bargain hunting activities after the previous profit-taking period, combined with the need for safe havens.

The US producer price index (PPI) report for April fell 0.5% month-on-month and was much lower than the expected 0.3% increase, adding further momentum to gold prices.

The data reinforces the outlook for dovish monetary policy from the Federal Reserve, which would ease inflationary pressures and support non-yielding assets such as gold. In addition, a weaker US dollar also made gold more attractive to investors holding other currencies today.

In Vietnam, as of the end of May 15, the listed price of SJC gold was 118.2 million VND/tael (selling price), while the price of gold rings reached 113 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-16-5-bat-tang-manh-me-196250516062903874.htm