Gold price today May 18: Continue to decrease

Domestic gold price today

Early this morning, domestic gold prices continued their series of quiet days when prices fluctuated within a narrow range. Currently, the domestic precious metal prices are listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.5 million VND/tael and sold at 67.12 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

DOJI brand gold price in Hanoi is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at 50,000 VND higher but sold at the same price as in Hanoi.

Phu Quy SJC gold price is listed at 66.5 million VND/tael for buying and 67.1 million VND/tael for selling. PNJ gold is listed at 66.55 million VND/tael for buying and 67.15 million VND/tael for selling. Bao Tin Bao Tin Minh Chau gold is listed at 66.52 million VND/tael for buying and 67.08 million VND/tael for selling.

Domestic gold price updated at 5:30 am on May 18 as follows:

Yellow	Area	Early morning 17-5		Early morning 18-5			Difference
		Buy	Sell	Buy	Sell		Buy	Sell
		Unit of measure: Million VND/tael					Unit of measure: Thousand dong/tael
DOJI	Hanoi	66.55	67.2	66.45		67.05	-100	-100
DOJI	Ho Chi Minh City	66.55	67.2	66.5		67.05	-50	-100
Phu Quy SJC	Hanoi	66.5	67.1	66.5		67.1	-	-
PNJ	Ho Chi Minh City	66.65	67.2	66.55		67.15	-100	-100
PNJ	Hanoi	66.65	67.2	66.55		67.15	-100	-100
SJC	Ho Chi Minh City	66.55	66.15	66.5		67.1	-50	-50
	Hanoi	66.55	67.17	66.5		67.12	-50	-50
	Danang	66.55	67.17	66.5		67.12	-50	-50
Bao Tin Minh Chau	Nationwide	66.55	67.08	66.52		67.08	-30	-

World gold price today

World gold prices continued to decline slightly this morning, with spot gold falling $7.2 to $1,981.7 an ounce. June gold futures last traded at $1,984.7 an ounce, down $7.9 from the previous morning.

The world's precious metal hit a six-week low as it came under pressure from the recovery of the US dollar. Early this morning, the US Dollar Index, which measures the greenback's volatility, rose 0.29% to nearly 103 points. The recovery of the US dollar has taken away the appeal of buyers holding other currencies.

Traders and investors’ risk appetite strengthened midweek. US debt-rescheduling talks held on Tuesday afternoon made progress, with President Joe Biden and House Speaker Kevin McCarthy moving closer to a deal to help the US avoid default. House Speaker McCarthy said the two sides had not yet reached an agreement to lift the debt ceiling, but remained optimistic that “a deal could be reached by the end of the week.” The “economic nightmare” has forced Biden to cut short his upcoming trip to Asia in hopes of reaching an agreement before the June 1 deadline.

Markets continued to monitor comments from Federal Reserve officials this week. Despite the contrasting views, traders and investors generally viewed the officials’ comments as slightly hawkish. That supported the US Dollar Index and weighed on precious metals.

The sell-off in the gold market is almost over and prices will head towards new all-time highs in the near future, TD Securities experts recently said. The precious metal has triggered a new long gold buying wave at $1,994/oz with a target of $2,150/oz.

Gold has been under pressure this past week as market expectations clash with the Fed's hawkish stance, said TD Securities head of global commodity strategy Bart Melek.

Melek said that expectations for a Fed rate hike may remain in limbo until the Fed's new dot plot is released. Gold is strongly supported at around $1,965 an ounce, he noted. He also expects gold to reach $2,150 an ounce, but that won't be sustained until the end of the year when the Fed is certain to ease its aggressive monetary policy.

With domestic gold prices fluctuating slightly and world gold prices listed at Kitco at 1,981.7 USD/ounce (equivalent to nearly 56.6 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently over 10 million VND/tael.

TRAN HOAI

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