Gold price today (May 21): Strong increase - Lang Son Electronic Newspaper

Gold price today (May 21): Gold prices of domestic brands were adjusted to increase sharply with SJC gold reaching 91 million VND/tael.

Domestic gold price today

Gold price Domestic brands have been adjusted to increase sharply with SJC gold reaching 91 million VND/tael. Currently, the gold bar prices of the brands are listed specifically as follows:

SJC gold price in Hanoi , Da Nang and Ho Chi Minh City is listed at 89 million VND/tael for buying and 91 million VND/tael for selling. Thus, compared to early this morning, SJC gold price has been adjusted up 1.3 million VND for buying and 600,000 VND for selling.

Domestic gold prices increase sharply. Photo: nld.com.vn

DOJI in Hanoi has adjusted the price of gold bars up by VND1.3 million for buying and VND700,000 for selling, up to VND89 million/tael and VND90.5 million/tael, respectively. In Ho Chi Minh City, this brand of gold is buying and selling at the same level as in Hanoi.

Vietinbank gold price is listed at 89 million VND/tael for buying and 91 million VND/tael for selling, an increase of 1.5 million VND for buying and 1 million VND for selling. PNJ gold bars are buying at 88.7 million VND/tael and selling at 90.7 million VND/tael, an increase of 1 million VND for buying and 500,000 VND for selling.

The buying and selling prices of Bao Tin Minh Chau brand gold are currently VND89.1 million/tael and VND90.7 million/tael, respectively, an increase of VND1.25 million for buying and VND650,000 for selling. Phu Quy SJC is buying gold bars at VND89 million/tael and selling at VND90.5 million/tael, an increase of VND1.2 million for buying and VND400,000 for selling.

Domestic gold bar prices updated at 5:30 a.m. on May 21 as follows:

Yellow	Area	Early morning 20-5		Early morning 21-5			Difference
		Buy	Sell	Buy	Sell		Buy	Sell
		Unit of measure: Million VND/tael					Unit of measure: Thousand dong/tael
DOJI	Hanoi	87.7	89.8	89		90.5	+1300	+700
DOJI	Ho Chi Minh City	87.7	89.8	89		90.5	+1300	+700
SJC	Ho Chi Minh City	87.7	90.4	89		91	+1300	+600
	Hanoi	87.7	90.4	89		91	+1300	+600
	Danang	87.7	90.4	89		91	+1300	+600
Vietinbank Gold	Nationwide	87.5	90	89		91	+1500	+1000
PNJ	Ho Chi Minh City	87.7	90.2	88.7		90.7	+1000	+500
PNJ	Hanoi	87.7	90.2	88.7		90.7	+1000	+500
Bao Tin Minh Chau	Nationwide	87.85	90.05	89.1		90.7	+1250	+650
Phu Quy SJC	Nationwide	87.8	90.1	89		90.5	+1200	+400

World gold price today

World gold prices increased with spot gold increasing by 9.2 USD to 2,425.9 USD/ounce. Gold futures last traded at 2,430.3 USD/ounce, up 12.9 USD compared to early this morning.

Although the price of the yellow metal edged up slightly from early yesterday morning, it was down sharply from the day's gains. Earlier, gold conquered a new all-time high as signs of slowing inflation in the US raised expectations that the US Federal Reserve (Fed) would soon make its first interest rate cut. Spot gold jumped to $2,449.8 an ounce.

The main driver of gold’s strong rally earlier in the week was a weaker dollar and growing expectations that the Fed will ease monetary policy soon, according to Capital.com financial market analyst Kyle Rodda. Data last week showed signs of cooling inflation and traders are now pricing in a 65% chance of a September rate cut.

RJO Futures senior market strategist Daniel Pavilonis said that in addition to “persistent” inflation, the US government debt burden is also a factor driving gold’s recovery. Pavilonis expects gold to rise to nearly $2,500 an ounce in the short term.

World gold prices increase. Photo: Kitco

Meanwhile, in a recent note, analysts at Kitco Metals said that the news of Iranian President Ebrahim Raisi’s death in a plane crash also raised concerns and triggered the precious metal’s safe-haven status. In addition, a “historic” move to stabilize the real estate sector in China, the world’s leading consumer of gold and other industrial metals, was also said to be a factor pushing gold prices higher.

Spot gold may test resistance at $2,447 an ounce, Reuters technical analyst Wang Tao said, adding that if this level is broken, the precious metal could rise above $2,455 an ounce.

The market will now await the minutes of the Fed's latest policy meeting and comments from Fed officials for more clarity on the Fed's future interest rate path.

With the domestic gold price increasing sharply and the world gold price listed at Kitco at 2,425.9 USD/ounce (equivalent to nearly 74.5 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is about 16 million VND/tael.

Source