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Gold price today 5/22: Uptrend

Báo Quân đội Nhân dânBáo Quân đội Nhân dân21/05/2023


Domestic gold price today

Early this morning, the domestic gold price remained stable and maintained trading at nearly 67 million VND/tael. Currently, the domestic precious metal price is listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.7 million VND/tael and sold at 67.42 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 66.55 million VND/tael for buying and 67.15 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought 100,000 VND higher and sold 50,000 VND higher than in Hanoi.

Phu Quy SJC gold price is listed at 66.65 million VND/tael for buying and 67.25 million VND/tael for selling. PNJ gold is listed at 66.7 million VND/tael for buying and 67.25 million VND/tael for selling. Bao Tin Bao Tin Minh Chau gold is listed at 66.72 million VND/tael for buying and 67.23 million VND/tael for selling.

Domestic gold price updated at 5:30 am on May 22 as follows:

Yellow

Area

Early morning 21-5

Early morning 22-5

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.55

67.15

66.55

67.15

-

-

Ho Chi Minh City

66.65

67.2

66.65

67.2

-

-

Phu Quy SJC

Hanoi

66.65

67.25

66.65

67.25

-

-

PNJ

Ho Chi Minh City

66.7

67.25

66.7

67.25

-

-

Hanoi

66.7

67.25

66.7

67.25

-

-

SJC

Ho Chi Minh City

66.7

66.4

66.7

67.4

-

-

Hanoi

66.7

67.42

66.7

67.42

-

-

Danang

66.7

67.42

66.7

67.42

-

-

Bao Tin Minh Chau

Nationwide

66.72

67.23

66.72

67.23

-

-










World gold price today

World gold prices this morning tended to increase with spot gold increasing by 3.5 USD compared to the closing price of last week's trading session to 1,981.1 USD/ounce.

Gold prices fell below $2,000 an ounce last week, with Wall Street analysts worried that the sell-off may not be over, according to a Kitco survey. Main Street retail investors also saw a significant increase in bearish sentiment, but bulls remained in the lead this week.

Last week was the yellow metal’s worst week since early February. Comex June futures fell from above $2,013 an ounce at the start of the week to $1,981.60 on Friday morning. That was the biggest drop in more than three months, as gold fell nearly $70 in the first week of February.

One of the main factors weighing on gold is the rise of the US dollar. The greenback has been boosted by solid US macro data, which has forced markets to re-price expectations for Fed rate hikes. The CME FedWatch tool now sees a 44% chance of a 25 basis point rate hike in June.

The market had been all but certain that the Fed would pause in June after raising rates by 5% in just over a year. Some Fed officials had also resisted the idea of a June pause. At the same time, the market began to reverse bets on a rate cut by year-end.

Rising U.S. interest rates and a stronger U.S. dollar dragged gold prices lower, with gold down about 2.3% and holding support near $1,950 an ounce, Marc Chandler, managing director at Bannockburn Global Forex, told Kitco News.

Most Wall Street analysts were bearish when asked about their gold price expectations for this week, with 53% predicting a fall in prices. Only 20% were bullish and 27% were neutral.

Retail investors remain bullish on gold, but bearish sentiment has increased significantly. Among retail investors participating in Main Street polls, 47% see higher prices, 38% see lower prices and 15% are neutral.

Retail investors forecast an average price of $1,991 an ounce this week, up from current levels.

Chandler sees initial resistance at $1,979 and then $1,987 an ounce. Momentum indicators still have room for another leg down, he said. In that case, solid support for gold is around $1,936 an ounce. “The key to the outlook is U.S. interest rates and the dollar, and after major corrections, consolidation could occur this week,” Chandler said.

The precious metal is likely to come under heavy pressure this week after falling more than $100 since testing levels above $2,060 two weeks ago, said Michael Moor, founder of Moor Analytics.

Adrian Day, CEO and chairman of Adrian Day Asset Management, said optimism surrounding the debt ceiling debate is another short-term headwind for gold. However, Day noted that the long-term trend for the precious metal remains bullish as central banks find they cannot achieve their inflation targets through rate hikes without causing serious damage to the economy and financial system.

With domestic gold prices remaining unchanged and world gold prices listed at Kitco at 1,981.1 USD/ounce (equivalent to nearly 56.3 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently about 11 million VND/tael.

TRAN HOAI


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