Gold prices today (May 24): Continuing their sharp decline.

Today, May 24th, gold prices in Vietnam, including SJC gold and gold rings, continued their sharp decline. Meanwhile, world gold prices closed the week above $4,500 per ounce and are forecast to fall further next week.

Gold prices fell sharply today, May 24th.

Gold prices today, May 24th, continued to fall sharply for the second consecutive day in early morning trading. Specifically, the selling price of SJC gold bars dropped by 500,000 VND/ounce compared to early yesterday morning, falling to 161.5 million VND/ounce.

For gold rings, several major brands, including Bao Tin Manh Hai, Bao Tin Minh Chau, and Doji , also simultaneously reduced prices by 500,000 VND/ounce compared to yesterday morning, now selling at only 161.5 million VND/ounce.

Experts predict that domestic gold prices will continue to fall sharply in line with global trends in recent days. It is forecast that domestic gold prices will remain stable today due to the global market being closed for the weekend.

Gold prices today, May 24th, continued to fall sharply in the early morning hours, with both SJC gold bars and gold rings experiencing a simultaneous drop.

As of 6:30 AM on May 24th, at Bao Tin Manh Hai, the price of SJC gold bars was trading at 158.5 - 161.5 million VND/ounce (buy - sell), a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The buy-sell spread was 3 million VND/ounce.

The price of SJC gold bars at Doji Group in Hanoi and Ho Chi Minh City is trading around 158.5 - 161.5 million VND/ounce (buy - sell), a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The buy-sell spread is 3 million VND/ounce.

At Bao Tin Minh Chau, SJC gold is trading at 158.5 - 161.5 million VND/ounce (buy - sell), a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The difference between the buying and selling prices is 3 million VND/ounce.

SJC gold bars at Phu Quy are trading around 158.5 - 161.5 million VND/ounce (buy - sell), a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The buy-sell spread is 3 million VND/ounce.

Additionally, the price of SJC gold at Phu Nhuan Jewelry (PNJ) is trading at 158.5 - 161.5 million VND/ounce (buy - sell); the price of SJC gold bars in Hanoi at Asean Jewelry is trading at 158.5 - 161.5 million VND/ounce (buy - sell);...

For gold rings, the price of round gold rings in blister packaging at Bao Tin Manh Hai is trading around 158.5 - 161.5 million VND/ounce, a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The buy-sell spread is 3 million VND/ounce.

The price of plain gold rings at Bao Tin Minh Chau is trading at 158.5 - 161.5 million VND/ounce (buy - sell), a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The difference between the buying and selling price is 3 million VND.

The price of Doji Hung Thinh Vuong 9999 gold rings from Doji Group in Hanoi is trading at 158.5 - 161.5 million VND/ounce, a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The difference between the buying and selling price is 3 million VND.

Today, the price of 999.9 pure gold rings at Phu Quy Company is trading around 158.5 - 161.5 million VND/ounce, a sharp decrease of 500,000 VND/ounce in both buying and selling prices compared to the same time yesterday. The buy-sell spread is 3 million VND/ounce.

Global gold prices are forecast to fall sharply next week.

The spot price of gold closed the US market early yesterday morning (Vietnam time) at around $4,508 per ounce, a sharp decrease of $31 per ounce compared to the closing price of the previous week.

According to Kitco News, gold prices continued to fluctuate sharply this week, with safe-haven demand due to ongoing geopolitical uncertainty clashing with a stronger US dollar, rising Treasury yields, and renewed concerns that persistent inflation could lead the Federal Reserve to maintain its tight monetary policy for longer.

Kitco News' latest weekly gold survey shows Wall Street remains pessimistic about the short-term outlook for gold, while Main Street maintains its persistently optimistic trend despite gold's losses.

This week, 13 analysts participated in Kitco News' Gold Survey, with Wall Street sentiment improving somewhat but remaining in bearish territory after gold once again failed to hold key support levels.

Of those surveyed, only 2 experts, or 15%, predicted that gold prices would rise next week, while 8 others, representing 62%, predicted a decrease. The remaining 3 analysts, or 23%, predicted that prices would remain stable next week.

Meanwhile, Kitco's online poll garnered 32 votes, indicating that retail investors remain optimistic despite falling gold prices.

Of those surveyed, 18 individual investors, or 56%, predicted that gold prices would rise next week, while 7 others, or 22%, forecast a decline in the price of the precious metal. The remaining 7 investors, representing 22% of the total, predicted that gold prices would remain stable next week.

Predicting a drop in gold prices next week, Rich Checkan, President and CEO of Asset Strategies International, said the fragile ceasefire between the US and Iran is showing increasing signs of breaking down. The key issue remains nuclear weapons, and the situation is deteriorating as both sides maintain their positions. This has not been good for gold since the conflict began.

“Furthermore, both the Producer Price Index (PPI) and the Consumer Price Index (CPI) rose sharply last week, with the PPI reaching its highest level in years. Interest rate cuts have been on hold for some time. Raising interest rates is now being considered again. While we are not yet at the point where returns truly matter, higher interest rates typically push gold prices down,” Checkan commented.

According to Marc Chandler, managing director at Bannockburn Global Forex, gold prices broke through the $4,500/ounce support level but remained above it for most of this week.

"Gold prices have yet to demonstrate bullish strength. To do so, a breakout above the $4,600/ounce mark might be needed. Even with a bond recovery, gold investors may not regain control. Downside risks could be directed towards the 200-day moving average, currently around $4,370/ounce," Chandler commented.

Chandler added that the longer the Middle East war drags on, the greater the risk that countries like Türkiye and the Gulf states will continue to sell off their official gold holdings.

Source: https://danviet.vn/gia-vang-hom-nay-24-5-tiep-da-giam-manh-d1429145.html