The precious metal posted its third weekly decline and its worst week in more than five months last week as expectations for a rate cut this year dimmed after the minutes of the latest meeting were released. On a weekly basis, global gold prices fell 3.3%.
World gold prices fell after two consecutive weeks of increase. (Illustration photo).
Gold bullion is traditionally seen by investors as a hedge against inflation. Higher interest rates make gold less attractive to investors.
In addition, gold prices have been volatile partly due to China's gold hoarding trend. Purchasing power from retail investors in China may decline in the second half of this year, as the government tries to revive the economy .
Meanwhile, gold imports by India, the world's second-largest gold consumer, could fall nearly 20% in 2024 due to high prices.
Gold price movements today
+ Domestic gold price
At 6:45 a.m. on May 26, Doji gold price was listed at VND 87.5 million/tael (buy) and VND 89.3 million/tael (sell).
Compared to the closing price of last week's trading session, gold price at DOJI decreased by 200,000 VND/tael for buying and decreased by 500,000 VND/tael for selling.
The listed price of SJC gold bars is at 87.5-89.5 million VND/tael (buy - sell). (Illustration photo).
Meanwhile, SJC gold price is listed at 87.5-89.5 million VND/tael (buy - sell).
Compared to the closing price of last week's trading session, SJC gold price decreased by 200,000 VND/tael for buying and decreased by 900,000 VND/tael for selling.
+ International gold price
The world gold price has been trading at a high of over 2,400 USD/ounce since the beginning of the week until Wednesday. On May 20, the spot gold price increased by 0.9% to 2,440.49 USD/ounce, breaking the all-time high record on April 12.
In the following sessions, gold prices began to fall, reaching a weekly low. Weekly, world gold prices fell 3.3%.
At the end of the trading week, the gold price on Kitco (at 4:00 p.m., May 25, Vietnam time) was at 2,333 USD/ounce, the gold futures price for June was trading at 2,335 USD/ounce.
Gold Price Forecast
The latest Kitco News weekly gold survey found that more than three-quarters of industry experts believe gold prices will remain flat or fall in the near term.
Darin Newsom, senior market analyst at Barchart, said June gold futures are likely to fall further next week.
According to Alex Kuptsikevich, senior market analyst at FxPro, signs suggest that world gold prices may decline in the short term. However, investors can buy when prices are low.
Gold is regaining momentum as those who missed out on recent gains are starting to jump into the market after a sharp pullback in the precious metal, independent analyst Ross Norman said.
Daniel Ghali, an expert at investment bank TD Securities, said the rising USD and the dim prospect of US interest rate cuts prompted investors to take profits, but gold prices did not fall sharply.
Source: https://vtcnews.vn/gia-vang-hom-nay-26-5-vang-the-gioi-giam-hon-3-ar873355.html
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