LIVE UPDATE TABLE OF GOLD PRICE TODAY 5/28 and EXCHANGE RATE TODAY 5/28
| 1. SJC - Updated: 05/27/2023 08:31 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,350 ▼100K | 67,050 |
| SJC 5c | 66,350 ▼100K | 67,070 |
| SJC 2c, 1c, 5c | 66,350 ▼100K | 67,080 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 55,600 ▼50K | 56,550 ▼50K |
| SJC 99.99 gold ring 0.5 chi | 55,600 ▼50K | 56,650 ▼50K |
| Jewelry 99.99% | 55,450 ▼50K | 56,150 ▼50K |
| Jewelry 99% | 54,394 ▼50K | 55,594 ▼50K |
| Jewelry 68% | 36,336 ▼34K | 38,336 ▼34K |
| Jewelry 41.7% | 21,567 ▼21K | 23,567 ▼21K |
World and domestic gold prices moved in the same direction this week.
On the morning of May 22, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company - SJC at 66.75 - 67.35 million VND/tael (buy - sell), an increase of 200 thousand VND/tael for buying and 180 thousand VND/tael for selling compared to the closing price at the end of last week.
After 3 sessions of fluctuating up and down from May 23 to 25, by the morning of May 26, domestic gold prices were adjusted down by 50 thousand VND/tael by businesses. Accordingly, Saigon Jewelry Company listed SJC gold price at 66.4 - 67 million VND/tael, down another 50 thousand VND/tael for buying and 70 thousand VND for selling compared to the closing session on May 25.
At the end of the trading session on the weekend of May 27, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 66.35 - 67.05 million VND/tael (buy - sell). Thus, compared to the first session of the week on May 22 (66.75 - 67.35 million VND/tael), the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company decreased by 400 thousand VND/tael for buying and decreased by 300 thousand VND/tael for selling.
In the international market, in general, the downward trend has almost covered the gold market this week. The world gold price is heading for the third consecutive week of decline, in the context that investors are considering the scenario of the US reaching a last-minute agreement on the debt ceiling.
Notably, a hotter-than-expected measure of US inflation has increased bets that interest rates will stay higher for longer.
At 0:40 a.m. on May 27, Vietnam time, spot gold edged up 0.1% to $1,943.12 an ounce, after rising 0.9% during the session. US gold futures were almost flat at $1,944.30 an ounce.
Earlier, gold prices hit a two-month low of $1,936.59 an ounce in Asia and are expected to lose 1.7 percent this week.
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| Gold price today May 28, 2023, Gold price groping for the bottom, facing many 'headwinds', still strong 'scoring', SJC gold is disappointing. (Source: Shutterstock) |
According to TG&VN , the world gold price closed the trading week (May 26) on Kitco at 1,947.2 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of May 27:
Saigon Jewelry Company listed the price of SJC gold at 66.35 - 67.05 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.35 - 66.95 million VND/tael.
Phu Quy Group listed at: 66.35 - 67.0 million VND/tael.
PNJ system listed at: 66.46 - 67.0 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.45 - 66.98 million VND/tael; Rong Thang Long gold brand is traded at 55.79 - 56.69 million VND/tael; jewelry gold price is traded at 55.40 - 56.50 million VND/tael.
Converted according to the USD price at Vietcombank on May 27, 1 USD = 23,660 VND, the world gold price is equivalent to 55.5 million VND/tael, 11.55 million VND/tael lower than the selling price of SJC gold.
US economic data hampers gold prices
Global gold markets were hit by strong US economic data and high inflation. As gold posted a third weekly loss, the market recalibrated towards another 25 basis point rate hike in June after expectations of a pause in rate hikes were dashed.
Gold prices are always sensitive to US interest rate adjustments. Because rising interest rates will help the USD strengthen, but significantly reduce the attractiveness of non-yielding assets such as gold.
Gold is down $35 an ounce for the week, with Comex June gold futures last trading at $1,945.80 an ounce. Despite the sell-off, however, gold is still up more than 6% year-to-date.
Macroeconomic data is the main driver influencing gold heading into the weekend, said Bart Melek, head of global commodity strategy at TD Securities.
“The durable goods and personal consumption expenditures (PCE) price index both exceeded expectations. Not only did inflation not decline, the PCE rose to 4.7% in April,” said Mr. Melek.
“Inflation near 5% is too high for the Fed to justify a pause in June, and the market is pricing that in,” said Everett Millman, precious metals expert at Gainesville Coins. “The latest market expectations show a 60% chance of a rate hike at the June 13-14 meeting.”
“That’s a big reversal from the previous estimate. That caught the attention of the gold market. Rapid changes in interest rate expectations will lead to more volatility,” he said.
On top of that, the dollar has done well and gold has responded with a decline. “We think gold prices will likely decline for much of the second quarter and possibly into early third quarter,” Melek said. “The market has misjudged the Fed’s intentions.”
With the Fed focused on inflation, there is little room for central bank influence before its June meeting. Analyst Millman added that the dramatic debt ceiling debate is something to watch closely as any downgrade to the US credit rating would trigger safe-haven flows into gold.
Meanwhile, negotiations to raise the US government's $31.4 trillion debt ceiling by June 1 hit a snag on Friday. Earlier, Democratic and Republican negotiators were close to reaching a deal to raise the debt ceiling for two years while also limiting some spending.
"We've made progress," Republican negotiator Garret Graves told reporters. "I said two days ago we've made some progress on some key issues, but I want to be clear, we continue to have major issues where we haven't closed the gap on the job requirements."
If a deal is reached by the end of the week, it will remove the biggest risk from the market and weigh on demand for gold, said Edward Moya , senior market analyst at financial services firm OANDA.
Gold prices to watch next week
The next support level for gold is $1,940 an ounce, below which investors should watch $1,915 and $1,900 an ounce, said analyst Millman.
Analysts do not rule out the possibility of gold prices falling to $1,900 an ounce. “The support level is around $1,900-$1,896 an ounce,” Melek said.
It's too early to call gold bottoming, said Frank Cholly , senior market strategist at RJO Futures, even though the precious metal has fallen more than $125 since hitting a record high a few weeks ago.
“The market is telling us we’re going to see another rate hike in June and maybe one in July. Gold doesn’t like that,” said Cholly. “Somewhere in the $1,950-$1,925 an ounce range on August futures, traders will find value and the market will form before moving higher.”
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