Gold prices today, May 30th: Continuing to rise.

Gold prices continued to rise due to weaker US economic growth data and a weaker US dollar, offsetting inflationary pressures related to tensions in the Strait of Hormuz and US-Iran relations.

Tom Winmill, a portfolio manager at Midas Discovery Fund, said he doesn't see many factors that could put downward pressure on gold in the long term at current price levels.

According to Winmill, one of the most significant developments supporting the precious metals market is the ongoing decline in confidence in the US dollar as the world's leading reserve currency. With the dollar being weaponized and global GDP gradually losing its dependence on the dollar, this trend is likely to continue for some time.

If the USD continues to lose credibility as a reserve currency, it will weaken further. This long-term risk to the USD continues to support demand from central banks, creating a solid price floor for gold.

Gold prices continue to rise. (Photo: Minh Duc)

Winmill also pointed out that inflationary pressures and slowing economic growth could ultimately create an ideal environment for gold.

Gold price movements today

+ Domestic gold prices

At 6:00 AM on May 30th, the price of gold bars at Doji and SJC was listed at 155.5 million VND/ounce (buying) - 158.5 million VND/ounce (selling), an increase of 1 million VND/ounce compared to the previous trading session.

Meanwhile, the price of gold rings is currently listed by Doji at 155.5 million VND/ounce (buying) - 158.5 million VND/ounce (selling), an increase of 1 million VND/ounce compared to the previous trading session.

+ International gold prices

The world gold price listed on Kitco is $4,538 per ounce, an increase of $44 per ounce compared to the beginning of yesterday morning.

Gold price forecast

According to data from CME Group's FedWatch tool, the market is anticipating that the US Federal Reserve (Fed) will raise interest rates this year, with a 56% probability that the Fed will raise rates in December.

Experts believe that although the US and Iran are finalizing the last steps for a peace agreement, the damage inflicted on oil production facilities in the Middle East could make it difficult for the region's oil supply to the world to recover anytime soon.

Tom Winmill, a portfolio manager at Midas Discovery Fund, said he is not only looking at short-term weakness but also focusing on the fundamental factors driving gold's upward momentum, especially as central banks continue to accumulate gold and the global economy faces increasing structural risks.

“ I really don’t see many factors that could put downward pressure on gold in the long term at current price levels. This could be a second bull run for gold ,” Winmill said in an interview with Kitco News.

Source: https://vtcnews.vn/gia-vang-hom-nay-30-5-tiep-tiep-di-len-ar1020820.html