Gold prices today, May 31st: Little change.

Gold prices have continued to fluctuate sharply this week, driven by escalating tensions in the Middle East, a stronger US dollar, rising Treasury yields, and renewed concerns about inflation related to the US-Iran conflict.

Spot gold opened the trading week at $4,508 per ounce on Sunday evening and quickly rose higher as traders reacted to the ongoing geopolitical uncertainty, eventually touching resistance near $4,580.

The upward momentum lasted throughout Monday but began to weaken on Tuesday, as gold failed to continue its gains due to a stronger US dollar and the market shifted its attention to key US inflation data for the week.

World and domestic gold prices rose slightly today. (Illustrative image).

The sell-off accelerated mid-week after new US attacks on Iran pushed oil prices higher, raising concerns about inflation and undermining hopes for a lasting ceasefire.

Gold price movements today

+ Domestic gold prices

At 6:00 AM on May 31st, the price of gold bars at Doji and SJC was listed at 156 million VND/ounce (buying price) and 159 million VND/ounce (selling price), an increase of 500,000 VND/ounce in both directions compared to yesterday morning.

Meanwhile, the price of gold rings is currently listed by Doji at 156 million VND/ounce and 159 million VND/ounce respectively, an increase of 500,000 VND/ounce in both directions.

+ International gold prices

The world gold price listed on Kitco is $4,539 per ounce, an increase of $1 per ounce compared to the beginning of yesterday morning.

Gold price forecast

Kitco News' latest weekly gold survey shows Wall Street is more optimistic about gold's short-term outlook, while public sentiment has shifted to a more pessimistic trend, despite gold's recovery at the end of the week.

Analysts believe gold is in a strong but also highly sensitive position. The market is balancing two conflicting signals: easing geopolitical tensions surrounding the Iran conflict and persistently high inflationary pressures.

White House comments indicating stable GDP growth of 2.6% over the past four quarters, a 10% drop in oil prices in May, and expectations of a rapid decline after the conflict ends have partially diminished gold's emergency safe-haven appeal.

This week, 12 analysts participated in Kitco News' gold survey. Nine experts predicted that gold prices would rise next week, while two predicted a decline and one predicted prices would remain unchanged.

Source: https://vtcnews.vn/gia-vang-hom-nay-31-5-it-bien-dong-ar1021003.html