Gold price increased quite strongly today
At 6:00 a.m. on May 7, the price of gold today on the international market reached 3,396 USD/ounce, an increase of 46 USD compared to the lowest level in last night's trading session of 3,350 USD/ounce.
Gold prices continued to rise today thanks to strong demand for gold in the Chinese market, especially from retailers. The Shanghai Gold Exchange recorded a record trading volume, reflecting the trend of hoarding gold as a safe asset amid global economic and trade uncertainties.
A weaker US dollar also helps boost gold prices, as gold typically has an inverse relationship with the US dollar. When the US dollar weakens, gold becomes more attractive to investors using other currencies.
Meanwhile, US stock indexes fell and risk-off sentiment increased due to lack of progress in the global trade war, making gold a safe investment channel.
In Vietnam, as of the end of May 6, the listed price of SJC gold was 122.2 million VND/tael (selling price), while the price of gold rings reached 118 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-7-5-tiep-tuc-di-len-19625050706241277.htm
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