Gold bar price at noon on May 23 decreased by 500 thousand VND/tael

Domestic gold price at noon on May 23 decreased by 500 thousand VND/tael.

Specifically, updated at 11:20 a.m., at Saigon Jewelry Company SJC, DOJI Group listed the price of SJC gold bars at 118 - 120 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling directions compared to the closing price yesterday.

Bao Tin Minh Chau Company listed the price of gold bars and gold rings at 114.5 - 117.5 million VND/tael (buy - sell), down 300 thousand VND/tael in both buying and selling directions compared to yesterday's closing price.

Saigon Jewelry Company (SJC) listed the price of gold rings at 112.5-115.5 million VND/tael (buy - sell), keeping the listed price for both buying and selling unchanged compared to yesterday's closing price.

In the world market, on May 22, gold prices reversed and decreased as the USD strengthened and investors pushed up selling to take profits after the price of this precious metal jumped to a two-week high.

Specifically, spot gold prices fell 0.6% to $3,295.21/ounce, after briefly hitting their highest level since May 9. US gold futures also fell slightly to $3,294.90/ounce.

The dollar index rose 0.3% in the session, making gold more expensive for investors holding other currencies. Traders have been taking profits after recent gains, and a higher dollar index is another factor weighing on gold, said Jim Wycoff, an analyst at Kitco Metals.

The Republican-controlled US House of Representatives on May 22 passed a massive tax reform and spending cut bill, amid concerns that the bill could add to the US public debt. The yield on the 10-year US Treasury note jumped to its highest level since February on May 21 amid concerns about the bill's impact on the US public debt burden. The US Congressional Budget Office (CBO) warned that the bill could add about $3.8 trillion to the US federal government's $36.2 trillion debt.

According to Mr. Wycoff, the unstable global bond market will be a positive supporting factor for the gold market.

In addition, analyst Zain Vawda, from the market analysis page of financial brokerage firm OANDA, said that the US trade agreements expected to be announced in the coming weeks will play an important role in shaping gold prices in the remaining months of the year.