Gold price on May 12: SJC gold bars and gold rings both decreased by 1 million VND/tael

In the domestic market, this morning, domestic gold brands all decreased right at the opening of the first trading session of the week. SJC gold bars are currently trading at 121 million VND/tael; SJC gold rings are trading at 116 million VND/tael.

Specifically, at 9:30 a.m. on May 12, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 119-121 million VND/tael, down 1 million VND compared to the previous session. The difference between buying and selling is 2 million VND/tael.

The price of SJC 9999 gold ring closed the week at 113.5 million VND/tael for buying and 116 million VND/tael for selling.

DOJI gold bar price in Hanoi and Ho Chi Minh City is bought at 119 million VND/tael and sold at 121 million VND/tael, down 1 million VND compared to the previous session.

This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 113.5-116 million VND/tael.

PNJ Gold is currently buying at 113.5 million VND/tael and selling at 116 million VND/tael, down 500,000 VND and 600,000 VND respectively compared to the previous closing price.

As of 9:30 a.m. on May 12 (Vietnam time), the world gold price dropped sharply by 51.5 USD/ounce compared to the previous trading session's close, down to 3,271.8 USD/ounce.

Last week, world gold prices experienced strong fluctuations as the market awaited information surrounding the US-China tariff negotiations and information related to the US Federal Reserve's (FED) monetary policy.

The latest Kitco News weekly gold survey shows that a majority of retail investors still believe the precious metal will continue to rise this week.

Continued weakness in the US dollar is keeping gold prices bullish, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Besides, according to Mr. Colin Cieszynski, the UK and FED trade agreement did not have a significant impact, so for the gold price trend to reverse, a truly larger impact factor may be needed.

Growing concerns about an impending recession in the United States and some optimism that trade tensions will “cool down,” particularly between China and the United States, could put pressure on gold prices, said Adrian Day, chairman of Adrian Day Asset Management. Adrian Day expressed a neutral view on gold prices this week.

“If I had to pin one prediction to my bulletin board, it would be ‘Precious metals should rise,’” said Darin Newsom, senior market analyst at Barchart.com. “I emphasize the word ‘should’ because there are no absolutes in the market.”

Fifteen Wall Street analysts participated in the Kitco News Gold Survey. Five, or 33%, see gold prices rising this week. Five see prices falling. The remaining five, or 33%, see prices moving sideways.

Meanwhile, Main Street retail investors remain bullish, with 144 investors, or 54%, of the 267 investors polled expecting gold prices to trade higher this week. Seventy-seven investors, or 29%, expect gold prices to trade lower. Another 46, or 17%, are neutral on gold prices this week.

This morning, the USD-Index was at 100.59 points; the yield on 10-year US Treasury bonds was at 4.414%; US stocks rose on positive hopes from the US-China negotiations; world oil prices continued to increase, trading at 64.04 USD/barrel for Brent oil and 61.18 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-12-5-vang-mieng-vang-nhan-sjc-dong-loat-giam-1-trieu-dong-luong-211635.html