Gold price on May 15: World and domestic prices continue to decline sharply

In the domestic market, this morning, gold prices of domestic brands all decreased sharply following world prices.

Specifically, at 10:00 a.m. on May 15, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at VND116.6-118.9 million/tael, down VND1.4 million per tael for buying and VND1.1 million per tael for selling compared to the previous session. The difference between buying and selling was VND2.3 million.

The price of SJC 9999 gold ring is 111 million VND/tael for buying and 114 million VND/tael for selling; down 1.5 million VND per tael for buying and 1 million VND per tael for selling.

Meanwhile, DOJI gold bar price in Hanoi and Ho Chi Minh City was bought at 116.6 million VND/tael and sold at 118.9 million VND/tael, down 1.4 million VND/tael for buying and 1.1 million VND/tael for selling compared to the previous session.

This brand listed the price of Doji Hung Thinh Vuong 9999 gold ring, down 800 thousand VND per tael for buying and 300 thousand VND per tael for selling compared to yesterday's closing price, buying and selling transactions were 111.7-114.7 million VND/tael, respectively.

PNJ Gold listed buying price at 111 million VND/tael and selling price at 114 million VND/tael, down 2 million VND/tael for buying and 1.5 million VND/tael for selling compared to the previous session.

As of 10:00 a.m. on May 15 (Vietnam time), the world gold price decreased by 95.7 USD/ounce compared to the previous session's close to 3,153.5 USD/ounce.

World gold prices fell today as investors took profits, in the context of the US and China sharply reducing import taxes.

On May 12, the world's two largest economies issued a joint statement on suspending tariffs for 90 days.

Accordingly, the US will reduce tariffs on imported goods from China to 30% from 145%. In response, China will reduce tariffs on imported goods from the US, from 125% to 10% during the same period.

After the decision to temporarily suspend the tax was announced, investors became more confident in risky assets, causing gold to lose some of its short-term appeal. Money flowed strongly into the stock market, and global stocks rose.

Fawad Razaqzada, a market analyst at City Index and FOREX.com, said it would not be surprising if the decline continued for a few more days. However, he stressed that the long-term trend for the precious metal remains bullish.

Traders are awaiting U.S. producer price data due on Friday for clues on the Federal Reserve's interest rate path after weaker-than-expected April consumer price data fueled speculation of a possible rate cut later this year.

The market is expecting the US central bank to cut interest rates by 53 basis points this year, starting in September.

This morning, the USD-Index was at 100.84 points; the yield on 10-year US Treasury bonds increased to 4.537%; US stocks increased sharply; world oil prices were at 64.55 USD/barrel for Brent oil and 61.92 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-15-5-the-gioi-trong-nuoc-tiep-da-giam-manh-211874.html