Gold price on May 20: SJC gold bars maintained at 119.3 million VND/tael

In this morning's trading session, domestic gold prices remained stable and maintained below 120 million VND/tael.

The domestic market is forecast to move in the same direction as the world trend, turning down when a series of positive data puts pressure on the gold market.

Specifically, at 12 noon on May 20, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 116.8-119.3 million VND/tael, unchanged in both buying and selling compared to the previous session. The buying and selling difference was 2.5 million VND.

SJC 9999 gold ring price is 111.5 million VND/tael for buying and 114.5 million VND/tael for selling; unchanged in both buying and selling directions.

Meanwhile, DOJI gold bar prices in Hanoi and Ho Chi Minh City were bought at VND116.8 million/tael and sold at VND119.3 million/tael, unchanged in both directions (buying and selling) compared to the previous session's close.

This brand listed the price of Doji Hung Thinh Vuong 9999 gold ring unchanged in both buying and selling directions compared to yesterday's closing price, buying and selling transactions were 111.5-114.5 million VND/tael, respectively.

PNJ Gold listed buying price at 111 million VND/tael and selling price at 114 million VND/tael, down 500 thousand VND/tael in both directions (buying and selling) compared to the previous session.

As of 11:30 a.m. on May 20 (Vietnam time), the world gold price decreased by 16.5 USD/ounce compared to the previous session's close to 3,211.9 USD/ounce.

The US's trade agreements with its partners have gradually made significant progress and the Russia-Ukraine tension may be resolved after a phone call between the two senior leaders of Russia and the US. These are the information that caused investors to return to take profits, creating pressure on gold prices.

Currently, investors are closely monitoring statements from FED officials as well as US economic data released this weekend to assess the next direction of the gold market.

Overall, gold remains a safe haven investment over the next few months, said Bob Haberkorn, senior market strategist at RJO Futures. He added that the precious metal remains an asset to hold.

Investors remain cautious amid ongoing global trade tensions, despite the US and China reaching a temporary 90-day tariff truce.

This morning, the USD-Index fell to 100.23 points; the yield on 10-year US Treasury bonds was at 4.462%; US stocks rose; world oil prices were little changed, trading at 65.54 USD/barrel for Brent oil and 61.96 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-20-5-vang-mieng-sjc-duy-tri-o-muc-1193-trieu-dong-luong-212177.html