In the domestic market, this morning, gold brands adjusted down for the second consecutive day. SJC gold bars decreased by 500,000 VND/tael to 120 million VND/tael; SJC gold rings traded at 115.5 million VND/tael.
Specifically, at 10:30 a.m. on May 23, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at VND118-120 million/tael, down VND500,000 compared to the previous session. The difference between buying and selling is VND2 million/tael.
SJC 9999 gold ring price is 112.5 million VND/tael for buying and 115.5 million VND/tael for selling.
DOJI gold bar price in Hanoi and Ho Chi Minh City is bought at 118 million VND/tael and sold at 120 million VND/tael, down 500,000 VND compared to the previous session.
This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 112.5-115.5 million VND/tael.
PNJ Gold is currently buying at 112.5 million VND/tael and selling at 115.5 million VND/tael, down 500,000 VND/tael for buying compared to the previous closing price.
As of 10:30 a.m. on May 23 (Vietnam time), gold price World prices fell 14.2 USD/ounce compared to the previous trading session's close to 3,299.3 USD/ounce.
World gold prices fell this morning due to profit-taking pressure from investors. Global financial markets are being affected by the new tax and spending cut bill of President Donald Trump's administration. According to some analysts, this bill may increase the US budget deficit, which increases investors' concerns.
Buying by Asian gold funds has been a key driver of recent gold prices, said Suki Cooper, precious metals expert at Standard Chartered. However, she noted that the precious metal could fall 10% by the end of the year if economic stimulus measures in the US are implemented and geopolitical tensions around the world ease.
Many other experts believe that safe-haven metals such as gold still have potential to increase in price amid the instability of the global bond market. Currently, the US bond auction has not received a positive reception from investors, causing bond yields to exceed 5%, the highest level since October 2023. In addition, Japanese bond yields have also increased sharply, reaching a record 3.18%.
After gold prices reached a record high of $3,500 an ounce, the gold market experienced a relatively shallow and short-lived correction last month, with prices falling back to around $3,300 an ounce.
Gold appears to be building a solid foundation above $3,000 an ounce, said Imaru Casanova, portfolio manager of the VanEck Gold and Precious Metals Fund.
On the rise in gold prices, the commodities team at VanEck said in a separate report that gold prices could rise to $4,000 an ounce by 2025.
Experts at VanEck also added that investors should not just view gold as a short-term bet; within the next five years, the potential price of gold could reach $5,000/ounce.
Analysts note that over the long term, gold has demonstrated superior growth compared to traditional assets over the past 20 years.
This morning, the USD-Index slightly decreased to 99.66 points; the yield on 10-year US Treasury bonds was at 4.526%; US stocks were quiet after a sharp decline on (May 21) after the House of Representatives passed a bill to cut taxes and spending; world oil prices increased by 1.5%, trading at 66.56 USD/barrel for Brent oil and 63.22 USD/barrel for WTI oil.
Source: https://baoquangninh.vn/gia-vang-ngay-23-5-vang-mieng-sjc-giam-phien-thu-hai-lien-tiep-xuong-120-trieu-dong-luong-3359433.html
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