Gold price on May 31: SJC gold bars continue to decrease sharply, the buying-selling difference is up to 3.5 million VND/tael

(Photo: THANH DAT)

At 10:00 a.m. on May 31, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND84.55 million/tael for buying and VND87.55 million/tael for selling, down VND200,000 for buying and up VND50,000 for selling compared to the previous session. The difference between buying and selling prices widened to VND3 million/tael.

The listed SJC gold price for buying and selling is 84.5-88.8 million VND/tael, down 1.8 million VND and 800,000 VND respectively compared to the previous session. The difference between buying and selling is up to 3.5 million VND/tael.

Currently, the price of SJC gold bars is about 15-16 million VND/tael higher than the world price.

The price of SJC 9999 gold ring is 74.6 million VND/tael for buying and 76.2 million VND/tael for selling. The difference between buying and selling is 1.6 million VND/tael.

PNJ gold bought at 74.6 million VND/tael and sold at 76.3 million VND/tael, unchanged from the previous session.

As of 10:00 a.m. on May 31 (Vietnam time), the world gold price increased slightly by 8.1 USD compared to the previous session to 2,346 USD/ounce.

World gold prices remained stable this morning as traders focused on the Personal Consumption Expenditures Price Index (PCE) report, the Fed's preferred inflation measure, expected to be released tonight, which could provide more specific insight into the timing and extent of the Fed's interest rate cuts this year.

According to the financial market analysis site MarketWatch, inflation will increase by 2.7% compared to the same period last year. If this forecast is correct, it means that April inflation is unchanged from March, which means that this inflation level is still much higher than the Fed's target of 2%.

A weaker U.S. dollar, lower yields and the recent stock market sell-off have provided bullish momentum for gold, said Jim Wyckoff, senior analyst at Kitco.

Regarding the outlook for precious metal prices, experts believe that with central banks continuing to add gold to their reserves, demand from Chinese investors will continue to increase in the coming time, providing solid support for gold.

This morning, the USD-Index was at 104.82 points; the yield on 10-year US Treasury bonds fell to 4.539%; US stocks continued to correct; oil prices continued to fall to 81.69 USD/barrel for Brent oil and 77.62 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-31-5-vang-mieng-sjc-tiep-tuc-giam-manh-chenh-lech-mua-ban-len-toi-35-trieu-dong-luong-192851.html