Gold price on May 5: SJC gold bars fell sharply below the 120 million VND/tael mark

The world gold price today (May 5) increased again, trading above 3,265 USD/ounce when the World Bank just updated its forecast of a 36% increase in gold price compared to last year's average, much higher than the previous prediction of a 20% increase. Domestically, the price of SJC gold bars adjusted down to 119.3 million VND/tael right after the market reopened after the April 30-May 1 holiday.

In the domestic market, this morning, domestic gold brands simultaneously adjusted down after the April 30-May 1 holiday . SJC gold bars decreased by 1.5 million VND to 1,119.3 million VND/tael; SJC gold rings were traded at 115 million VND/tael.

Specifically, at 9:00 a.m. on May 5, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 117.8-119.8 million VND/tael, down 1.5 million VND/tael from the previous closing price. The difference between buying and selling is 2 million VND/tael.

The price of SJC 9999 gold ring is 112.5 million VND/tael for buying and 115 million VND/tael for selling, down 1.5 million VND/tael compared to the previous session.

DOJI gold bar price in Hanoi and Ho Chi Minh City is 117.8 million VND/tael for buying and 119.3 million VND/tael for selling.

This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 112.5-115 million VND/tael.

PNJ Gold is currently buying at 112.5 million VND/tael and selling at 115.4 million VND/tael, an increase of 500,000 VND for buying and a decrease of 600,000 VND for selling.

As of 9:00 a.m. on May 5 (Vietnam time), the world gold price increased by 25.7 USD/ounce compared to the previous trading session's close to 3,265.3 USD/ounce.

World gold prices increased sharply again this morning when the World Bank updated its forecast for gold prices to increase by 36% compared to last year's average, much higher than the previous prediction of a 20% increase.

Although gold prices fell more than $200 from a record high of $3,500 an ounce set a week ago last week, analysts believe the precious metal will still be supported by uncertainties over U.S. tariff policy and expected protracted trade negotiations.

Darin Newsom, senior market analyst at Barchart.com, said the short-term trend for gold in June is bearish on the daily chart. Long-term, he remains bullish on the precious metal, but he expects a correction this week.

Agreeing, Adrian Day, Chairman of Adrian Day Asset Management, said that growing concerns about a recession in the United States as well as the possibility of a “cooling off” of tariff tensions between the United States and China could reduce demand for gold in the near term.

“The current pullback has been overdone and the weak U.S. economic data over the past week has Federal Reserve Chairman Jerome Powell considering a rate cut. Gold should move a little higher next week,” said Rich Checkan, chairman and CEO of Asset Strategies International.

Michael Matousek, head of trading at US Global Investor, said that the market's mixed up-and-down adjustments after gold reached $3,500 an ounce were normal. The expert said that in the final quarter, gold prices could rise to $3,590 an ounce and could potentially rise to $3,800 an ounce by the end of the year.

This week, 18 experts participated in the Kitco News Gold Survey. Half of Wall Street experts see gold prices falling further; five analysts, or 28 percent, see gold prices rising next week; the remaining four experts, or 22 percent, are neutral.

Meanwhile, on Main Street, 273 votes were cast in Kitco News’ online poll. 143 retail investors, or 52%, expect gold prices to move higher next week. Another 79, or 29%, see gold prices trading lower. The remaining 51 investors, or 19%, predict gold prices will trade sideways.

This morning, the USD-Index slightly decreased to 99.72 points; the yield on 10-year US Treasury bonds was at 4.318%; US stocks just experienced a strong week of gains despite concerns about the US economic situation that still exist; world oil prices plummeted, trading at 59.2 USD/barrel for Brent oil and 55.96 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-5-5-vang-mieng-sjc-giam-manh-xuong-duoi-moc-120-trieu-dong-luong-211149.html