Gold price on May 7: Domestic and world prices continue to increase

In the domestic market, this morning, domestic gold brands increased simultaneously following world price movements. SJC gold bars increased by 500,000 VND to 122.7 million VND/tael; SJC gold rings traded at 115 million VND/tael.

Specifically, at 10:00 a.m. on May 5, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 120.7-122.7 million VND/tael, an increase of 500,000 VND/tael compared to the previous closing price. The difference between buying and selling is 2 million VND/tael.

The price of SJC 9999 gold ring is 116 million VND/tael for buying and 118.5 million VND/tael for selling, an increase of 500,000 VND/tael compared to the previous session.

DOJI gold bar price in Hanoi and Ho Chi Minh City is 120.7 million VND/tael for buying and 122.7 million VND/tael for selling.

This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 114.5-118 million VND/tael.

PNJ Gold is currently buying at 115.5 million VND/tael and selling at 118.1 million VND/tael, up 500,000 VND and 100,000 VND respectively compared to yesterday's closing price.

As of 10:00 a.m. on May 7 (Vietnam time), the world gold price increased sharply by 54.3 USD/ounce compared to the previous trading session's close, reaching 3,387.7 USD/ounce.

World gold prices increased sharply this morning in the context of investors seeking gold as a way to hedge against global economic risks, Chinese market demand has not cooled down, US stocks have fallen and the USD has weakened.

Gold's appeal will continue to grow as recession fears grow, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

He added that, while tariff uncertainty and US government austerity measures have given gold more momentum to rally to historic highs.

“Gold could go to $4,000 an ounce. Lower U.S. equities could be a big driver to get there,” he said. Looking at the mixed performance of the precious metal, McGlone said the comfortable floor for gold is $3,000.

US Global Investor trading team leader Michael Matousek made a more modest assessment that gold prices could rise to $3,590 an ounce in the final quarter and potentially rise to $3,800 an ounce by year-end.

This morning, the USD-Index slightly decreased to 99.54 points; the yield on 10-year US Treasury bonds was at 4.305%; US stocks were in the red, technology stocks plummeted; world oil prices rebounded by more than 3%, trading at 62.54 USD/barrel for Brent oil and 59.53 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-7-5-trong-nuoc-the-gioi-tiep-da-tang-211360.html