Gold prices rose slowly but steadily today on a bargain hunt and some short offset in the futures market after the yellow metal hit a nine-week low. Experts say that many risks affect gold, so it is difficult to predict the next trend.
LIVE UPDATE TABLE GOLDEN PRICE TODAY 31/5 and RATE TODAY 31/5
| 1. SJC – Updated: 30/05/2023 15:34 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L | 66,400 | 67,000 |
| SJC 5c | 66,400 | 67,020 |
| SJC 2c, 1C, 5 inch | 66,400 | 67,030 |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
55,550 50K | 56,500 50K |
| SJC Gold Ring 99,99 0.5 points |
55,550 50K | 56,600 50K |
| Jewelry 99.99% | 55,400 50K | 56,100 50K |
| Jewelry 99% | 54,345 49K | 55,545 49K |
| Jewelry 68% | 36,302 34K | 38,302 34K |
| Jewelry 41.7% | 21,546 21K | 23,546 21K |
World gold price bounced up from below $1.950 – a 2-month low. The USDX index weaker after hitting a two-month high last week and US Treasury yields falling on the first day of the US trading week - currently at 3,725%, support gold's recovery .
Notes of TG&VN At 21:25 pm on June 30 (Vietnam time), gold price traded on Kitco floor at 5 - 1.954,9 USD/ounce, up 1.955,9 USD compared to the previous session.. For the last time, gold for August delivery rose $8 to trade at $10,60 an ounce.
The market recorded some returning buyers. In addition, previous concerns about the US debt ceiling agreement also supported prices, but increased investors' bets on the path of the US Federal Reserve (Fed) to raise interest rates restrained the momentum. increase. Markets are betting on a 56,6% chance that the US central bank will raise interest rates at its June 13-14 meeting.
Conversely, when the Fed may slow down the rate cut as inflation remains a concern, the economic downturn will lead to lower interest rates and thereby remove support for the dollar, helping gold appreciate. .
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| Gold price today May 31, 5: Gold price recovered strongly, the 'hunt' for bargains, what do experts predict? (Source: Kitco) |
Domestic gold price heterogeneous fluctuations among business systems across the country. As of the afternoon of May 30, Saigon VBDQ Company increased by 5 VND/tael in both buying and selling direction for SJC gold price, maintaining the milestone of 50.000/tael (selling afternoon), other brands were all decline and fall from this price range.
Gold price jewelry Gold Dragon Thang Long brand of Bao Tin Minh Chau fell sharply from 190.000 VND/tael compared to yesterday, currently standing at 55,58 - 56,48 million VND/tael (buy in - sell out).
Converting the world gold price to USD exchange rate at Vietcombank: 1 USD = 23.650 VND, the world gold price is equivalent to 55,45 million VND/tael, 11,5 million VND/tael lower than the SJC gold price.
Summary of SJC gold prices at major domestic business brands at the close of the session on April 30:
VBDQ Saigon Company listed the price of SJC gold at 66,40 - 67,02 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66,35 - 66,95 million VND/tael.
Phu Quy Group listed at: 66,40 - 66,95 million VND/tael.
PNJ system listed at: 66,40 - 66,95 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66,42 - 66,98 million VND/tael; Dragon Thang Long gold brand traded at 55,68 – 56,58 million VND/tael; Gold jewelry price traded at 55,30 - 56,40 million VND/tael.
Can Gold Find Support?
In its latest newsletter, the World Gold Council (WGC) said its survey found that 24% of central banks plan to increase their gold holdings by 2023. Reasons include higher inflation. , geopolitical uncertainty and interest rate worries.
Observers say that the price of gold is bouncing up strongly, with increased momentum, traders can choose a position to enter into a long position. This action should prompt a rally to $1.990, followed most likely by $2.010.
Some experts also forecast, the gold price will continue to increase and reach a new high in 2023 when the Fed will end the cycle of raising interest rates and reverse to decrease. A weak USD and still high inflation will support gold prices. Some gold funds also believe that, after this price drop, gold begins to enter a new bull period, with the price going to exceed $ 2.100 / ounce right in 2023.
However, not with the same opinion, Director of consulting firm AirGuide, Michael Langford, noting that high volatility events such as the crisis of regional banks and the agreement to raise the US debt ceiling are gradually reducing the level of "dangerous" have reduced the market's interest in gold, as investors turn to other, riskier sources of investment.
Meanwhile, the fact that Fed officials in recent days have increased their hawkish views on interest rates to some extent offset the decline in gold prices. Markets now estimate there is a 37% chance that the Fed will leave rates unchanged in June 6.
OCBC FX Strategist Christopher Wong said that in the short term, gold is likely to continue to decline, approaching the price of 1.892 USD/ounce.
Still follow kitco, the next support level for gold is 1.940 USD/ounce. If gold falls below that level, the price of gold can slide to the area of 1.915 USD/ounce, or even 1.900 USD/ounce.
