Gold price increases, 'sharks' collect 5.5 tons in 2 sessions

On the world market, the spot gold price on May 6 (Vietnam time) was trading at 2,017 USD/ounce. The futures gold price was trading at 2,018 USD/ounce. Weekly, the world gold price increased by 1.3%.

SPDR Gold Trust, the world's largest gold exchange-traded fund (ETF), net bought another 1.8 tons of gold on May 5. In two consecutive sessions, the fund net bought a total of 5.5 tons of gold. The fund's gold holdings reached 931.8 tons.

Inflows into gold ETFs increased significantly in March, due to concerns about US economic risks.

Gold demand increases sharply. (Photo: Reuters)

Global gold demand fell in the first three months of the year, according to the World Gold Council's (WGC) quarterly demand trends report.

Total gold demand in the first quarter of 2023 decreased by 13% year-on-year to 1,081 tons.

China's jewelry demand was 198 tonnes. The US bought 32 tonnes of gold bars and coins, the most in any quarter since 2010, amid concerns about banking and economic instability.

Gold bar and coin sales fell in Europe and Indian jewelry demand fell to a three-year low.

Central banks bought 228 tonnes of gold, more than in any first quarter since 2000.

Domestic gold price decreased by 150,000 VND/tael

Before the holiday, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.6 million VND/tael (buy) and 67.2 million VND/tael (sell). SJC Hanoi listed at 66.6 million VND/tael (buy) and 67.22 million VND/tael (sell).

Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.15 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.5 million VND/tael and sold at 67.1 million VND/tael.

Gold price chart last week. (Photo: D.Anh)

During the past week, there were many times when the world gold price increased sharply but the domestic market did not have many fluctuations.

At the end of the trading session on May 6, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.35 million VND/tael (buy) and 67.05 million VND/tael (sell). SJC Hanoi listed at 66.35 million VND/tael (buy) and 67.07 million VND/tael (sell).

Doji Hanoi listed at 66.4 million VND/tael (buy) and 67.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.5 million VND/tael and sold at 67.1 million VND/tael.

Weekly, the gold price at SJC decreased by VND250,000/tael for buying and VND150,000/tael for selling. Meanwhile, at Doji, the gold price decreased by VND150,000/tael (buying) and VND50,000/tael (selling).

Gold ring price sets new record Domestic gold ring price today (May 5) continued to increase strongly, reaching a record level. Meanwhile, gold bar price turned to decrease slightly.

Source: https://vietnamnet.vn/gia-vang-tang-ca-map-gom-2-phien-5-5-tan-2140083.html