World gold price slightly decreased

Domestic gold price today

Early morning of May 29 , SJC's 9999 gold price today increased by 50 thousand VND/tael in buying price but decreased by 50 thousand VND/tael in selling price compared to the end of last week's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:22 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:32 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,400,000 VND/tael	67,020,000 VND/tael
SJC HCMC	66,400,000 VND/tael	67,000,000 VND/tael
SJC Danang	66,400,000 VND/tael	67,020,000 VND/tael
Doji Hanoi	66,350,000 VND/tael	66,950,000 VND/tael
Doji HCMC	66,450,000 VND/tael	66,950,000 VND/tael

SJC and DOJI gold price list updated early morning May 29

At the end of the trading session on May 27, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.35 million/tael (buy) and VND67.05 million/tael (sell). SJC Hanoi listed at VND66.35 million/tael (buy) and VND67.07 million/tael (sell).

Doji Hanoi listed at 66.35 million VND/tael (buy) and 66.95 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.4 million VND/tael and sold at 67 million VND/tael.

The central exchange rate on May 29 announced by the State Bank is 23,712 VND/USD, up 1 VND compared to last weekend. The USD price at commercial banks this morning (May 29) was traded around 23,280 VND/USD (buy) and 23,650 VND/USD (sell).

*Gold is losing its advantage against the USD. (Photo: Kitco)*

International gold price today

At 9:33 a.m. today (May 29, Vietnam time) , the world spot gold price stood at around 1,945.5 USD/ounce, down 0.5 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,961 USD/ounce.

On the morning of May 29 , world gold converted to USD bank price was nearly 55.5 million VND/tael (excluding tax and fees), about 11.52 million VND/tael lower than domestic gold price.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the world market, the spot gold price on May 28 (Vietnam time) was trading at 1,946 USD/ounce. The futures gold price was trading at 1,947 USD/ounce.

The world gold price is depending on any interest rate adjustment by the US Federal Reserve (Fed). US macroeconomic data shows that inflation is higher than expected, causing the market to predict that the Fed will continue to be more hawkish in adjusting interest rates.

Thus, the USD will increase more strongly after the Fed raises interest rates, which means gold prices will become weaker.

In the world market, the DXY index measuring the strength of the USD against 6 key currencies increased by 0.69% compared to more than a week ago, to 104.226 points.

According to the CME FedWatch tool, there is a 64% chance that the Fed will raise interest rates by 25 basis points at its June 13-14 meeting.

In addition, according to analysis by James Knightley, chief economist of ING, if the debt ceiling scenario is resolved favorably and the number of jobs announced next Friday is high, the market accepts the possibility that the Fed will raise interest rates in June.

Gold Price Forecast

Wall Street experts are divided on whether gold will continue to fall or rise. 43% think gold prices will rise in the coming time. The same 43% think gold prices will fall and only 14% think gold prices will go sideways.

Meanwhile, of the 762 retail investors who participated in Kitco News' survey, 49% predicted higher gold prices, 36% estimated lower prices and 15% said prices would be sideways.

Based on previous surveys, the percentage of investors predicting a fall in gold prices this time has increased.

Source