Recovering after a sharp decline

Update SJC gold price

Domestic SJC gold price closed on May 30, 2024.

SJC gold bar price recorded at DOJI Group. Unit: Million VND/tael. Chart: Khuong Duy

Fluctuation in price of 9999 gold ring

As of 5:00 p.m. today - May 30, Phu Nhuan Jewelry (PNJ) listed the price of 9999 plain round rings at 74.6-76.3 million VND/tael (buy - sell); down 400,000 VND/tael for buying and down 300,000 VND/tael for selling compared to the close of the previous trading session.

The price of 9999 Hung Thinh Vuong round gold ring at DOJI Gold and Gemstone Group is listed at 74.70-76.05 million VND/tael (buy - sell).

Compared to the previous trading session, the price of gold rings was reduced by 450,000 VND/tael for buying and 500,000 VND/tael for selling.

The price of 9999 gold rings at Bao Tin Minh Chau is listed at 74.68-76.08 million VND/tael (buy - sell); down 500,000 VND/tael for both buying and selling compared to the close of the previous trading session.

World gold price

Gold Price Forecast

World gold prices increased slightly in the context of the USD index cooling down. Recorded at 6:00 p.m. on May 30, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, was at 104.860 points (down 0.17%).

Analysts said that the world gold price fell after an official of the US Federal Reserve (FED) commented on monetary policy. This person said that the high interest rates of the US will be kept stable, or even increased if necessary.

The currency market reacted immediately. The USD increased in value against many other strong currencies, putting pressure on gold prices today.

Gold prices fell as the US dollar strengthened and Treasury yields rose, raising concerns about the expected path of rate cuts by the US Federal Reserve (FED) this year, according to Kitco.

The precious metal’s decline comes ahead of a key inflation report due out on Friday, as investors brace for potential surprises that could force the Fed to revise its monetary policy outlook.

Domestic gold prices have decreased due to the impact of the world market and information that the State Bank is selling gold directly to 4 commercial banks to sell to the people.

After organizing 9 gold auctions to reduce the difference between domestic SJC gold bar prices and world gold prices but failing, the State Bank of Vietnam (SBV) announced to stop gold auctions and decided to sell gold directly to 4 state-owned commercial banks including Vietcombank, Agribank , VietinBank, BIDV to sell to people.

Sharing with reporters, expert Ngo Tri Long - former Director of the Institute for Price Market Research (Ministry of Finance) - commented that bidding cannot stabilize market prices, so the State Bank's decision to stop bidding is correct.

The focus of many investors is the US personal consumption expenditures (PCE) price index for April. The core PCE is the Fed's preferred inflation measure, capturing changes in consumer spending on a wide range of goods and services.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-305-hoi-phuc-tro-lai-sau-dot-giam-manh-1346774.ldo