Plunging, losing the $2,000/ounce mark

Domestic gold price today

Opening the market on May 17 , the price of SJC 9999 gold today decreased by 50 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:28 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:42 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,500,000 VND/tael	67,120,000 VND/tael
SJC HCMC	66,500,000 VND/tael	67,100,000 VND/tael
SJC Danang	66,500,000 VND/tael	67,120,000 VND/tael
Doji Hanoi	66,450,000 VND/tael	67,050,000 VND/tael
Doji HCMC	66,550,000 VND/tael	67,050,000 VND/tael

SJC and DOJI gold price list updated early morning May 17

At the end of the trading session on May 16, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,550,000 VND/tael - 67,170,000 VND/tael
Doji Hanoi: 66,550,000 VND/tael - 67,150,000 VND/tael
SJC HCMC: 66,550,000 VND/tael - 67,150,000 VND/tael
Doji HCMC: 66,550,000 VND/tael - 67,150,000 VND/tael

The central exchange rate on May 17 announced by the State Bank is 23,656 VND/USD, up 4 VND compared to yesterday. The USD price at commercial banks this morning (May 17) was traded around 23,255 VND/USD (buy) and 23,625 VND/USD (sell).

International gold price today

At 9:19 a.m. today (May 17, Vietnam time), the world spot gold price stood at around 1,991.5 USD/ounce, down 14.5 USD/ounce compared to yesterday. The price of gold futures for June delivery on the Comex New York floor was at 1,996.1 USD/ounce, down 11.9 USD/ounce compared to yesterday.

Fluctuations in international gold prices in the past 24 hours

On the night of May 16 (Vietnam time), the world spot gold price dropped to 2,006 USD/ounce. Gold for June delivery on the Comex New York floor was at 2,008 USD/ounce.

The world gold price on the night of May 16 was about 10% higher (182 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 57.7 million VND/tael (including taxes and fees), about 9.4 million VND/tael lower than the domestic gold price as of the end of the afternoon session on May 16.

Gold was under pressure to fall as the DXY index - measuring the greenback's performance against a basket of six major world currencies - rose sharply to 102.4 points. Previously, the index had fallen to 101 points.

Gold prices are under pressure to decrease in the short term. (Photo: KC)

The US dollar rose again as many investors said they had bet too early on the possibility that the US Federal Reserve (Fed) would quickly reverse its monetary policy and cut interest rates after 10 consecutive increases.

In fact, Fed officials are showing that they are still sticking to their overriding goal of controlling inflation.

US inflation in April 2023 increased only 4.9% year-on-year (lower than 5% in the previous month and the peak of 9.1% in June 2022). However, this is still high compared to the 2% target.

On Kitco, Georgette Boele, senior economist at ABN AMRO, said that the precious metal is losing momentum after increasing 10% since the beginning of the year.

Gold has been rising since the beginning of the year as investors expect the Fed’s rate hike cycle to end soon, according to Georgette Boele. Concerns about the economic outlook, high inflation and geopolitical tensions have also pushed gold up.

Gold Price Forecast

However, Georgette Boele noted that the rally has been held back at current levels, with the Fed not signaling an early rate cut as the market had expected.

“The market is expecting the Fed to start cutting rates in the third quarter. This is reflected in gold prices (up). However, we think the rate cut will come later, possibly by the end of the year,” Boele said.

Besides, the USD has not decreased in price, which will affect the gold price increase in the coming months.

However, in the long term, gold is still considered to be in an uptrend. Gold could break out in 2024 when the Fed, the European Central Bank (ECB) and the Bank of England (BOE) start to loosen monetary policy.

ABN AMRO forecasts gold to hit $2,000 an ounce in 2023 and $2,200 an ounce in 2024.

The price of gold rings reversed after reaching a historical peak . The price of SJC gold rings today (May 16) reversed after reaching a historical peak yesterday. The price of gold bars also decreased following the world gold price.

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