Risks remain high, gold falls slightly

Domestic gold price today

Early morning of May 30, SJC's 9999 gold price 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 8:25 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:58 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,350,000 VND/tael	66,970,000 VND/tael
SJC HCMC	66,350,000 VND/tael	66,950,000 VND/tael
SJC Danang	66,350,000 VND/tael	66,970,000 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 30

At the end of the trading session on May 29, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.4 million VND/tael (buy) and 67 million VND/tael (sell). SJC Hanoi listed at 66.4 million VND/tael (buy) and 67.02 million VND/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 66.45 million VND/tael and sold at 66.95 million VND/tael.

*There are still many risks for gold. (Photo: Kitco)*

The central exchange rate on May 30 announced by the State Bank is 23,714 VND/USD, up 2 VND compared to yesterday. The USD price at commercial banks this morning (May 30) was traded around 23,280 VND/USD (buy) and 23,650 VND/USD (sell).

International gold price today

At 10:00 a.m. today (May 30, Vietnam time) , the world spot gold price stood at around 1,945.3 USD/ounce, down 2.7 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,969.6 USD/ounce.

On the morning of May 30, world gold converted to USD bank price was nearly 55.46 million VND/tael (excluding tax and fees), about 11.51 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 29 (Vietnam time) was trading at 1,948 USD/ounce. The futures gold price was trading at 1,949 USD/ounce.

According to experts, at present, gold prices are very difficult to predict, depending entirely on the developments of the US macro economy. There are still many risks for gold.

Although it is forecast to increase in the long term, gold is currently under pressure from the stronger USD. Currently, the greenback is still on an upward trend following stable US macroeconomic data. Some forecasts suggest that the US Federal Reserve (Fed) may still raise interest rates.

Saxo Bank predicts that tensions in the banking and financial markets will continue to increase as the US economy receives impacts from the Fed's strong monetary policies.

Meanwhile, negotiations to raise the US government’s $31.4 trillion debt ceiling before June 1 hit a snag late last week, providing a rare boost to safe-haven gold prices in the coming months.

Gold Price Forecast

According to Kitco, the next support level for gold is $1,940 an ounce. If it falls below that level, gold prices could slide to the $1,915 an ounce area, or even $1,900 an ounce.

Meanwhile, experts predict that gold prices will continue to increase and reach a new record high in 2023 when the Fed will end its interest rate hike cycle and reverse to a decrease. A weak USD and still high inflation will support gold prices.

Some gold funds also believe that after this price drop, gold will enter a new period of price increase, with the price exceeding 2,100 USD/ounce in 2023.

Source