On the morning of May 27th, gold prices continued to fall.

Domestic gold prices continued to fall this morning, May 27th, as the downward trend in global gold prices showed no signs of slowing down.

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At around 9 AM, the price of SJC gold bars, as quoted by SJC Company and Phu Quy Group, decreased by another 800,000 VND/ounce for both buying and selling compared to the end of yesterday afternoon, reaching 157.5 - 157.7 million VND/ounce for buying and 160.7 million VND/ounce for selling.

This morning, the price of 9999 gold rings was also reduced by 800,000 VND/ounce by SJC Company, Phu Quy Group, and Doji for both buying and selling, listed at 175.2 - 157.5 million VND/ounce for buying and 160.2 - 160.5 million VND/ounce for selling.

On the global gold market, the spot gold price on Kitco at 9:00 AM on May 27th (Vietnam time) was $4,503 per ounce, down $5 per ounce compared to the closing price in New York on the night of May 26th. After conversion, this price is equivalent to approximately 143.2 million VND per tael, which is about 17-17.5 million VND per tael lower than the domestic gold price.

Global gold prices fell as oil prices rebounded due to escalating US-Iran tensions, fueling expectations that the US Federal Reserve (FED) will continue to raise interest rates. Brent crude in London rose more than 3%, closing at $99.58 per barrel after falling about 7% earlier in the week. Meanwhile, WTI crude in New York fell nearly 3% compared to the end of last week, to $93.89 per barrel.

The rise in oil prices has led the market to predict that the Fed may continue to raise interest rates, putting pressure on gold. The US dollar also strengthened, with the DXY index, which measures the dollar's strength against six other major currencies, rising to 99.24 points, up 0.23% and nearly 1.5% over the past three months, thanks to its role as a "safe haven" and the advantage of US energy exports. Despite the decline, gold prices still held above the important $4,500/ounce mark due to falling US Treasury yields.

NHUNG NGUYEN

Source: https://www.sggp.org.vn/sang-27-5-gia-vang-tiep-tiep-giam-post854586.html