Slightly increased after the vertical drop.

Domestic gold prices

At the close of trading on May 19th, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.65 million VND/ounce (buying price) and 67.25 million VND/ounce (selling price). SJC Hanoi listed the price at 66.65 million VND/ounce (buying price) and 67.27 million VND/ounce (selling price).

Doji Hanoi listed gold at 66.55 million VND/ounce (buying price) and 67.15 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.65 million VND/ounce and sold it at 67.15 million VND/ounce.

International gold prices

On the world market, the spot gold price on May 19th (Vietnam time) was trading at $1,962 per ounce. Gold futures were trading at $1,963 per ounce.

Gold prices edged higher after hitting multi-week lows. A weaker US dollar and stable crude oil prices impacted the precious metal.

World gold prices have risen again. (Photo: KT)

Lorie Logan, President of the Federal Reserve Bank of Dallas, said that inflation has not yet cooled down quickly enough to allow the Fed to pause interest rate hikes in June 2023. According to Fed officials, it is still too early to assess the full impact of raising interest rates.

The market is predicting an 82% probability that the Fed will keep interest rates unchanged at its June meeting.

Meanwhile, President Joe Biden and House Speaker Kevin McCarthy both offered optimistic comments about reaching an agreement on the national debt before June 1st.

Gold price forecast

In its quarterly demand trends report, the World Gold Council (WGC) stated that total gold demand in the first quarter of 2023 decreased by 13% compared to the first quarter of 2022, to 1,081 tonnes.

Tim Waterer, head of market analysis at KCM Trade, said gold has fallen below $2,000 per ounce. Any comments from Fed officials regarding inflation between now and the June 2023 meeting will also impact gold prices.

Analysts warn that if gold fails to hold above $1,950 per ounce, it risks further losses.

Financial expert Ross Norman suggests that gold's failure to hold its 50-day moving average technical support level could lead to a bearish trend in the near future.

Source: https://vietnamnet.vn/gia-vang-hom-nay-20-5-tang-nhe-sau-cu-roi-thang-dung-2145119.html