Gold ring prices 'evaporated' by nearly half a million dong this week.

Gold prices on the world market closed the week at $1,947.2 per ounce, nearly $30 lower than the previous week. This is equivalent to approximately 55.5 million VND per tael (excluding taxes and fees). Thus, after one week, world gold prices have decreased by nearly 1 million VND.

Domestic gold prices fell less than global prices.

During the week, the precious metal briefly fell to its lowest level in two months at $1,936.59 per ounce but recovered slightly towards the end of the week. Conversely, 10-year Treasury yields and the USD-Index fluctuated near their highest levels since mid-March, both heading for a third consecutive week of gains, putting pressure on the gold market. According to Tai Wong, an independent metals trader in New York, despite positive signals from Washington DC, a US debt agreement may still be difficult to reach before June 1st – the deadline by which the US may become insolvent.

However, he suggested that inflation data indicates a possible interest rate hike in June, which would continue to be detrimental to gold prices.

Against this backdrop, there is a growing consensus regarding the trend of gold prices next week. A Kitco News survey of 14 Wall Street analysts showed that 43% believe gold will rise, while another 43% believe the precious metal will continue to fall; only 14% predict gold will remain stable.

Meanwhile, an online survey of 762 individual investors revealed that nearly half (49%) still believe gold will rise in price. In addition, 36% believe gold will fall, and the remaining 15% predict it will remain stable.

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