Gold rings 'evaporated' nearly half a million dong in a week

The price of gold on the world market closed the weekend at 1,947.2 USD/ounce, nearly 30 USD lower than the previous weekend. Converted equivalently, the world gold price is 55.5 million VND/tael (excluding taxes and fees). Thus, after a week, the world gold price decreased by nearly 1 million VND.

Domestic gold price decreased less than world price

The precious metal fell to a two-month low of $1,936.59 an ounce during the week but recovered slightly at the end of the week. In contrast, the 10-year bond yield and the USD-Index hovered near their highest levels since mid-March and both were headed for a third consecutive week of gains, putting pressure on the gold market. Despite positive signals from Washington DC, a US debt deal may still be difficult to reach before June 1 - the final date the US may no longer be able to repay its debt, according to Tai Wong, an independent metals trader in New York.

However, he said inflation data suggests a rate hike is likely in June, which would continue to be negative for gold prices.

Amid this backdrop, there are mixed opinions on gold’s direction for the coming week. A Kitco News survey of 14 Wall Street analysts found that 43% of respondents said gold would rise, while 43% said it would continue to fall, while only 14% said it would move sideways.

Meanwhile, an online survey of 762 individual investors found that nearly half (49%) still thought gold would rise in price. In addition, 36% thought gold would fall and the remaining 15% thought gold would go sideways.

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