SJC gold selling price increased sharply.

Domestic gold prices today

At the opening of the market on May 20th , the price of 9999 gold from SJC increased by 50,000 VND/ounce for buying and 150,000 VND/ounce for selling compared to the closing price of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:28 AM and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:41 AM as follows:

	Buy	Sell
SJC Hanoi	66,700,000 VND/ounce	67,420,000 VND/ounce
SJC Ho Chi Minh City	66,700,000 VND/ounce	67,400,000 VND/ounce
SJC Da Nang	66,700,000 VND/ounce	67,420,000 VND/ounce
Doji Hanoi	66,550,000 VND/ounce	67,150,000 VND/ounce
Doji Ho Chi Minh City	66,700,000 VND/ounce	67,300,000 VND/ounce

Updated SJC and DOJI gold prices at the beginning of the morning of May 20th.

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.

The central exchange rate for May 18th, announced by the State Bank of Vietnam, is 23,680 VND/USD. The USD exchange rate at commercial banks this morning (May 18th) is trading around 23,290 VND/USD (buying) and 23,660 VND/USD (selling).

International gold price today

At 10:06 AM today (May 20th, Vietnam time), the spot price of gold in the world market stood around $1,977.6 per ounce, an increase of $15.6 per ounce compared to last night. The price of gold futures for June delivery on the Comex New York exchange was $2,000.3 per ounce, an increase of $37.3 per ounce compared to last night.

On the morning of May 20th , the world gold price, converted using the bank's USD exchange rate, was 56.4 million VND/ounce (excluding taxes and fees), approximately 11.02 million VND/ounce lower than the domestic gold price.

International gold price fluctuations over the past 24 hours.

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

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