Gold jumps from 9-week low

Domestic gold price today

On the afternoon of May 31 , today's SJC 9999 gold price decreased by 50 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 3:23 p.m. and the price of 9999 gold was listed by Doji Jewelry Group at 2:15 p.m. as follows:

	Buy	Sell
SJC Hanoi	66,450,000 VND/tael	67,070,000 VND/tael
SJC HCMC	66,450,000 VND/tael	67,050,000 VND/tael
SJC Danang	66,450,000 VND/tael	67,070,000 VND/tael
Doji Hanoi	66,450,000 VND/tael	67,050,000 VND/tael
Doji HCMC	66,500,000 VND/tael	67,000,000 VND/tael

SJC and DOJI gold price list updated on the afternoon of May 31

Early morning of May 31 , SJC 9999 gold price today increased by 100 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:05 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 9:16 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,500,000 VND/tael	67,120,000 VND/tael
SJC HCMC	66,500,000 VND/tael	67,100,000 VND/tael
SJC Danang	66,500,000 VND/tael	67,120,000 VND/tael
Doji Hanoi	66,500,000 VND/tael	67,100,000 VND/tael
Doji HCMC	66,500,000 VND/tael	67,000,000 VND/tael

SJC and DOJI gold price list updated early morning May 31

At the end of the trading session on May 30, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,400,000 VND/tael - 67,020,000 VND/tael
Doji Hanoi: 66,350,000 VND/tael - 66,950,000 VND/tael
SJC HCMC: 66,400,000 VND/tael - 67,000,000 VND/tael
Doji HCMC: 66,450,000 VND/tael - 66,950,000 VND/tael

The central exchange rate on May 31 announced by the State Bank was 23,714 VND/USD, unchanged from yesterday. The USD price at commercial banks this morning (May 31) was traded around 23,280 VND/USD (buy) and 23,650 VND/USD (sell).

International gold price today

At 9:26 a.m. today (May 31, Vietnam time), the world spot gold price stood at around 1,953.7 USD/ounce, down 3.3 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,973.2 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of May 30 (Vietnam time), the world spot gold price increased rapidly from the threshold of 1,930 USD/ounce to around 1,957 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,959 USD/ounce.

The world gold price on the night of May 30 was about 8.7% higher (159 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.3 million VND/tael, including taxes and fees, about 10.7 million VND/tael lower than the domestic gold price as of the end of the afternoon session on May 30.

*Gold prices rebounded from a 9-week low. (Photo: HH)*

Gold rose amid a rapid cooling of the US dollar. The DXY index – measuring the greenback’s performance against a basket of six major world currencies – fell from above 104.52 points to below 104 points.

Gold rebounded after hitting a nine-week low in the previous session (May 29).

In its latest newsletter, the World Gold Council (WGC) said a survey showed that 24% of central banks around the world intend to increase their gold reserves in 2023. The reasons are high inflation, geopolitical instability and concerns about high interest rates.

Gold Price Forecast

The US dollar has recently risen again as many US Federal Reserve (Fed) officials support the agency continuing to raise interest rates at its meeting in June to fight inflation.

However, many assessments say that if the Fed continues to raise interest rates, it could create the next "storm".

The US banking crisis is over. However, some investors in the market believe that not only is the banking sector still under stress, but many other risks to financial stability remain.

In a recent report, the Fed listed several areas of concern, including life insurance and certain types of bonds and loan funds.

This is a factor that could make the Fed more cautious in deciding monetary policy at its upcoming meeting.

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