Despite falling prices, gold's appeal remains huge

Domestic gold price today

At the end of the trading session on April 29, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.6 million VND/tael (buy) and 67.2 million VND/tael (sell). SJC Hanoi listed at 66.6 million VND/tael (buy) and 67.22 million VND/tael (sell).

SJC gold price chart from April 25 to May 2

Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.15 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.5 million VND/tael and sold at 67.1 million VND/tael.

The State Bank announced the central VND/USD exchange rate applied on April 29 at 23,639 VND. The reference USD exchange rate at the State Bank's Exchange is listed at 23,450 - 24,770 VND/USD (buy - sell).

*Gold remains an attractive investment channel. (Photo: Kitco)*

International gold price today

At 10:55 a.m. today (May 2, Vietnam time) , the world spot gold price stood at around 1,981.8 USD/ounce, down 16.7 USD/ounce compared to last night. The price of gold futures for June delivery on the Comex New York floor was at 1,990.5 USD/ounce, down 7.1 USD/ounce compared to last night.

On the morning of May 2 , world gold converted to USD bank price was nearly 56.46 million VND/tael (excluding tax and fees), about 10.76 million VND/tael lower than domestic gold price.

Fluctuations in international gold prices in the past 24 hours

In the world gold market, the spot gold price on May 1 was trading at 1,998.5 USD/ounce. The futures gold price was trading at 1,997.6 USD/ounce.

Michael Boutros, senior technical strategist at Forex.com, told Kitco News that the recent rally in gold has failed and he expects another leg down in prices.

Notably, despite forecasts that prices will continue to fall, the market has witnessed strong buying from investors recently.

Sean Lusk, co-director of Walsh Trading, confirmed to Kitco News that gold is still the main investment channel, the attractiveness of gold is still very strong, especially when the world economic context is unstable.

Financial experts believe that gold prices will not fall as low as investors fear, as the price of gold is caught between the risk of inflation and economic recession. This confirms that the US Federal Reserve (Fed) will not be able to raise interest rates too high.

Therefore, according to analysts, gold prices will be stuck at $2,000/ounce and will always fluctuate around that level for a long time.

Gold Price Forecast

Sean Lusk, co-director of Walsh Trading, predicts that gold will establish at $2,060 an ounce, then $2,100 an ounce, representing a 15% increase this year. He even predicts that gold will increase by 20%, to $2,190 an ounce by the end of 2023.

The turmoil in the banking sector is not over yet, warns Michael Boutros, senior technical strategist at Forex.com.

The key issue is whether the Fed clearly recognizes the risk of a financial crisis spreading when a series of banks around the world have gone bankrupt in recent times and has decided to stop raising interest rates. That is an opportunity for gold prices.

Gold price today, May 4: Gold price climbs Gold price today, May 4, on the international market continues to increase amid concerns about the ongoing banking crisis and the possible collapse of the US commercial real estate market.

Gasoline prices today, May 4: Domestic prices are likely to decrease along with world prices. Gasoline prices today (May 4) on the world market continue to plummet. Domestic gasoline prices in the adjustment period this afternoon are forecast to decrease sharply following world prices.

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