Gold price forecast on May 11, 2024, will SIC gold price increase or decrease?

Closing the trading session on May 10, 2024, the selling price of each tael of SJC gold bar was listed at over 92 million VND, the highest price in history and 19 million VND higher than the world gold price.

At the close of trading on May 10, 2024, Saigon Jewelry Company (SJC) listed the price of SJC gold at 90.1 - 92.4 million VND/tael for buying and selling.

DOJI brand also listed SJC gold price at 89.9 - 91.2 million VND/tael for buying and selling.

SJC gold at Bao Tin Minh Chau is also listed at buying and selling prices of 90 - 91.75 million VND/tael.

With the forecast of non-stop increase tomorrow, domestic gold price will continue to increase slightly. Illustrative photo

In the past month, the domestic price of SJC gold has increased to 6 million VND per tael. With the continuous increase, it is predicted that tomorrow, the domestic gold price will continue to increase slightly.

In the international market, the spot gold price is at 2,373 USD /ounce, a sharp increase of more than 60 USD . Converted to Vietnamese currency (excluding taxes and fees), the world gold price is equivalent to 73.24 million VND/tael, so the price of SJC gold bars is more expensive than the world price by about 19 million VND/tael.

Gold prices are seeing renewed momentum as many central banks express their willingness to cut interest rates, geopolitical tensions rise, and Chinese export data recovers, according to Kitco.

Spot gold traded higher on Thursday “after several major central banks either cut interest rates or signaled their willingness to cut more in the future,” said Joaquin Monfort, European session editor at FXStreet. Lower interest rates make gold a more attractive investment.

Jeff Clark, editor of TheGoldAdvisor.com, said that in addition to central bank gold purchases that have supported gold prices, interest rate cuts later this year could push the metal higher. Gold has hit several all-time highs thanks to strong central bank purchases. Jeff Clark said that interest rate cuts by the US Federal Reserve (FED) could be a real boost for the precious metal. The $2,500/ounce mark is a level that prices can easily reach this year.

Domestic gold prices are still affected by the world market, so when world prices fluctuate, domestic gold prices also fluctuate.

Source: https://congthuong.vn/du-bao-gia-vang-ngay-1152024-gia-vang-sic-tang-hay-giam-319409.html