At 2:00 p.m. on May 20, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND88.8 million/tael for buying and VND90.3 million/tael for selling, up VND1.1 million (buying) and VND500,000 (selling) respectively compared to the previous session. The difference between buying and selling prices was VND1.5 million/tael.
The listed SJC gold price for buying and selling is 88.8-90.8 million VND/tael, up 400,000 VND (buying) and 1.1 million VND (selling) respectively compared to the previous session. The difference between buying and selling is 2 million VND/tael.
Currently, the domestic gold bar price is about 15-16 million VND/tael higher than the world price.
The current price of SJC 9999 gold ring is 75.8 million VND/tael for buying and 77.5 million VND/tael for selling. The difference between buying and selling is 1.7 million VND/tael.
PNJ gold bought at 75.7 million VND/tael and sold at 77.5 million VND/tael, an increase of 200,000 VND compared to the previous session.
As of 2:00 p.m. on May 20 (Vietnam time), the world gold price increased sharply by 38.9 USD compared to the previous session to 2,414.4 USD/ounce, surpassing the record set last April.
Last week, the world gold price fluctuated strongly when the market continuously received important economic data along with the speech of the US Federal Reserve (FED). The gold price started the trading week at 2,361 USD/ounce and then increased to over 2,400 USD/ounce after the speech of FED Chairman Jerome Powell and economic data showed that the FED will keep interest rates unchanged and may soon loosen policy this year.
Colin Cieszynski, chief market strategist at SIA Wealth Management, is bullish on gold this week. “The U.S. dollar appears to be falling along with Treasury yields. Additionally, if the precious metal breaks above the $2,400 resistance level, it could technically open the door to a new high of $2,500.”
James Stanley, senior market strategist at Forex.com, also believes that gold will continue to rise in price in the coming period.
For his part, Adrian Day Asset Management Chairman Adrian Day made a more cautious prediction that after breaking above $2,400, the precious metal could see a small pullback. However, the expert believes that gold's resilience is impressive and that sooner or later the precious metal will rise again after a correction.
This week, 14 major Wall Street investors participated in the Kitco News Gold Survey, of which 11 experts (79%) said that gold prices will continue to move higher this week, only 2 analysts (14%) predicted prices will fall and only 1 expert (7%) was leaning towards a sideways view.
Meanwhile, 83 Main Street retail investors, or 58%, of the 144 participants in Kitco’s online poll expect gold to rise this week. Another 30, or 21%, predict lower prices, while 31 respondents, or 21%, expect prices to remain stable in the short term.
This morning, the USD-Index increased slightly to 104.48 points; the yield on 10-year US Treasury bonds was at 4.417%; US stocks increased to an all-time high; oil prices increased to 84.23 USD/barrel for Brent oil and 79.85 USD/barrel for WTI oil.
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