Gold price on May 21: SJC gold bars and gold rings turned down before the auction session

(Photo: Thanh Dat)

In the domestic market, this morning the State Bank will continue to organize a gold bar auction with a reference price for deposit calculation of VND 88.6 million/tael, down VND 290,000/tael compared to the session on May 16 (VND 88.89 million/tael).

At 10:00 a.m. on May 21, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND88.5 million/tael for buying and VND90.3 million/tael for selling, down VND500,000 (buying) and VND200,000 (selling) respectively compared to the previous session. The difference between buying and selling prices was VND1.8 million/tael.

The listed SJC gold price is 88.5-90.5 million VND/tael, down 500,000 VND 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 price of SJC 9999 gold rings decreased by 200,000 VND compared to the previous session, buying at 75.6 million VND/tael, selling at 77.3 million VND/tael. 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 10:00 a.m. on May 21 (Vietnam time), the world gold price increased slightly by 0.8 USD compared to the previous session to 2,415.2 USD/ounce.

Concerns about inflation and its impact on the future monetary policy of the US Federal Reserve (FED) have boosted gold prices.

RJO Futures senior market strategist Daniel Pavilonis said that in addition to persistent inflation, the US government debt burden is also a factor driving gold's recovery. The expert predicted that gold prices will rise to nearly $ 2,500 / ounce in the short term.

Gold is likely to continue to outperform stocks and other metals as investors are drawn to the appeal of holding the precious metal in a challenging political and economic environment, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

“Central banks are still buying gold at a rapid pace and this trend is likely to continue,” said Mike McGlone, director of the World Gold Council. “As of May 17, the precious metal was up about 17% in 2024, compared to a total return of about 12% for the S&P 500.”

This morning, the USD-Index increased slightly to 104.48 points; the yield on 10-year US Treasury bonds was at 4.449%; US stocks fluctuated, the Nasdaq index set a new peak, the S&P 500 index increased slightly thanks to the increase of technology stocks, while the Dow Jones industrial index decreased; oil prices adjusted down by 83.25 USD/barrel for Brent oil and 78.84 USD/barrel for WTI oil.

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