Domestic increase slightly, opposite to the world
Early on May 1 (Vietnam time), world gold price on Kitco recorded a level of 1,896 – 1,897 USD/ounce (buying price – selling price), down 5 USD compared to the previous session. At the current exchange rate, world gold is equivalent to 52.8 million VND/tael, excluding taxes and fees.
The world gold is going backwards, but the domestic market is still anchored above 70 million VND/tael.
In the 24 hours before closing, gold’s lowest price was recorded at 1,894 USD and highest recorded at 1,921 USD. Statistical data shows that, in the last 30 days, the world gold price decreased by 1.87%, equivalent to a loss of 36.2 USD per ounce.
According to analysts, the world gold price is limited by concerns about the negative outlook on the background economy globally is increasing. While, USD price increasingly attractive thanks to the prospect of increasing US interest rates.
Recent information shows that the US Federal Reserve (Fed) will increasingly tighten monetary policy to control inflation.
Domestic gold price
Domestically, the price of SJC gold is listed by Saigon Jewelry Company Limited at 69.65 million VND/tael (buying in) and 70.35 million VND/tael (sold out).
Doji Group listed the price of gold at 69.55 million dong/tael (buying in) and 70.2 million dong/tael (sold out).
Eximbank bought SJC at 69.75 million dong/tael and sold at 70.25 million dong/tael.
Gold price forecast
Although the gold price is weakening, experts are quite optimistic about the precious metal’s price movement. Marc Desormeaux, senior economist at Scotiabank, in a report just released said, gold could face a little difficulty next week ahead of the Fed’s monetary policy decision.
However, gold will soon return to bullish momentum. Currently, the precious metal is still supported by such factors as tensions in Ukraine, China’s economic slowdown, hot inflation and high inflation. world stock market fluctuations.
According to Commerzbank, gold may rise back to $2,000/ounce in the second quarter. However, the average price of the whole year will be only 1,900 USD/ounce. That means Commerzbank believes that, at times, gold will go very low.
Similarly, many analysts believe the next upside objective is to produce a close above solid resistance at this week’s high of $1,960.
at Blogtuan.info – Source: vtc.vn – Read the original article here
