Gold price today May 29: Gold price increases

Early on May 29, world gold price on Kitco recorded a level of 1,854 – 1,855 USD/ounce (buying price – selling price), up 5 USD compared to the previous session. At the current exchange rate, world gold is equivalent to 52.2 million VND/tael, excluding taxes and fees.

In the 24 hours before closing, gold’s lowest price was recorded at $1,850, and the highest was recorded at $1,863. Statistical data show that, in the last 30 days, the world gold price decreased by 1.6%, equivalent to a loss of 31 USD per ounce.

According to analysts, gold prices are being supported by market expectations for the US Federal Reserve’s (Fed) monetary policy next year to somewhat cool down.

Besides, the USD price continuously weakening, good support for gold price. Yields on 10-year US government bonds also cooled. Currently, the precious metal is supported below $1,830 an ounce and heading towards a high of $1,885 an ounce.

Domestically, at the end of the week, gold price at Saigon Jewelry Company listed SJC gold price at 68.55 – 69.57 million VND/tael (buy in – sell out).

Doji Group listed the gold price at 68.5 – 69.45 million VND/tael (buy in – sell out).

Forecasting gold prices next week, experts say, gold tends to become less attractive to investors when the US increases interest rates. However, this precious metal is considered a safe-haven asset during economic crises.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank (Switzerland), said that this support is short-lived, as bond yield trends remain positive in the medium term thanks to the interest rate outlook. increase in the US.

In a recent interview with Kitco News, Merk Investments President and Chief Investment Officer Axel Merk said that the prospect economy The US could become more confused as the Fed faces an uphill battle against inflation.

Although gold prices have dipped below $2,000 an ounce and have struggled to attract fresh upside momentum, Mr. Merk said the precious metal remains an important investment channel. Gold continues to act as a safe-haven against inflation and continues to outperform the stock market.