On May 1, the world gold market closed the trading week and entered the International Labor Day 1-5 holiday at $ 1,769 / ounce, slightly lower than the end of the previous day.
Closed in April, the world gold price was almost unchanged when it only increased by about ten dollars per ounce compared to the previous month. During the month, there was a time when gold prices rose to nearly 1,790 USD / ounce but could not reach the resistance of 1,800 USD / ounce and turned back. The deepest decline in gold prices in the past month was only about 1,756 USD / ounce. The strongest fluctuation range of precious metals is around 30 USD / ounce.
Gold price is forecasted to increase sharply in May
However, analysts predict that gold prices will have a strong breakthrough in May, soon reaching 1,800 USD / ounce and possibly reaching 1,900 USD / ounce by the end of this year. More specific steps of the US Federal Reserve (Fed) help the US economy recover faster, rising inflation is a catalyst for the price of gold to rise.
However, the attractiveness of the stock market can inhibit the price of gold and the level of 1,800 USD / ounce will be the threshold that gold prices must overcome in the near future to go up.
Meanwhile, the domestic gold market continued the holidays 30-4 and 1-5 after closing the transaction at VND 55.15 million/ purchase, VND 55.65 million / sale, an increase of about VND 600,000 / quantity compared to the beginning of April.
In the morning of May 1, some companies listed SJC gold price bought 55.3 million dong / tael, sold 55.52 million dong / tael, down 130,000 dong / tael compared to the end of yesterday. Gold jewelry prices, 24K ring gold prices of all kinds were traded around VND 51.65 million / purchased volume, VND 51.95 million / sold, unchanged from yesterday.
In April, SJC gold price sometimes hit 56 million dong / tael (the selling side) before going back down, and another time going back to 55.2 million dong / tael.
The domestic gold market mainly fluctuates in price due to the influence from world prices, while the purchasing power in the market has no sudden change. The difference between buying and selling prices is regularly kept by businesses at less than 500,000 VND / tael, even at times some businesses have narrowed to about 300,000 VND / tael to stimulate demand in the market.
Currently, the world gold price converted at the listed exchange rate is about 49.4 million dong / tael, about 6.2 million dong / tael lower than SJC.
On the foreign exchange market, the central exchange rate closed before the holiday was at 23,158 VND / USD, down 84 VND / USD compared to the beginning of April. USD prices at commercial banks continued to be stable around 22,960 VND / USD. USD purchased, 23,140 VND / USD sold, decreased 30 VND per USD compared to the beginning of April.
Thai Phuong. Photo: Tan Thanh
Source: nld.com.vn – Translated by fintel.vn