Gold price forecast on May 11, 2024, will SIC gold price increase or decrease?

Closing the trading session on May 10, 2024, the selling price of each tael of SJC gold bar was listed at over 92 million VND, the highest price in history and 19 million VND higher than the world gold price.

At the end of the trading session on May 10, 2024, Saigon Jewelry Company (SJC) listed the price of SJC gold at 90.1 - 92.4 million VND/tael for buying and selling.

DOJI brand also listed SJC gold price at 89.9 - 91.2 million VND/tael for buying and selling.

SJC gold at Bao Tin Minh Chau is also listed at buying and selling prices of 90 - 91.75 million VND/tael.

With the forecast of non-stop increase tomorrow, domestic gold price will continue to increase slightly. Illustrative photo

Over the past month, the domestic SJC gold price has increased to 6 million VND per tael. With the continuous increase, it is predicted that tomorrow, the domestic gold price will continue to increase slightly.

In the international market, the spot gold price is at 2,373 USD /ounce, a sharp increase of more than 60 USD . Converted to Vietnamese currency (excluding taxes and fees), the world gold price is equivalent to 73.24 million VND/tael, so the price of SJC gold bars is more expensive than the world price by about 19 million VND/tael.

According to Kitco, gold prices are witnessing new gains as many central banks expressed their willingness to lower interest rates, geopolitical tensions increased and China's export data recovered.

Spot gold traded higher on Thursday “after several major central banks decided to cut interest rates or signaled their willingness to cut more in the future,” said Joaquin Monfort, European session editor at FXStreet. Lower interest rates make gold a more attractive investment.

Jeff Clark, editor of TheGoldAdvisor.com, agrees that in addition to central banks' gold purchases supporting gold prices, interest rate cuts later this year could push the metal higher. Gold has reached several all-time highs thanks to strong central bank purchases. Jeff Clark believes that interest rate cuts by the US Federal Reserve (FED) could be a real boost for the precious metal. The $2,500/ounce mark is a level that prices can easily reach this year.

Domestic gold prices are still affected by the world market, so when world prices fluctuate, domestic gold prices also fluctuate.

Source: https://congthuong.vn/du-bao-gia-vang-ngay-1152024-gia-vang-sic-tang-hay-giam-319409.html