The precious metal posted its third weekly decline in more than five months last week as expectations for a rate cut this year faded after minutes of the latest meeting were released. On a weekly basis, global gold prices fell 3.3%.
World gold prices fell after two consecutive weeks of increase. (Illustration photo).
Gold bullion is traditionally seen by investors as a hedge against inflation. High interest rates make gold less attractive to investors.
In addition, the strong volatility of gold prices is partly due to the trend of gold hoarding in China. The purchasing power of retail investors in China may decrease in the second half of this year, as the government tries to revive the economy .
Meanwhile, gold imports by India, the world's second-largest gold consumer, could fall nearly 20% in 2024 due to high prices.
Gold price movements today
+ Domestic gold price
At 6:45 a.m. on May 26, Doji gold price was listed at VND 87.5 million/tael (buy) and VND 89.3 million/tael (sell).
Compared to the closing price of last week's trading session, gold price at DOJI decreased by VND 200,000/tael for buying and VND 500,000/tael for selling.
The listed price of SJC gold bars is at 87.5-89.5 million VND/tael (buy - sell). (Illustration photo).
Meanwhile, SJC gold price is listed at 87.5-89.5 million VND/tael (buy - sell).
Compared to the closing price of last week's trading session, SJC gold price decreased by VND 200,000/tael for buying and decreased by VND 900,000/tael for selling.
+ International gold price
The world gold price traded at a high above the 2,400 USD/ounce mark from the beginning of the week until Wednesday. On May 20, the spot gold price increased by 0.9% to 2,440.49 USD/ounce, breaking the all-time high record on April 12.
In the following sessions, gold prices began to fall, reaching a weekly low. Weekly, world gold prices fell 3.3%.
At the end of the trading week, the gold price on Kitco floor (at 4:00 p.m., May 25, Vietnam time) was at 2,333 USD/ounce, the gold futures price for June was trading at 2,335 USD/ounce.
Gold price forecast
The latest Kitco News weekly gold survey found that more than three-quarters of industry experts believe gold prices will remain flat or fall in the near term.
Gold futures for June delivery are likely to fall further next week, said Darin Newsom, senior market analyst at Barchart.
According to Alex Kuptsikevich, senior market analyst at FxPro, signs suggest that world gold prices may decline in the short term. However, investors can buy when prices are low.
Gold is regaining momentum as those who missed out on recent gains are starting to jump into the market after the precious metal's price has been repeatedly revised down, independent analyst Ross Norman said.
Daniel Ghali, an expert at investment bank TD Securities, said the rising USD and the dim prospect of US interest rate cuts prompted investors to take profits, but gold prices did not fall deeply.
Source: https://vtcnews.vn/gia-vang-hom-nay-26-5-vang-the-gioi-giam-hon-3-ar873355.html
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