Gold price today May 13, 2024 on the world market is forecast to continue to increase. Domestic gold prices still remain at a high level of around 90 million VND/tael in the context of lack of supply.
Domestic gold price
Closing last week’s session on May 11, the price of 9999 gold bars at SJC was 88.8 million VND/tael (buy) and 91.3 million VND/tael (sell).
Doji Hanoi was listed at 88.8 million VND/tael (buy) and 90.3 million VND/tael (sell). Ho Chi Minh City Doji bought SJC gold at 88.8 million VND/tael, sold it at 90.3 million VND/tael.
Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 75.43-76.93 million VND/tael (buy – sell).
International gold price
The world gold price on Kitco closed the trading week at 2,359 USD/ounce. Gold futures price in June traded at 2,366 USD/ounce. Over the past week, world gold prices increased by 2.5%.
Geopolitical tensions cool down, the gold market is concerned about the US Federal Reserve’s (Fed) interest rate adjustment roadmap in the context of published data showing that the world’s No. 1 economy is weak. The results of Kitco News’s latest weekly gold survey show that experts express optimism about gold prices.
Gold is forecast to continue to increase. Photo: Kitco
James Stanley, senior market strategist at Forex, said the technical chart shows a positive outlook for gold in the short term. Speculators have placed a lot of orders, pulling gold’s upward trend in recent times and the ability to maintain this outlook in the near future.
Everett Millman, director of market analysis at Gainesville Coins, said that the gold market is looking at geopolitics and interest rates. He said that the Fed will have the ability to adjust interest rates. Other central banks around the world have reduced interest rates, the US cannot be left out of this trend.
Besides, central banks continuously buy in large quantities, helping gold prices increase sharply. This is why the market recovered well after the recent sell-offs.
This week, investors are interested in some notable economic data: US retail sales report, weekly unemployment claims, US construction permits and housing starts, Philadelphia Fed manufacturing survey.
Gold price forecast
According to Adrian Day, Chairman of Adrian Day Asset Management, gold prices may decrease after a sharp increase to 2,400 USD/ounce. He predicted that gold prices this week are likely to move sideways.
Meanwhile, Mark Leibovit, publisher of VR Metals/Resource Letter, noted gold prices could rise to $2,700 an ounce this year.