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Gold prices recovered after falling to a three-month low last week, with domestic prices in Vietnam rising versus the previous weekend. Internationally, spot gold rebounded to close above the $4,700/ounce level as market sentiment shifted toward hopes of easing tensions, lower yields, and a weaker U.S. dollar.
On May 10, domestic gold prices were commonly quoted around 167.5 million VND per tael for the selling price.
At major retailers, bullion and plain gold were quoted in the following ranges:
Compared with the previous weekend, domestic gold prices increased by 1.5 million VND per tael on both the buy and sell sides.
During the week, world gold prices rose strongly after trading in a 4,500–4,600 USD/ounce range earlier. By week’s end, spot gold closed at 4,713 USD/ounce.
June gold futures are approaching the 50-day moving average at around 4,812.20 USD/ounce (as of Friday). This level has not been broken since March 17, with the last touch around April 17 followed by a decline of roughly $350 into early May.
Darin Newsom, senior market analyst at Barchart.com, said that if prices correct next week, the uptrend would remain intact as long as bullion holds above the May 4 low of 4,533.30 USD/ounce. He described this as a key technical level for defining the near-term trend.
Sean Lusk, co-head of risk management at Walsh Trading, cautioned that the latest employment data did not provide positive momentum for gold in the near term. He expected a rebound if clearer signals emerge about the economy and the Iran situation.
Lusk also warned that current market fundamentals resemble 2021–2022, when supply-chain issues and bottlenecks affected the economy. He said these risks should be monitored until more clarity appears on Middle East developments; otherwise, negative factors could return, pushing inflation higher and leading to monetary policy tightening rather than easing.
Kitco News’ weekly survey includes 11 experts: 7 (64%) expect higher gold next week, 1 (9%) expects a drop, and 3 (27%) see little change.
Among Main Street investors, 153 online votes showed 69% bullish, 18% bearish, and 13% expecting a narrow range.
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