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Update early morning May 11, major brands such as SJC, DOJI, Bao Tin Manh Hai (BTMC), Phú Quý, and PNJ all quoted bullion prices at 164.5–167.5 million VND per tael, indicating that domestic gold prices remain in a high range. In the 9999 gold ring segment, selling prices at many firms hovered around 167.5 million VND per tael. DOJI, BTMC and Phú Quý are currently trading plain gold rings at 164.5 million VND for buy and 167.5 million VND for sell. Bao Tin Manh Hai also lists plain ring gold at 164.5–167.4 million VND per tael.
At the end of last week, the domestic gold market registered a strong rebound after several sessions of volatility. Gold bars and plain gold ring prices at most firms rose by about 1.5 million VND per tael from the start of May, bringing selling prices back to around 167.5 million VND per tael. The rebound coincided with world gold prices staying high, continuing to support domestic investors’ demand for gold.
World gold prices rose again in the final session of the week, marking a second consecutive weekly gain as expectations that tensions between the US and Iran would ease reduced concerns about inflation and the pressure of high interest rates. At the close, spot gold rose 0.7% to 4,719.68 USD/ounce, lifting the weekly gain to about 2.3%.
As of early this morning, prices had slipped to around 4,697 USD/ounce.
Analysts say gold is reacting more like a risk asset than a traditional safe haven. David Meger, Head of Metals Trading at High Ridge Futures, said that expectations for de-escalation in Middle East tensions pulled oil lower, increasing expectations that the Federal Reserve may cut rates in the near term. He also cited a weaker USD and softer energy prices as additional supports for gold among investors holding other currencies.
CME FedWatch data show the market currently prices about a 14% chance of a Fed rate hike this year, down from roughly 22% in the prior session. The US jobs report for April beat expectations, contributing to volatility in gold after the data release.
Kitco News’ latest weekly gold sentiment poll shows market sentiment is clearly tilted positive. Of 11 Wall Street professionals surveyed, 64% forecast higher gold next week, while 9% expect lower prices. Among individual traders, 69% anticipate higher gold.
Marc Chandler, CEO of Bannockburn Global Forex, said gold has held around 4,500 USD/ounce before rallying strongly on higher yields and a weaker USD. He added that central bank gold purchases from China during a recent adjustment supported the short-term upside toward around 4,850 USD/ounce.
Some analysts remain cautious. Darin Newsom of Barchart.com warned of a potential pullback as gold nears the 50-day moving average around 4,812 USD/ounce, a level the market has struggled to surpass since mid-March. He said the uptrend remains intact as long as gold stays above the early May low near 4,533 USD/ounce.
Sean Lusk of Walsh Trading said the gold market remains heavily dependent on US economic signals and Middle East tensions. He noted that if supply-chain and inflation risks reappear as in 2021–2022, the Fed may need to keep a tight policy longer, which could weigh on gold in the coming period.
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