After three consecutive days of decline, prices yesterday increased by $6.5 to $1,234 an ounce, amid a decline in the USD and major stock markets.

Converted to Vietnamese currency, the world price is currently equivalent to 33.23 million VND per tael (excluding taxes, fees, processing...). The domestic gold bar buying and selling price yesterday was 33.05-33.3 million VND.

Illustration

Gold for June delivery rose 0.7% to $1,234.60 an ounce yesterday. "The price fell slightly yesterday due to the strength of European stocks. However, this did not last long because the industrial production data in the US was weaker than expected," Miguel Perez-Santalla, vice president of Heraeus Metal Management, told Reuters.

Still, it was the first weekly decline in three weeks for the precious metal, losing 0.6%. Gold hit a three-week high on Tuesday but has since retreated as global stocks rallied on upbeat economic data from China and oil prices surged.

Gold prices have stabilized after posting their strongest first-quarter gains in nearly 30 years, helped by expectations that the Federal Reserve will slow its pace of interest rate hikes this year. However, Chicago Fed President Charles Evans said the agency will stick to its plan to raise interest rates at least twice by the end of the year. A Reuters survey also showed that this is likely to happen from June.

Higher interest rates increase the opportunity cost of holding non-interest-bearing instruments, such as gold, while pushing up the dollar.

Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell to a one-month low on Thursday.

According to VnExpress