Gold price today May 16: Resistance in 'safe zone' to break out
Many experts say gold prices tend to increase.
Domestic gold price
At the end of the trading session on May 15, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.65 million VND/tael (buy) and 67.25 million VND/tael (sell). SJC Hanoi listed at 66.65 million VND/tael (buy) and 67.27 million VND/tael (sell).
Doji Hanoi listed at 66.6 million VND/tael (buy) and 67.2 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.6 million VND/tael and sold at 67.2 million VND/tael.
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Gold prices remain in the safe zone. (Photo: Kitco) |
International gold price
On the world market, the spot gold price on May 15 (Vietnam time) was trading at 2,015 USD/ounce. The futures gold price was trading at 2,016 USD/ounce.
World gold prices increased in the first session of the new week. Many forecasts say that gold prices are in a safe zone and tend to increase.
Ole Hansen, head of commodity strategy at Saxo Bank, said that gold prices could fall if investors increase their purchases of US dollars. However, the precious metal's price is still on a solid upward trend as long as it holds support above $1,950 an ounce.
Commenting on the factors affecting the gold market, Mr. Edward Moya, senior market analyst at OANDA, said that the USD will continue to increase in price, making gold less attractive. However, forecasts show that a recession in the second half of the year or early 2024 will help gold continue to be attractive as a safe haven.
Further tightening of monetary policy is needed if inflation remains high and the labor market remains weak, said Michelle Bowman, a member of the Federal Reserve Board of Governors. Additional monetary policy may be appropriate at a sufficiently restrictive level for some time to reduce inflation and create conditions to support sustainable labor market growth.
Gold Price Forecast
Kitco's gold survey found that retail investors see gold prices ending the week around $2,046 an ounce.
Some analysts note that the main driver of gold prices remains the Fed's loose monetary policy and the depreciation of the USD.
According to Adrian Day, Chairman of Adrian Day Asset Management, gold prices will move sideways in the near future. He said that it is only a matter of time before gold prices start to rise higher.