Why does gold price increase sharply during holidays?

The price of gold on the morning of May 2 increased to 370,000 VND per tael, while the purchasing price only increased by 70,000 VND compared to yesterday.

Holiday, gold price increased sharply

Opening at 8:30 a.m., DOJI Gold and Gemstone Group traded SJC gold bars at VND33.70-34.10 million per tael. Compared to yesterday's opening price, each tael of gold increased by VND370,000 for selling and VND70,000 for buying.

The asymmetric adjustment between the two directions caused the buying and selling margin to widen to 310,000 VND, quite high compared to the level of several tens of thousands of VND of previous days.

At Phu Nhuan Jewelry Company (PNJ), each tael of gold listed on the website is maintaining the old price of April 29, fluctuating around 33.69-33.90 million VND.

According tonewsNewly updated, gold price today (May 2) on the world market continued to increase as the USD price decreased and the US Federal Reserve (FED) was still hesitant with the decision to raise interest rates.

According to the survey results of Kitco News, the majority of market experts and investors predict that gold prices will continue to increase this week. Specifically, in the online survey of Kitco News with investors, up to 73% of opinions predict that gold prices will increase next week, 16% predict that prices will go down and 11% predict that prices will go sideways.

According to Colin Ciesznski, senior analyst at CMC Markets, the basis for the gold price to increase is that the dollar is still in a weak state in the currency basket. Meanwhile, Darin Newsom, senior analyst at Telvent DTN, commented that the target for the gold price next week is the mark of 1,330 USD / ounce. However, he still advised investors to consider carefully when the gold price reaches this level because it may only be a short-term increase.

According to VTC News