Gold purchases from China after the holidays as well as concerns about American customs tariffs also contributed to the rise in gold prices during this session.
More specifically, the Spot de l’Or price recorded an increase of 2.4%, reaching its peak since April 22 at 3,413.29 USD/OCE at 0:56 on May 7 (Vietnam time).
In addition, US gold term contracts also increased by 3% at the end of the session, to 3,422.8 USD/OCE.
Investors are closely monitoring the political decision of the May 7 (local time). President Jerome Powell’s remarks should indicate the track by the central bank to reduce its rates.
Gold prices often react strongly to variations in American interest rates. Because when interest rates drop, the US dollar depreciates itself, which makes gold more attractive because it does not bring in interest.
In addition, the Chinese market, the world’s leading world consumer, also reopened after the labor holidays from May 1 to 5, helping to strengthen the upward dynamics of gold prices.
-Adrian Ash, director of research on the Bullionvault online precious metal trading platform, said the market was supported by new gold purchases from China, as well as by central banks’ purchase trends.
There are more and more speculators in China, while Western investors still have little gold, said Daniel Ghali, a raw material strategist at TD Securities, an investment brokerage company. These two factors could push the price of precious metal to $ 4,000 per year this year.
In other precious metal markets, cash prices increased by 1.9 % to $ 33.1 $ $ 33.1, while platinum prices also increased by approximately 2.4 % to $ 982.52 ONCE.
In Vietnam, at the end of the May 6 session, the company Saigon Jewelry Company SJC next to the price of gold ingots at 120.8 – 122.8 million VND/Tael (purchase – sale).
Cao Thong
Source : https://doanhnghiepvn.vn/kinh-te/gia-vang-tang-hon-2-khi-nha-dau-tu-cho-doi-quyet-dinh-tu-fed/20250507083146235
