Gold price today May 22, 2022: What is the forecast for the next week?

Gold price today May 22, 2022: What is the forecast for the next week?

Gold price on May 22nd increased by 350,000 dong during the week when the USD price fell from the highest peak.

In the morning of May 22, gold bars at Saigon Jewelry Company - SJC kept the buying price at 68.95 million VND/tael and selling at 69.85 million VND/tael. Compared to last week, each SJC gold bar increased by 350,000 VND. 

As for SJC 99.99 gold ring type 1-2, it was only bought at 54.3 million dong/tael and sold out at 55.2 million dong/tael, an increase of 100,000 dong compared to the end of last week.

Gold prices are expected to continue to rise. 

World gold price closed the week at 1,847.2 USD/ounce, up nearly 30 USD compared to last week. Equivalently, world gold is close to 52 million VND/tael (excluding taxes and fees). 

Gold prices rebounded for the week as the dollar cooled from a 20-year high. On the market, the world's largest gold ETF - SPDR - after a series of continuous net selling days, turned to be net buyers in the last two sessions of the week. 

In general, SPDR net bought 14.22 tons of gold during the week while the first 2 sessions of the week still net sold 6.68 tons of gold. Thus, the amount of gold owned by SPDR increased to 1,063.43 tons, an increase of 7.54 tons compared to the end of last week.

Therefore, the majority of opinions predict that the gold price will continue to increase. A Kitco News survey of 16 Wall Street analysts found that 12 people, or 75%, think the precious metal will increase next week. 

In contrast, only 1 person, accounting for 6% of gold price forecasts, and 3 people, equivalent to 19%, think that the precious metal will move sideways. Meanwhile, the Main Street online poll attracted 1,003 individual investors, but the majority of investors still expect the precious metal to continue to rise. 

Specifically, 558 people, accounting for 56%, think that gold price will increase next week; 243 people, or 24%, said the precious metal fell and the remaining 202 investors, or 20%, forecast gold to be flat.

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