MARKET NEWS FOR MAY 20

◆ Global gold hits its lowest since late March, precious metals all plummeting: Spot gold drops $64.7 (-1.42%) to $4,500.7 per ounce; June futures down 1.8% to $4,476.80 per ounce. Silver down 5.7%, platinum down 2.8%. Wall Street predicts the decline could continue this week.
◆ Strong USD and rising bond yields exert double pressure on gold: 30-year Treasury yields near 2023 highs, capital flowing out of gold into yield-bearing assets. XAU/USD is testing Fibonacci 0.382 at $4,540, below both the 20-day and 100-day SMA; daily RSI around 40, weak but not oversold.
◆ FOMC minutes and hawkish Fed expectations dominate market sentiment: The April meeting minutes released today, May 20, show 4 dissenting votes, the most since October 1992. April CPI at 3.8% YoY; nearly 40% chance of rate hike in December. Hawkish signals pushed gold back to $4,480; dovish scenarios suggest recovery to $4,674–$4,807.
◆ Hormuz deadlock, oil above $100 — safe-haven demand insufficient to support gold: Trump extends 2–3 days for Iran, preparing military options; Treasury Secretary calls for tightening sanctions on Tehran. Brent crude over $110, WTI near $104 — energy inflation reinforces Fed’s hawkish stance, offsetting positive geopolitical effects on gold.
◆ ETFs and central banks support medium-term, but last week ETF reversed: Global central banks net bought 244 tons in Q1/2026 (+3%); PBOC continued buying in April. Global ETF inflow of $6.6 billion in April, Asia net inflow for 8th consecutive month, China contributed $9.2 billion since the start of the year. Last week, outflow reversed as oil surpassed $100. India increased gold import tax to 15% from May 13.
◆ SJC gold prices slightly down, gap with global prices stable around 20 million VND per tael; major institutions maintain optimistic forecasts: SJC, PNJ, DOJI quoted at 161.0–163.5 million VND per tael, down 300,000 VND; the gap with global prices converted to 20.3–20.4 million VND per tael. Goldman Sachs target $5,400, UBS $5,600, JPMorgan $6,300 by end of 2026.