MARKET NEWS FOR MAY 24

◆ Gold prices decline for the second week, SJC falls below 162 million VND per tael: Global gold closes at $4,508.5 per ounce, down $33.6 compared to the previous session. Domestic SJC gold quotes at 158.5–161.5 million VND per tael, down 2 million VND from the end of last week; the difference with international prices is around 17.5 million VND per tael.
◆ Warsh takes office as Fed Chair – Waller warns of potential rate hikes: Kevin Warsh officially took office on May 22. Governor Waller signals a hawkish stance, affirming the Fed is ready to raise interest rates if inflation gets out of control. According to CME FedWatch, 97.4% of the market expects to keep rates steady at 3.50–3.75% in June.
◆ US consumer confidence hits rock bottom, inflation expectations surge: The Michigan Index drops for the third consecutive month to a historic low. One-year inflation expectations reach 4.8%, five-year expectations rise to 3.9% from 3.5% in April – putting pressure on monetary policy direction and gold prices.
◆ US–Iran agreement nearing completion – Hormuz will reopen: Trump announced on May 23 that a basic agreement has been reached after phone calls with Middle Eastern and Israeli leaders, awaiting official confirmation. The Strait of Hormuz will be reopened, reducing the risk of global oil supply disruptions.
◆ SPDR net sold 66 tons since February – Global gold ETFs down $1.8 billion in May: SPDR Gold Trust continued to sell 2.5 tons during the week, with total outflows since the end of February exceeding 66 tons. The entire gold ETF market recorded net outflows of $1.8 billion in May, with global holdings remaining at 3,541 tons.