Gold bar purchase price decreased by 4.5 million VND/tael after one week

At the end of the trading week from May 12 to May 17, the price of SJC gold bars was listed by large enterprises at 115.5-118.5 million VND/tael (buy - sell), down 4.5 million VND in buying price and 3.5 million VND in selling price compared to the beginning of the week. The difference between buying and selling price is 3 million VND/tael.

Previously, the opening price of the week was at 120-122 million VND/tael and continuously adjusted downwards. Although there was a short recovery period to 120.8 million VND/tael, the price quickly slid to the current low level.

Last week's ring gold price was listed at 111-114 million VND/tael (buy - sell), down slightly by 1.5 million VND in buying and 1 million VND in selling. The difference between buying and selling is 3 million VND/tael.

The price of SJC gold bars and gold rings decreased simultaneously (Photo: Manh Quan).

At the end of last week, the world spot gold price fell nearly 38 USD, down to 3,201 USD/ounce. The price at one point dropped to 3,155 USD/ounce, then recovered after news that Moody's had downgraded the US credit rating due to the fiscal deficit and increased interest payments.

Overall for the week, world gold prices still lost nearly 4%, mainly due to the cooling of US-China trade tensions.

At the opening of the trading session early this morning (Vietnam time), the price of precious metals was trading around 3,231 USD/ounce, up 45 USD compared to the previous one. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 101.7 million VND/tael. The domestic price is 16-17 million VND/tael more expensive than the world price, depending on the time.

Kitco’s weekly gold price survey shows that pessimism among experts and retail investors is overwhelming. Of the 16 Wall Street analysts, only 2 (12%) expect prices to rise, 10 (63%) predict a fall and 4 (25%) predict a sideways trend.

A survey of 294 individual investors showed similar results, with 42% expecting gold to continue to fall, 34% predicting an increase and 24% thinking prices would remain flat.

Adrian Day, chairman of Adrian Day Asset Management, said the gold slump is not over yet. "Gold prices could continue to fall for a few more weeks as the US adjusts tariffs. Then there will be a real buying opportunity," he said.

In contrast, Darin Newsom, senior analyst at trading house Barchart.com, offered a more optimistic technical view: "The market is still fundamentally bullish as there is more information about central banks continuing to buy gold. However, the media stories sometimes do not reflect reality."

There won't be much major US economic data this week other than jobless claims, preliminary PMI and home sales.

However, investors will listen to statements from a series of US Federal Reserve (Fed) officials, including Chairman Jerome Powell, to determine the next direction of monetary policy - a key factor for current gold prices.

Free USD price drops sharply

At the end of last week's trading session, the State Bank announced the central USD exchange rate at 24,960 VND/USD, down 10 VND compared to the previously listed rate and the second consecutive decrease. With a 5% band, the USD exchange rate that commercial banks are allowed to trade is 23,711-26,209 VND/USD.

Major banks listed the USD exchange rate at 25,720-26,110 VND (buy - sell), up 10 VND in the buying direction. Joint stock banks listed the exchange rate at 25,710-26,130 VND (buy - sell).

In the "black market", the USD is traded at 26,330-26,430 VND (buy - sell), down 120 VND in both directions compared to before.

Source: https://dantri.com.vn/kinh-doanh/gia-thu-mua-vang-mieng-giam-45-trieu-dongluong-sau-mot-tuan-20250519070658198.htm