World gold prices reversed course and fell this afternoon - Screenshot
Gold prices rose in the morning and fell in the afternoon.
From $4,660 per ounce yesterday afternoon, world gold prices reversed course and surged to $4,770 per ounce, equivalent to an increase of $110 per ounce, or approximately 3.5 million VND per tael.
However, in the early afternoon of May 12th, the price of gold in the world market reversed course and fell to $4,704 per ounce.
Based on the exchange rate listed at the bank, the world gold price is equivalent to 149.6 million VND per tael.
Domestically, this morning the selling price of gold bars at SJC Company increased by up to 1.8 million VND per tael, reaching 164 million VND/tael for buying and 167 million VND/tael for selling. Some banks even increased the selling price of SJC gold bars by up to 2.3 million VND per tael, reaching 167.5 million VND/tael.
However, due to the drop in world gold prices, gold retailers simultaneously changed their price lists this afternoon. At SJC Company, the selling price of gold bars is now 165.5 million VND/ounce, and the buying price is 162.5 million VND/ounce, a decrease of 1.5 million VND/ounce compared to this morning.
Domestic gold prices also fell this afternoon, following the decline in world gold prices - Photo: NP
The selling price of 9999 gold rings is 165.3 million VND/ounce, while the buying price is 162.3 million VND/ounce.
At Mi Hong gold shop, the selling price of gold bars is 164.5 million VND/ounce, and the buying price is 162.5 million VND/ounce.
Compared to the converted world gold price, the domestic gold price is currently 15.9 million VND/ounce higher.
The price of silver also fell in line with the price of gold. From $87 per ounce, the world price of silver dropped to only $84.67 per ounce this afternoon. Converted using the exchange rate listed at banks, the price of silver is equivalent to 2.69 million VND per tael (approximately 37.5 grams).
Ancarat Company listed the selling price of silver at 3.221 million VND/ounce and the buying price at 3.124 million VND/ounce.
This morning, SBJ Company listed the selling price of silver at 3.27 million VND/ounce, but by this afternoon it had fallen to 3.252 million VND/ounce, while the buying price was 3.156 million VND/ounce.
Phu Quy Company listed the selling price of silver at 3.231 million VND/ounce and the buying price at 3.15 million VND/ounce.
Is it a good time to buy gold?
Domestic silver prices also fell this afternoon - Photo: HH
Global gold prices have been fluctuating wildly, rising and falling with a range of up to $100 per ounce in recent days, as investors assess the US-Iran negotiations and await key US inflation reports.
After three weeks of net selling, the massive gold fund SPDR Gold Trust made net purchases in the first trading session of the week.
Expert Tran Duy Phuong believes that the sharp surge in world gold prices is a positive sign, indicating a return of the trend of holding gold and creating a foundation for gold prices to break through the $4,800/ounce mark.
Currently, global gold prices are being supported by easing geopolitical tensions, the US announcing an end to the war with Iran, and the ongoing negotiations. The gold market still expects the new Federal Reserve chairman to continue its policy of a single interest rate cut in the third quarter.
Major central banks around the world are actively increasing their gold purchases to diversify their reserves.
At a recent online press conference, Shaokai Fan, Regional Director for Asia-Pacific (excluding China) and Global Central Bank Director at the World Gold Council (WGC), stated that in the first quarter of this year, central banks worldwide made net purchases of 244 tons of gold, higher than the five-year average. This indicates that gold remains a strategic reserve asset amidst ongoing international economic and financial uncertainties.
In addition, the recovering stock market and weakening US dollar create a very favorable environment for gold prices.
Regarding physical gold, Mr. Tran Duy Phuong believes that since the price difference between SJC gold bars and 9999 gold rings has significantly narrowed compared to world gold prices, buying at this time can be considered, but priority should be given to buying 9999 gold rings.
Readers are invited to follow the price movements of gold and silver HERE.
Source: https://tuoitre.vn/gia-vang-bac-bien-dong-manh-20260512134728129.htm
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