Gold price suddenly reversed and dropped by a million dong per tael

(Dan Tri) - The price of gold bars and plain gold rings both decreased this afternoon (May 26). The buying price decreased by 2 million VND/tael, the selling price decreased by 1 million VND.

Price turns down

As of the beginning of the trading session on the afternoon of May 26, the price of SJC gold bars was listed by large enterprises at 117-120 million VND/tael (buy - sell), down 2 million VND in the buying direction and down 1 million VND in the selling direction compared to the closing session at the end of last week.

The price of plain gold rings is listed at 112-115 million VND/tael (buy - sell), down 1.5 million VND in buying and down 1 million VND in selling.

Previously, at the end of the trading week from May 19 to May 24, the price of SJC gold bars was listed by large enterprises at 119-121 million VND/tael (buy - sell), with a difference of 2 million VND/tael between the two directions. Compared to the beginning of the week, the buying price increased by 3.5 million VND, while the selling price increased by 2.5 million VND.

Meanwhile, plain gold rings were traded at 113.5-116 million VND/tael, up 2 million VND in both buying and selling compared to the beginning of last week. However, the selling price of this item was still 5 million VND/tael lower than gold bars, the price gap remained high.

In the recent Government Standing Committee meeting on gold market management, Prime Minister Pham Minh Chinh requested leaders of relevant units to study the establishment of a gold trading floor in the direction that people are free to trade and buy and sell; separating state management from gold production and trading activities. Thereby, promoting the production and processing of gold jewelry to create more jobs.

The Prime Minister also requested the State Bank to strengthen state management and quickly reduce the difference between domestic and world gold prices to only about 1-2%, not over 10% as recently.

On the international market, the price of gold this morning (Vietnam time) was trading around 3,347 USD/ounce, down 15 USD compared to before. Converted at the exchange rate excluding taxes and fees, the price of gold is equivalent to 105.4 million VND/tael.

SJC gold bar price regained the 121 million VND/tael mark in the selling direction (Photo: Son Tung).

Kitco's weekly gold price forecast survey also reflected positive sentiment, with 81% of experts polled predicting gold prices will continue to rise, and 63% of retail investors participating in the online survey betting on an upward trend.

Gold prices have entered a consolidation phase and are preparing for a new rally, said Rich Checkan, chairman and CEO of Asset Strategies International. The main driver is safe-haven demand, especially after Moody's downgraded the US sovereign credit rating due to concerns about the huge public debt, which has now reached $36 trillion.

Meanwhile, Colin Cieszynski, senior market strategist at SIA Wealth Management, said that escalating trade tensions will continue to support gold prices. "With US President Donald Trump tightening tariffs again, I am optimistic about gold's prospects in the coming weeks," he said.

This week is shortened due to the Memorial Day holiday on May 26. However, the trading week is still packed with important information such as US goods orders, consumer confidence index, Reserve Bank of New Zealand monetary policy decision, FOMC meeting minutes and personal consumption expenditure (PCE) index.

USD prices fell across the board

The U.S. dollar index, which measures the greenback against a basket of major currencies, fell 0.07 percent to 99.05. The index has fallen nearly 2 percent this week, making gold more attractive to investors holding other currencies.

Domestically, at the end of the trading session on May 22, the State Bank announced the central USD exchange rate at 24,955 VND/USD, down 5 VND compared to the previously listed rate. With a 5% band, the USD exchange rate that commercial banks are allowed to trade is 23,707-26,203 VND/USD.

Major banks listed the USD exchange rate at 25,740-26,130 VND (buy - sell), down 10 VND each way. Joint stock banks listed the exchange rate at 25,770-26,200 VND (buy - sell).

In the "black market", the USD is traded at 26,240-26,340 VND (buy - sell), down 80 VND each way compared to before.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-bat-ngo-dao-chieu-giam-ca-trieu-dong-moi-luong-20250526070207026.htm