Gold price plummets by 2 million VND per tael.

Domestic gold prices fell sharply, following the decline in global gold prices.

Specifically, at 2:30 PM on May 12th, the price of gold bars listed by Doji and SJC was at 118 - 120 million VND/ounce, a decrease of 2 million VND/ounce compared to the beginning of this morning.

At the same time, the price of gold rings listed by Doji was at 112.5 - 115 million VND/ounce, a decrease of 2 million VND/ounce.

Domestic gold prices are falling sharply, following the decline in global gold prices. Accordingly, at 2:50 PM, the world gold price listed on Kitco was at $3,217 per ounce, down $53 per ounce compared to earlier this morning.

Gold prices continued to fall after US President Donald Trump announced the bilateral trade agreement he had just reached with the UK.

Besides developments surrounding trade negotiations, the Federal Reserve's (Fed) interest rate stance also impacts the direction of gold. Accordingly, at its latest policy meeting, the Fed reaffirmed that it would not rush to lower interest rates because the US economy remains relatively stable.

Although central banks are still expected to cut interest rates this summer, some analysts say the upward momentum in gold prices has shifted to a "wait-and-see" mode.

Regarding domestic gold price movements, financial expert Phan Dung Khanh stated that the gold market is still in a period of strong volatility and is affected by many global economic and political factors.

However, if investors intend to "speculate," they are not guaranteed to make a profit and face considerable risks. Moreover, storing gold is not an investment channel, but rather "dead money" and only a safe haven.

According to economist Nguyen Tri Hieu, in the short term, gold prices may reverse and fall as investors sell gold to lock in profits. However, in the long term, gold prices will continue to rise in 2025.

However, gold prices will also experience periods of decline. Dr. Le Dang Doanh, former Director of the Central Institute for Economic Management Research, believes that the possibility of gold prices falling to 110 million VND/ounce in the near future is plausible, while falling to 100 million VND/ounce is less likely.

VN (according to VTC News)

Source: https://baohaiduong.vn/gia-vang-boc-hoi-2-trieu-dong-mot-luong-411389.html