Opening the new trading session on May 12, SJC gold bar prices were listed by large enterprises at 119-121 million VND/tael (buy - sell), down 1 million VND each way compared to the end of last week. The difference between the two buying and selling directions remained at 2 million VND/tael.
The price of plain gold rings is listed at 113.5-116 million VND/tael (buy - sell), also down 1 million VND in both buying and selling.
On the world market, the price of gold early this morning (May 12, Vietnam time) dropped sharply to 3,280 USD/ounce, down 60 USD compared to before. Converted according to the exchange rate, excluding taxes and fees, the world gold price is equivalent to about 103.4 million VND/tael, 18.7 million VND/tael lower than the domestic gold price.
SJC gold bars continued to increase in price last week (Photo: Manh Quan).
The gold market is highly divided on the direction of gold prices, according to Kitco News’ weekly survey. Of the 15 Wall Street experts surveyed, the percentage of forecasts for prices to rise, fall, and sideways are equal, with 33% each predicting a trend.
The mixed forecasts reflect analysts’ cautious sentiment after recent volatility. However, contrary to experts’ views, most individual investors remain optimistic.
The online survey of 267 investors showed that 54% (144 people) expect gold prices to rise this week, while 29% (77 people) think prices will fall, and 17% (46 people) predict the market will move sideways.
Gold still has room to rise despite a key resistance level at $3,500 an ounce, said James Stanley, market strategist at Forex. Bulls have held key support levels such as $3,200 and $3,300 in recent weeks, he said.
On the other hand, senior analyst Alex Kuptsikevich from FxPro believes that gold prices are likely to go down. He noted that recent developments have not been very favorable for the precious metal, especially after a brief bounce above the $3,500 threshold on April 22 - a factor that triggered a wave of selling.
"The trend reversed last week, rising sharply and then falling rapidly, similar to the pattern that occurred in April last year. This suggests that seasonal factors may be repeating," Kuptsikevich said.
This week, the gold market awaits a series of important US economic data, including April's consumer price index (CPI), producer price index (PPI), retail sales and unemployment claims. US Federal Reserve Chairman Jerome Powell is scheduled to speak on May 15, which could reveal the next direction of interest rate policy.
Central rate increased
At the end of last week's trading session (May 10), the central exchange rate announced by the State Bank was 24,951 VND/USD, an increase of 24 VND compared to yesterday. Thus, with a trading band of 5% compared to the central exchange rate, the ceiling rate applied is 26,199 VND/USD and the floor rate is 23,703 VND/USD.
Major banks listed USD prices at 25,750-26,140 VND (buy - sell), up 20 VND in both buying and selling. Joint stock banks listed USD prices at 25,780-26,170 VND (buy - sell).
On the "black market", the USD is traded at 26,375-26,475 VND (buy - sell), down 35 VND each way.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-giam-1-trieu-dong-moi-luong-20250512070220054.htm
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