Gold price decreased by 700,000 VND per tael

(Dan Tri) - Each tael of SJC gold bars and plain gold rings decreased by 700,000 VND in both buying and selling compared to the opening session. Compared to the beginning of the week, the price of gold bars has decreased by more than 2 million VND/tael.

At the end of the trading session on May 29, the price of SJC gold bars was listed by large enterprises at 115.5-118 million VND/tael (buy - sell), down 700,000 VND each way compared to the opening price. The difference between the two buying and selling directions remained at 2.5 million VND.

The price of plain gold rings is listed at 110.3-113.3 million VND/tael (buy - sell), down 1 million VND for buying and down 700,000 VND for selling. The difference between the buying and selling prices is 3 million VND. Thus, the selling price of gold bars is 4.7 million VND/tael more expensive than the selling price of gold rings.

Gold price reversed and increased to 118 million VND/tael (Photo: Manh Quan).

On the international market, gold is trading at around 3,316 USD/ounce, up 18 USD compared to before. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 104.7 million VND/tael.

World gold prices fluctuated continuously during the session on May 29, reacting to a series of US economic data and new information. By early this morning (Vietnam time), the price of the precious metal had increased again after a report showed that the US job market was clearly weakening.

The number of people filing for unemployment benefits for the first time in the week ending May 24 jumped to 240,000, much higher than analysts had expected, according to the US Department of Labor. This is seen as a sign of weakness in the labor market, which is considered a pillar of the US economy.

Independent metals trader Tai Wong said the unemployment data was a catalyst for gold's rally. "The sharp rise in jobless claims has fueled expectations that the Fed may have to act sooner, by cutting interest rates to support growth," he said.

Minutes from the Federal Reserve’s May policy meeting also showed caution within the agency, with Fed officials admitting they may have to make “difficult decisions” amid signs of uncertainty over both inflation and unemployment.

The market is now waiting for the US personal consumption expenditure data, which is expected to be released today (May 30 - US time). Investors will carefully analyze this data to find signals about the future monetary policy of the US.

Bank USD price skyrocketed

The USD-Index - a measure of the greenback's strength against a basket of major currencies, rose 0.42% to 99.53 points.

Domestically, at the end of the trading session on May 29, the State Bank announced the central exchange rate at 24,962 VND/USD, up 15 VND compared to the previously listed rate. With a 5% band, the USD exchange rate that commercial banks are allowed to trade is 23,715-26,209 VND/USD.

Major banks listed the USD exchange rate at 25,810-26,200 VND (buy - sell), up 60 VND each way. Joint stock banks listed the exchange rate at 25,790-26,210 VND (buy - sell).

In the "black market", the USD is traded at 26,260-26,360 VND (buy - sell), up 20 VND each way compared to before.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-giam-700000-dong-moi-luong-20250530060311736.htm