On the morning of May 1, Mi Hong Jewelry Company reduced the price of SJC gold bars by VND2 million/tael compared to yesterday morning, bringing the buying price down to VND117 million and the selling price to VND119 million. The price of 3-number-9 gold rings at this company also decreased by VND2.8 million, down to VND111.2 million for buying and VND1.5 million for selling, down to VND114.5 million.
The world gold price dropped sharply, down to 3,246 USD/ounce. In total, after one day, the precious metal decreased by 80 USD. Converted according to Vietcombank exchange rate, the world gold price is equivalent to 102.45 million VND/tael (excluding taxes and fees).
Gold price on the morning of May 1st dropped sharply to below 120 million VND
Precious metals plunged after data showed the US economy unexpectedly contracted in the first quarter of this year. According to the latest report from the US Department of Commerce released on April 30, the gross domestic product (GDP) decreased by 0.3% in the first quarter of 2025. This figure has been adjusted for seasonal factors and inflation. According to CNBC, this result surprised experts as previously, the Dow Jones survey showed that economic experts had predicted a growth of 0.4%, especially after GDP increased by 2.4% in the fourth quarter of 2024.
The main reason for the slowdown was a surge in imports. In the first quarter of this year, US imports increased by 41.3%, with goods imports increasing by nearly 50.9%. Imports took more than 5 percentage points off GDP growth. Meanwhile, exports increased by a modest 1.8%.
The wave of imports comes as both businesses and consumers have been actively importing goods from abroad to avoid new tariffs imposed by the Trump administration in early April.
Meanwhile, the US personal consumption expenditures (PCE) price index was unchanged in March after rising 0.4% in February. The quarterly PCE excluding volatile food and energy prices jumped 3.5%, up sharply from the 2.65% increase in the fourth quarter of 2024.../.
According to Thanh Nien
Source: https://thanhnien.vn/gia-vang-hom-nay-152025-lao-doc-xuong-duoi-120-trieu-dong-18525050107523021.htm
Source: https://baolongan.vn/gia-vang-hom-nay-01-5-lao-doc-xuong-duoi-120-trieu-dong-a194458.html
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