Gold price today 07/05: Domestic price increases despite world price decline

The price of SJC gold bars increased by 500,000 VND per tael, Saigon Jewelry Company - SJC bought at 120.7 million VND, sold at 122.7 million VND; Doji Group also increased the buying price to 120.7 million VND, sold at 122.7 million VND; Phu Quy Company bought at 119.7 million VND, sold at 122.7 million VND... Meanwhile, the price of gold rings remained the same, SJC Company bought at 115.5 million VND, sold at 118.1 million VND; Phu Quy Company bought at 115.5 million VND, sold at 118.5 million VND... The price of gold rings is about 4 million VND/tael lower than SJC gold bars.

The price of gold rings is about 4 million VND/tael lower than SJC gold bars.

World gold prices, after rising sharply in the US trading session on May 6 to $3,432/ounce, reversed and fell sharply to $3,365/ounce on the morning of May 7. The precious metal evaporated $67/ounce overnight, erasing all the gains of the previous day. Trade tensions between the US and China cooled down after the news that US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet their Chinese counterparts in Switzerland this week to discuss economic disputes. Investors seem to be hoping for a step forward in resolving the months-long trade war between the world's two largest economies.

The gold market is currently waiting for official information from the US monetary policy meeting. It is predicted that the US Federal Reserve (Fed) will not raise interest rates this time.

Central banks around the world have been accumulating gold at record levels as they diversify their balance sheets away from traditional currencies, including the US dollar. Global central banks bought more than 1,000 tonnes of gold for the third consecutive year in 2024 and are expected to remain active buyers through 2025, according to the World Gold Council.

China's central bank increased its gold reserves for the fourth consecutive month since February. Reuters reported that China's gold reserves rose to 73.61 million ounces of pure gold at the end of February from 73.45 million at the end of January. The reserves were valued at $208.64 billion at the end of February, up from $206.53 billion in January./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-vang-hom-nay-752025-trong-nuoc-tang-bat-chap-the-gioi-di-xuong-185250507084458767.htm

Source: https://baolongan.vn/gia-vang-hom-nay-07-5-trong-nuoc-tang-bat-chap-the-gioi-di-xuong-a194786.html