Domestic gold price today
Early this morning, gold and gemstone trading establishments adjusted the gold price slightly higher. Currently, the domestic precious metal price is listed specifically as follows:
SJC gold price in Hanoi and Da Nang is currently being bought at 66.6 million VND/tael and sold at 67.22 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.
DOJI brand gold price in Hanoi is listed at 66.55 million VND/tael for buying and 67.15 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought and sold at the same price as in Hanoi.
Phu Quy SJC gold price is listed at 66.65 million VND/tael for buying and 67.25 million VND/tael for selling. PNJ gold is listed at 66.6 million VND/tael for buying and 67.15 million VND/tael for selling. Bao Tin Bao Tin Minh Chau gold is listed at 66.66 million VND/tael for buying and 67.23 million VND/tael for selling.
Domestic gold price updated at 5:30 am on May 10 as follows:
Yellow | Area | Early morning 9-5 | Early morning 10-5 | Difference | ||||
Buy | Sell | Buy | Sell | Buy | Sell | |||
Unit of measure: Million VND/tael | Unit of measure: Thousand dong/tael | |||||||
DOJI | Hanoi | 66.45 | 67.05 | 66.55 | 67.15 | +100 | +100 | |
Ho Chi Minh City | 66.45 | 67.05 | 66.55 | 67.15 | +100 | +100 | ||
Phu Quy SJC | Hanoi | 66.5 | 67.1 | 66.65 | 67.25 | +150 | +150 | |
PNJ | Ho Chi Minh City | 66.55 | 67.1 | 66.6 | 67.15 | +50 | +50 | |
Hanoi | 66.55 | 67.1 | 66.6 | 67.15 | +50 | +50 | ||
SJC | Ho Chi Minh City | 66.5 | 66.1 | 66.6 | 67.2 | +100 | +100 | |
Hanoi | 66.5 | 67.12 | 66.6 | 67.22 | +100 | +100 | ||
Danang | 66.5 | 67.12 | 66.6 | 67.22 | +100 | +100 | ||
Bao Tin Minh Chau | Nationwide | 66.55 | 67.08 | 66.66 | 67.23 | +110 | +150 | |
World gold price today
World gold prices continued to increase early this morning with spot gold increasing by 12.8 USD to 2,034.3 USD/ounce. Gold futures last traded at 2,041.6 USD/ounce, up 12.6 USD compared to early the previous day.
Although gold is trading at a premium, according to strategists at BCA Research, the precious metal should be trading at $2,200 an ounce with the US dollar being overvalued by about 20%.
The macro outlook and investor demand support higher prices, according to Chester Ntonifor, chief FX strategist at BCA Research. Gold is up nearly 12% for the year, with spot prices last trading at $2,034.30 an ounce.
Based on its models, BCA Research predicts gold will rise to $2,200 an ounce in the next nine to 16 months.
The main driver of the precious metal is the weakening US dollar. Although IMF data shows that dollar transactions are increasing around the world, Ntonifor said that looking further into the future, the US dollar will decline due to fundamental factors.
Central bank gold buying has also been a strong support for gold. “If you model central banks buying gold at current levels and you look out five to 10 years, you see gold at $2,600 in that time frame,” Ntonifor pointed out.
Central banks started buying gold nearly 10 years ago and Mr Ntonifor does not see that trend reversing with China, India, Russia and Türkiye being major recent buyers.
Another major driver for gold this year has been inflation data versus inflation expectations. Mr. Ntonifor noted that there is a disconnect between what is actually happening with inflation and what the market is pricing in for how much inflation will occur. He added that inflation is still high and gold will have a breakout.
Movements in the broader commodities sector are also seen as a driver for gold. “If other industrial commodities are doing well, then commodity prices tend to move together. If commodity prices rise, that’s good for gold,” Ntonifor said.
The debt ceiling issue will also add to volatility, with the possibility of a default scenario, according to BCA Research. US Treasury Secretary Janet Yellen recently warned that the debt ceiling issue could cause a "constitutional crisis".
The big news this week is the April consumer price index report due out Wednesday morning. The CPI is forecast to rise 5% year-on-year, matching the March report. The April core CPI is forecast to rise 5.5%, up from the 5.6% increase in the March report.
With the domestic gold price increasing slightly and the world gold price listed at Kitco at 2,034.3 USD/ounce (equivalent to nearly 57.9 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently about 9.5 million VND/tael.
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