Gold price today (May 10): Strong increase

Domestic gold price today

Domestic gold bar prices have reversed and increased sharply. Currently, gold brands are buying at 119.5 million VND/tael and selling at 121.5 million VND/tael. Phu Quy SJC gold is buying and selling at 1.2 million VND lower than other brands.

Meanwhile, most brands of gold rings maintained the price of yesterday morning. Specifically, the price of SJC 9999 gold rings was fixed at 114 million VND/tael for buying and 116.5 million VND/tael for selling.

Domestic gold prices increase sharply. Photo: vietnamnet.vn

DOJI in Hanoi and Ho Chi Minh City markets maintained buying and selling prices at 114 million VND/tael and 116.5 million VND/tael, respectively.

Bao Tin Minh Chau brand gold rings are anchored at 116.5 million VND/tael for buying and 119.5 million VND/tael for selling.

Phu Quy SJC is buying gold rings at 114.5 million VND/tael and selling at 117.5 million VND/tael, unchanged from early this morning.

PNJ brand gold ring price is listed at 114 million VND/tael for buying and 116.6 million VND/tael for selling.

Domestic gold bar prices updated at 5:30 a.m. 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	118.5	120.5	119.5	121.5	+1000	+1000
Ho Chi Minh City	118.5	120.5	119.5	121.5	+1000	+1000
SJC	Ho Chi Minh City	118.5	120.5	119.5	121.5	+1000	+1000
Hanoi	118.5	120.5	119.5	121.5	+1000	+1000
Danang	118.5	120.5	119.5	121.5	+1000	+1000
PNJ	Ho Chi Minh City	118.5	120.5	119.5	121.5	+1000	+1000
Hanoi	118.5	120.5	119.5	121.5	+1000	+1000
Bao Tin Minh Chau	Nationwide	118.3	120.5	119.5	121.5	+1200	+1000
Phu Quy SJC	Nationwide	117.5	120.5	117.7	120.7	+200	+200

World gold price today

World gold prices reversed to increase, with spot gold prices increasing by 19.2 USD to 3,325.3 USD/ounce. Gold futures last traded at 3,344 USD/ounce, up 38 USD compared to early yesterday morning.

A weaker US dollar supported gold in the final trading session of the week. The US Dollar Index fell 0.3%, making bullion cheaper for holders of other currencies.

Gold has gained more than 27% since the beginning of the year, driven largely by safe-haven demand amid geopolitical and economic uncertainty.

On the social network Truth, US President Donald Trump said that he could reduce tariffs on Chinese goods from 145% to 80% ahead of trade negotiations between the two countries taking place in Switzerland. "Tariffs of 80% on Chinese goods seem appropriate. The rest is up to Scott Bessent to decide," Trump wrote.

Treasury Secretary Scott Bessent will attend talks with China in Switzerland later this week. According to CNBC, the 80% rate would be a sharp cut from the 145% rate that Trump has applied to many goods imported into the US from China.

World gold prices reversed to increase. Photo: Getty Images

Tariff-related uncertainty remains the most important driver of gold prices, said David Meger, director of metals trading at High Ridge Futures. "We're not as bullish on gold as we have been in months. We could be entering a consolidation or pullback for a period of time," Meger said.

In the physical gold market, Indian bullion dealers cut prices this week amid weak demand as a weaker rupee pushed domestic prices to near-record highs. Meanwhile, buying in China picked up after the holiday.

In another development, US Federal Reserve Governor Michael Barr said that President Trump's trade policies could increase inflation, reduce growth and increase unemployment by the end of this year. This will make it difficult for policymakers to solve the problem.

With the domestic gold bar price increasing sharply and the world gold price listed at Kitco at 3,325.3 USD/ounce (equivalent to about 104.8 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 16.7 million VND/tael.

TRAN HO HOAI

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