Gold price today (May 11): Continue to increase

Domestic gold price today

Domestic gold bar prices continue to increase. Currently, gold brands are buying at 120 million VND/tael and selling at 122 million VND/tael. Phu Quy SJC gold is buying at 1 million VND lower than other brands.

Similarly, most brands of gold rings also adjusted up both buying and selling prices. Specifically, the price of SJC 9999 gold rings increased by VND500,000 in both directions, up to VND114.5 million/tael for buying and VND117 million/tael for selling, respectively.

Domestic gold prices increase. Photo: dantri.com.vn

DOJI in Hanoi and Ho Chi Minh City markets listed the price of gold rings at 114.5 million VND/tael for buying and 117 million VND/tael for selling, an increase of 500,000 VND in both directions compared to early yesterday morning.

Bao Tin Minh Chau brand gold rings are listed at 117 million VND/tael for buying and 120 million VND/tael for selling, an increase of 500,000 VND in both directions.

Phu Quy SJC is buying gold rings at 115 million VND/tael and selling at 118 million VND/tael, an increase of 500,000 VND for both buying and selling compared to early this morning.

Meanwhile, the price of PNJ brand gold rings is anchored 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. on May 11 as follows:

Yellow	Area	Early morning 10-5	Early morning 11-5	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	119.5	121.5	120	122	+500	+500
Ho Chi Minh City	119.5	121.5	120	122	+500	+500
SJC	Ho Chi Minh City	119.5	121.5	120	122	+500	+500
Hanoi	119.5	121.5	120	122	+500	+500
Danang	119.5	121.5	120	122	+500	+500
PNJ	Ho Chi Minh City	119.5	121.5	120	122	+500	+500
Hanoi	119.5	121.5	120	122	+500	+500
Bao Tin Minh Chau	Nationwide	119.5	121.5	120	122	+500	+500
Phu Quy SJC	Nationwide	117.7	120.7	119	122	+1300	+1300

World gold price today

The world gold market continued to make adjustments this week. However, as predicted by experts, the adjustment last week was relatively short and shallow.

Although still well below the all-time high above $3,500 an ounce reached last month, gold prices recouped all of last week's losses and ended the week above $3,300 an ounce, ending the week up 3%.

What caught his attention, according to Kitco News analyst Neils Christensen, was the volatility in the gold market. This week, gold prices moved in a 6% range from low to high. Last week, prices moved in a nearly 5% range and the week before that, they moved in a nearly 10% range.

Over the past 25 years, the average daily price movement has been between 1% and 2%. This year, however, the average daily price movement is 2.3%. Higher volatility makes gold trading more difficult, but the long-term potential of the precious metal remains intact as geopolitical uncertainty, global debt levels and rising inflation risks continue to dominate investor sentiment.

Gold markets could see more volatility next week as the U.S. and China negotiate, according to many analysts. But markets still have two key questions: How much damage has been done to the global economy? And how long will it take to recover?

World gold price anchored above 3,300 USD/ounce. Photo: Getty Images

Until the market has clear answers to these two questions, gold will remain an important safe-haven asset, according to Christensen. According to research from FTSE Russell, the traditional 60/40 portfolio is no longer appropriate and investors should consider allocating 20% of their assets to gold.

Many argue that gold is no longer just a defensive store of value but a strategic, dynamic tool for navigating the complexities of the multi-asset space.

New data continues to show that investors are paying more attention to gold as demand continues to rise. Interestingly, even after two years of dominating the market, Asian investor demand remains strong. According to the World Gold Council, Asian investors bought 69.6 tonnes ($7.31 billion) in gold-backed exchange-traded funds last month. Meanwhile, North American-listed exchange-traded funds saw inflows of 44.2 tonnes ($1.83 billion).

With such demand, it's no surprise that more and more banks are predicting gold will hit $4,000 an ounce. Bank of America is by far the most bullish, predicting that the precious metal could hit that price target by the end of the year.

With the domestic gold bar price increasing 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 17.2 million VND/tael.

TRAN HO HOAI

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