Gold price today May 16, 2025: World price drops sharply, SJC falls to 118 million/tael

At the end of the session on May 15, the price of SJC gold bars closed at 115.5-118.2 million VND/tael (buy - sell), down 2.5 million VND/tael for buying and 1.8 million VND/tael for selling compared to the previous trading session.

The price of 1-5 chi SJC gold rings and 9999 gold rings at Doji are listed at 110.5-113.5 million VND/tael (buy - sell), down 2 million VND/tael for buying and 1.5 million VND/tael for selling compared to the closing price of the previous session.

The price of gold on the Kitco floor at 8:00 p.m. on May 15 (Vietnam time) was trading at $3,192/ounce, up 0.5% from the beginning of the session. The price of gold futures for delivery in June 2025 on the Comex New York floor was trading at $3,199/ounce.

Selling pressure was contained by cooling risk sentiment in global markets. The US Department of Labor released labor market data in line with analysts' forecasts.

Specifically, the number of initial unemployment claims in the US in the week ending May 10 reached 229,000 (seasonally adjusted). The US Department of Labor said the announced figure matched forecasts, showing that the labor market remained stable, although there were not many clear signs of improvement.

The above information did not cause strong fluctuations in the gold market because investors had largely predicted this result.

David Morrison, an expert at Trade Nation, said the market is currently in a state of limbo. There is still much uncertainty surrounding the Trump administration's trade policies, which raises concerns about the global economic outlook.

Investors are keeping a close eye on trade talks between the United States and trading partners such as Japan, India and South Korea, and are concerned about the extent of the economic damage that has occurred since President Trump announced reciprocal tariffs early last month.

The US Dollar Index (DXY) - measuring the strength of the greenback against a basket of six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 100.69 points.

The USD Index maintained a sharp decline throughout the month, pressured by the tariff spiral.

World gold prices increased slightly. Photo: Kitco

In addition, the downward pressure on the USD increased as President Trump continuously criticized and put pressure on the Federal Reserve (Fed), with the intention of removing the Fed chairman.

Nymex crude oil prices fell sharply, trading around $61/barrel. The yield on the 10-year US Treasury bond was at 4.513%.

Gold Price Forecast

George Milling-Stanley, chief gold strategist at State Street Global Advisors, said that amid the US government's constantly changing trade and tariff policies, prolonged economic uncertainty will push inflation higher.

Gold prices came under significant pressure this week as global financial market sentiment improved, thanks to positive developments in trade talks between the US and China.

Positive investor sentiment has dampened demand for gold as a safe haven asset, with prices down 9% from last month’s historic peak of $3,500 an ounce.

Despite the selling pressure, Milling-Stanley remains bullish on gold's long-term prospects, especially as the US dollar shows no signs of benefiting from recent trade developments.

The USD Index has recovered above the 100-point mark but still recorded many fluctuations. The probability of rising inflation, slowing growth and a weaker USD are positive factors supporting gold prices.

Nitesh Shah, Director of European Macroeconomic and Commodity Research at WisdomTree, said that apart from global trade uncertainties, the next big risk to the world economy is US monetary policy and the Fed's independence.

According to Mr. Shah, in the context of the global economy continuing to face many challenges, the Fed maintaining its policy autonomy, unaffected by political factors, is key to maintaining financial stability and controlling inflation.

In his updated gold outlook report, Shah’s baseline model forecasts gold prices to average $3,610 an ounce in the first quarter of 2026. Under an optimistic scenario, he predicts gold could hit $4,000 an ounce as early as the first quarter of 2026.

Source vietnamnet

Source: https://baotayninh.vn/gia-vang-hom-nay-16-5-2025-the-gioi-giam-sau-sjc-roi-xuong-118-trieu-luong-a190105.html