Gold price today (May 16): Plunging - Lang Son Newspaper and Radio and Television Station

Gold price today (May 16): Contrary to the developments in the world gold market, domestic gold prices fell sharply, with the highest decrease reaching nearly 3 million VND.

Gold price Domestic gold prices “plummeted”. At the end of May 15, gold brands were buying at 115.5 million VND/tael and selling at 118.2 million VND/tael. Phu Quy SJC gold was buying at 1 million VND lower than other brands.

Similarly, the price of gold rings of various brands was also adjusted down sharply in both buying and selling directions. Specifically, the price of SJC 9999 gold rings decreased by 2 million VND in buying direction and 1.5 million VND in selling direction, down to 110.5 million VND/tael and 113.5 million VND/tael, respectively.

Domestic gold prices drop sharply. Photo: hanoimoi.vn

DOJI in Hanoi and Ho Chi Minh City markets listed the price of gold rings at 110.5 million VND/tael for buying and 113.5 million VND/tael for selling, down 2 million VND for buying and 1.5 million VND for selling.

The price of Bao Tin Minh Chau brand gold rings is listed at 113.5 million VND/tael for buying and 116.5 million VND/tael for selling, down 2 million VND in both directions.

Phu Quy SJC is buying gold rings at 111 million VND/tael and selling at 114 million VND/tael, down 2.5 million VND for both buying and selling prices compared to early this morning.

The listed price of PNJ brand gold rings is 110.5 million VND/tael for buying and 113.5 million VND/tael for selling, down 2.5 million VND and 2 million VND respectively compared to early this morning.

Domestic gold bar prices updated at 5:30 a.m. on May 15 as follows:

Yellow	Area	Early morning 14-5				Early morning 15-5			Difference
		Buy	Sell			Buy	Sell		Buy	Sell
		Unit of measure: Million VND/tael							Unit of measure: Thousand dong/tael
DOJI	Hanoi	118		120		115.5		117.2	-2500	-1800
	Ho Chi Minh City	118		120		115.5		117.2	-2500	-1800
SJC	Ho Chi Minh City	118		120		115.5		117.2	-2500	-1800
	Hanoi	118		120		115.5		117.2	-2500	-1800
	Danang	118		120		115.5		117.2	-2500	-1800
PNJ	Ho Chi Minh City	118		120		115.5		117.2	-2500	-1800
	Hanoi	118		120	115.5			117.2	-2500	-1800
Bao Tin Minh Chau	Nationwide	118		120	115.5			117.2	-2500	-1800
Phu Quy SJC	Nationwide	117		120	116.5			117.2	-2500	-1800

World gold price today

World gold prices reversed sharply, with spot gold prices rising by $63.2 to $3,241.5 an ounce. Gold futures last traded at $3,226.6 an ounce, up $38.3 from early this morning.

A weaker dollar and weak economic data supported gold on Thursday, sending the metal up 1%. The US Dollar Index fell 0.1%, making greenback-denominated gold cheaper for holders of foreign currencies. Meanwhile, data released on the day showed US producer prices unexpectedly fell in April, while retail sales growth slowed. A report released earlier in the week showed consumer prices rose less than expected in April.

Following the report, markets are pricing in the US Federal Reserve to cut interest rates for the first time this year in September. Lower interest rates are seen as an attractive environment for the non-interest-bearing precious metal.

The data released on Wednesday gave the Fed more ammunition to cut interest rates, which has increased dovish expectations in the market, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

World gold prices rise again. Photo: Getty Images

Analysts say investors remain cautious for now as global trade tensions persist, despite the US and China agreeing to a 90-day temporary tariff truce.

In a recent note, City Index and FOREX.com market analyst Fawad Razaqzada stressed that gold prices are likely to fall to $3,000/ounce in the near term and the biggest risk for gold is improved investor sentiment as uncertainty surrounding global trade begins to ease.

However, he added that this correction could present a buying opportunity, as gold's long-term uptrend remains intact.

With the domestic gold bar price falling sharply and the world gold price listed at Kitco at 3,241.5 USD/ounce (equivalent to about 102 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is about 15.2 million VND/tael.

Source: https://baolangson.vn/gia-vang-hom-nay-16-5-lao-doc-5047253.html