Domestic gold prices today are unchanged due to the April 30-May 1 holiday.

Buy (VND/tael) Increase/decrease Sell ​​(VND/tael) Increase/decrease
SJC HCMC 119,300,000 0 121,300,000 0
Doji Hanoi 119,300,000 0 121,300,000 0
Doji HCMC 119,300,000 0 121,300,000 0

                      SJC and Doji gold bar price list updated on the morning of May 2

Buy (VND/tael) Increase/decrease Sell ​​(VND/tael) Increase/decrease
SJC 114,000,000 0 116,500,000 0
Doji 114,000,000 0 116,500,000 0

                              SJC and Doji gold ring price list updated on the morning of May 2

At 7:42 p.m. today (Vietnam time), the world gold price continued to increase sharply with an increase of more than 47 USD, pushing the spot gold price to over 3,267 USD/ounce.

Although gold prices have fallen nearly $300 from a historic peak of $3,500 an ounce set a week ago, analysts say the precious metal remains supported by volatile U.S. tariff policies and the prospect of lengthy and difficult trade negotiations.

“Price risks remain, with physical markets showing signs of slowing and central bank buying still positive but slowing. If the tariff risks are removed and recession fears fade, gold’s safe-haven appeal could wane,” warned Suki Cooper, an expert at Standard Chartered Bank.

Despite growing economic headwinds, the US labor market has shown enduring strength as the economy created more jobs than expected last month.

The latest jobs data is helping to keep gold prices steady, as the precious metal tries to regain momentum after Thursday's sharp drop to $3,200 an ounce.

At 9:10 a.m. today (May 2, Vietnam time), the world spot gold price was at 3,241 USD/ounce, up 20 USD/ounce compared to last night. The gold futures price for June 2025 on the Comex New York floor was at 3,250 USD/ounce.

On the morning of May 2 , the world gold price converted to USD bank price was over 103.3 million VND/tael, including tax and fees, about 17.8 million VND/tael lower than the domestic gold price.

The price of gold on the Kitco floor at 8:30 p.m. (May 1, Vietnam time) was trading at $3,221/ounce, down 1.99% from the beginning of the session. The price of gold futures for June 2025 delivery on the Comex New York floor was trading at $3,239/ounce.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 99.88 points.

Gold prices fell in early US trading due to profit-taking and liquidation by short-term futures traders. Many markets were closed for the Labor Day holiday.

According to the US Department of Commerce, the gross domestic product (GDP) in January-March 2025 decreased at an annual rate of 0.3%. This is the first quarter since the first quarter of 2022 that the US GDP recorded negative growth.

gold (50).jpg
World gold price drops. Photo: Chi Hieu

Wall Street economists have cut their expectations for negative growth, citing a surprise surge in imports as businesses scramble to get goods in before President Donald Trump announces reciprocal tariffs in early April.

Additionally, the Trump administration is hinting that new trade deals with other countries are on the horizon. Chinese media reported that the United States has reached out to China to discuss trade.

The latest economic data showed that US inflation slowed in March. The personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation measure, rose 2.3% in the 12 months through March, the smallest increase since last fall. Excluding food and energy, the core PCE index rose 2.6%.

President Donald Trump on April 30 revealed the first countries that are likely to reach a trade agreement with the United States, including leading partners and allies India, South Korea and Japan. However, China denied that it was negotiating with the United States.

President Trump’s 90-day deadline to reach trade deals with countries is one-third of the way through, with more than 100 countries reaching out to the US to reach agreements, according to the US leader.

Domestic gold prices have stopped trading due to the April 30-May 1 holiday. At the end of the trading session on April 29, the price of 9999 gold bars at SJC and Doji was listed at 119.3-121.3 million VND/tael (buy - sell).

The price of gold rings is also high. By the end of the afternoon of April 29, SJC announced the price of gold rings of type 1-5 at only 114-116.5 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 114-116.5 million VND/tael (buy - sell).

Gold Price Forecast

Selling momentum in the market is showing signs of easing, but gold prices are unlikely to fall, said Daniel Ghali, commodity strategist at TD Securities.

Western investors, especially retail traders or macro funds, have held very little gold during the recent rally. There has been little selling of gold in the market, leading to an increase in gold prices.

Gold's inflation-hedging properties make it special, according to Michael Ryan, an economist at the University of Waikato. Tariffs are expected to increase inflation in the United States. Gold is seen as an inflation hedge.

Emerging market central banks have been buying gold and are likely to remain strong buyers as they continue to diversify away from dollar reserves, said Eli Lee, investment strategist at Bank of Singapore.

In its latest commodity outlook report, World Bank experts forecast the average gold price this year will reach around $3,250/ounce, up 36% from last year's average.

Source: https://vietnamnet.vn/gia-vang-hom-nay-2-5-2025-dao-chieu-giam-da-ban-cham-lai-2397043.html