Gold price today (May 2): Continues to decline sharply

Domestic gold price today

The price of gold bars of most domestic brands is stable. Currently, gold brands are buying at 119.3 million VND/tael and selling at 121.3 million VND/tael.

Phu Quy SJC gold is buying 1 million VND lower than other brands. Bao Tin Minh Chau gold is buying and selling 1.3 million VND and 300,000 VND lower than other brands, respectively.

Domestic gold prices are stable. Photo: thanhnien.vn

Similarly, the buying and selling prices of gold rings of various brands are also maintained at the same level as yesterday morning. Specifically, the price of SJC 9999 gold rings is fixed at 114 million VND/tael for buying and 116.5 million VND/tael for selling.

DOJI in Hanoi and Ho Chi Minh City markets listed the price of gold rings at 114 million VND/tael for buying and 116.5 million VND/tael for selling.

Bao Tin Minh Chau listed the price of plain round gold rings at 116.3 million VND/tael for buying and 119.6 million VND/tael for selling.

PNJ brand gold ring price is listed at 114 million VND/tael for buying and 117 million VND/tael for selling.

Phu Quy SJC is buying gold rings at 114.3 million VND/tael and selling at 117.3 million VND/tael.

Domestic gold bar prices updated at 5:30 a.m. on May 2 as follows:

Yellow	Area	Early morning 1-5	Early morning 2-5	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	119.3	121.3	119.3	121.3	-	-
Ho Chi Minh City	119.3	121.3	119.3	121.3	-	-
SJC	Ho Chi Minh City	119.3	121.3	119.3	121.3	-	-
Hanoi	119.3	121.3	119.3	121.3	-	-
Danang	119.3	121.3	119.3	121.3	-	-
PNJ	Ho Chi Minh City	119.3	121.3	119.3	121.3	-	-
Hanoi	119.3	121.3	119.3	121.3	-	-
Bao Tin Minh Chau	Nationwide	119.3	121.3	118	121	-1300	-300
Phu Quy SJC	Nationwide	118.3	121.3	118.3	121.3	-	-

World gold price today

World gold prices continued to decline, with spot gold falling $48.7 to $3,240.3 an ounce. Gold futures last traded at $3,222.2 an ounce, down $97.6 from early this morning.

Gold prices fell to a two-week low on Thursday as markets gauged easing trade tensions, while demand was also weighed down by a holiday in top consumer China.

According to Bob Haberkorn, senior market strategist at RJO Futures, there was profit-taking in safe-haven assets amid signs of a possible trade deal coming.

US President Donald Trump said the US has a “good chance” of reaching trade deals with India, South Korea and Japan, as he uses tariffs to negotiate trade deals with countries. He added that there is a “very good chance” of reaching a deal with China.

In addition, Reuters reported that a social media account linked to Chinese state media said the US had approached China to seek negotiations over Trump's 145% tariffs, potentially signaling Beijing's openness to negotiations.

Currently, Chinese markets are closed for the Labor Day holiday from May 1 to 5. “Gold is being sucked into the liquidity gap caused by the Chinese holiday,” TD Securities said in a note.

World gold prices drop sharply. Photo: Getty Images

Data released on Wednesday showed that the US economy grew at a slower pace in the first quarter and the US personal consumption expenditures price index was unchanged in March. The market is now waiting for the US payrolls report due on Friday to assess the economic outlook.

Federal Reserve policymakers said interest rates would remain unchanged until there were clear signs that inflation was falling back to the 2% target or that the job market was likely to deteriorate.

While improved market sentiment has caused gold to correct in the short term, Saxo Bank head of commodity strategy Ole Hansen said the structural drivers supporting gold's strength remain intact.

With the domestic gold bar price stable and the world gold price listed at Kitco at 3,240.3 USD/ounce (equivalent to about 102.3 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 19 million VND/tael.

TRAN HO HOAI

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