Gold price today (May 20): Strong increase

Domestic gold price today

Domestic gold bar prices increased sharply. At the end of May 19, gold brands were buying at 116.8 million VND/tael and selling at 119.3 million VND/tael. Phu Quy SJC gold was buying at 500,000 VND lower than other brands.

Similarly, gold rings of various brands have also been adjusted to increase both buying and selling prices. Specifically, the listed price of SJC 9999 gold rings is 111.5 million VND/tael for buying and 114.5 million VND/tael for selling, an increase of 500,000 VND in both directions.

Domestic gold prices increase sharply. Photo: vietnamnet.vn

DOJI in Hanoi and Ho Chi Minh City markets adjusted both buying and selling prices up by 500,000 VND, to 111.5 million VND/tael for buying and 114.5 million VND/tael for selling, respectively.

The price of Bao Tin Minh Chau brand gold rings is listed at 114.2 million VND/tael for buying and 117.2 million VND/tael for selling, an increase of 200,000 VND in both directions.

Phu Quy SJC is buying gold rings at 111.8 million VND/tael and selling at 114.8 million VND/tael, unchanged from early this morning.

PNJ brand gold ring price is listed at 111.5 million VND/tael for buying and 114.5 million VND/tael for selling, an increase of 500,000 VND in both directions.

Domestic gold bar prices updated at 5:30 a.m. on May 20 as follows:

Yellow	Area	Early morning 19-5	Early morning 20-5	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	115.5	117.5	116.8	119.3	+1300	+800
Ho Chi Minh City	115.5	117.5	116.8	119.3	+1300	+800
SJC	Ho Chi Minh City	115.5	117.5	116.8	119.3	+1300	+800
Hanoi	115.5	117.5	116.8	119.3	+1300	+800
Danang	115.5	117.5	116.8	119.3	+1300	+800
PNJ	Ho Chi Minh City	115.5	117.5	116.8	119.3	+1300	+800
Hanoi	115.5	117.5	116.8	119.3	+1300	+800
Bao Tin Minh Chau	Nationwide	115.5	117.5	116.8	119.3	+1300	+800
Phu Quy SJC	Nationwide	115	117.5	116.3	119.3	+1300	+800

World gold price today

World gold prices increased, with spot gold prices increasing by 26.1 USD to 3,229.8 USD/ounce. Gold futures last traded at 3,230 USD/ounce, up 40.8 USD compared to early this morning.

The weakening of the US dollar has increased the appeal of gold, pushing the price of this precious metal higher. In addition, demand for safe havens increased after Moody's downgraded the US sovereign credit rating, due to concerns about the country's growing debt, which now reaches $36,000 billion.

Gold’s appeal as a safe haven has been boosted by concerns over US debt, said Nikos Tzabouras, senior market analyst at Tradu.com. “Increased risk aversion and a weaker US dollar have helped gold recover from its worst week of the year, opening the door to a new record high,” Tzabouras said.

Accordingly, Moody's has downgraded the US national credit rating from "Aaa" to "Aa1", becoming the last major credit rating company to downgrade the country, citing concerns about growing debt.

Overall, gold remains a safe haven investment over the next few months, said Bob Haberkorn, senior market strategist at RJO Futures. He added that the precious metal remains an asset to hold.

World gold prices increase. Photo: Getty Images

The US Dollar Index hit its lowest level since May 8, while major Wall Street indexes fell. A weaker dollar makes gold cheaper for holders of other currencies.

In a television interview on Sunday, US Treasury Secretary Scott Bessent said that US President Donald Trump will impose tariffs on trading partners that do not negotiate in “good faith”.

Used as a safe store of value during times of political and financial uncertainty, gold prices rose to an all-time high of $3,500.05 an ounce on April 22 and have gained 23.1% this year.

In a recent note, Goldman Sachs maintained its gold price forecast at $3,700/ounce by the end of this year and $4,000/ounce by mid-2026, despite the US Federal Reserve (Fed) delaying interest rate cuts and lower risks of a US recession.

With the domestic gold bar price increasing sharply and the world gold price listed at Kitco at 3,229.8 USD/ounce (equivalent to about 101.7 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 17.6 million VND/tael.

TRAN HO HOAI

* Please visit the Economics section to see related news and articles .