Gold price today (May 24): Strong reversal

Domestic gold price today

Domestic gold bar prices are stable. At the end of May 23, gold brands were buying at 118.5 million VND/tael and selling at 120.5 million VND/tael. Phu Quy SJC gold was buying at 1 million VND lower than other brands.

Similarly, most brands of gold rings also maintained the buying and selling prices of yesterday morning. Specifically, the price of SJC 9999 gold rings was fixed at 112.5 million VND/tael for buying and 115.5 million VND/tael for selling.

Domestic gold bar prices are stable. Photo: tuoitre.vn

DOJI in Hanoi and Ho Chi Minh City markets adjusted the buying price down by VND500,000 to VND112.5 million/tael but maintained the selling price of yesterday morning at VND115.5 million/tael.

The price of Bao Tin Minh Chau brand gold rings is listed at 114.5 million VND/tael for buying and 117.5 million VND/tael for selling, down 300,000 VND in both directions.

Phu Quy SJC is buying gold rings at 112.5 million VND/tael and selling at 115.5 million VND/tael.

PNJ brand gold ring price is listed at 112.5 million VND/tael for buying and 115.5 million VND/tael for selling, down 500,000 VND for buying.

Domestic gold bar prices updated at 5:30 a.m. on May 24 as follows:

Yellow	Area	Early morning 23-5	Early morning 24-5	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	118.5	121	118.5	120.5	-	-
Ho Chi Minh City	118.5	121	118.5	120.5	-	-
SJC	Ho Chi Minh City	118.5	121	118.5	120.5	-	-
Hanoi	118.5	121	118.5	120.5	-	-
Danang	118.5	121	118.5	120.5	-	-
PNJ	Ho Chi Minh City	118.5	121	118.5	120.5	-	-
Hanoi	118.5	121	118.5	120.5	-	-
Bao Tin Minh Chau	Nationwide	118.5	121	118.5	120.5	-	-
Phu Quy SJC	Nationwide	117.8	121	117.5	120.5	-300	-300

World gold price today

World gold prices turned sharply higher, with spot gold prices increasing by 59.5 USD to 3,358.9 USD/ounce. Gold futures last traded at 3,365.8 USD/ounce, up 70 USD compared to early this morning.

Gold prices rose more than 2% on Friday, posting their best week in six, boosted by a weaker U.S. dollar. The dollar fell 0.9% and posted its biggest weekly decline since April 7, making the greenback-priced bullion cheaper for holders of other currencies.

The rise in demand for safe havens as President Donald Trump continues to threaten tariffs has also fueled the precious metal’s rally. Independent metals trader Tai Wong said global equity markets immediately took a hit after Trump threatened to impose a 50% tariff on goods from the EU, starting June 1. Trump also said Apple would pay a 25% tariff on iPhones sold in the US but not manufactured domestically.

Experts say the current environment is increasing the appeal of gold as a safe haven asset. If gold breaks above $3,500 an ounce, prices could rise to $3,800 an ounce, said Daniel Pavilonis, senior market strategist at RJO Futures.

According to UBS analyst Giovanni Staunovo, the recent US President Donald Trump tax bill has raised concerns that it will negatively affect the financial situation and this is supporting gold.

World gold prices turn to increase sharply Photo: Getty Images

The US House of Representatives on Thursday passed a massive tax and spending bill that reflects many of Mr Trump’s economic policies but could add trillions of dollars to the US debt.

Last week, Moody's downgraded the US sovereign credit rating by one notch, citing concerns about the country's growing debt of $36 trillion.

With the domestic gold bar price stable and the world gold price listed at Kitco at 3,358.9 USD/ounce (equivalent to about 105.8 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 14.7 million VND/tael.

TRAN HO HOAI

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