Gold prices today, May 29th: Reversed course and surged sharply.

(NLĐO) – Gold prices unexpectedly surged today globally as US economic growth data was less positive, the US dollar weakened, and tensions with Iran continued...

Gold prices are heating up today.

At approximately 6:00 AM on May 29th (Vietnam time), the price of gold on the international market fluctuated around $4,449 per ounce, an increase of $131 compared to the lowest point of $4,365 per ounce during last night's trading session.

However, compared to the price at the same time yesterday ($4,459), the price of gold today has decreased by $37/ounce.

Gold prices surged today as investors sought safe-haven assets amid signs of a slowing US economy . A weaker US dollar also contributed to the recovery in the price of the precious metal.

The most significant news impacting the market is that the US gross domestic product (GDP) grew by 1.6% in the first quarter of 2026, lower than the previous forecast of 2%. This indicates that the world's largest economy is losing momentum.

Meanwhile, the core PCE inflation index – a measure of inflation that the Federal Reserve (FED) pays particular attention to – rose 0.2% month-on-month and 3.3% year-on-year.

Slowing economic growth coupled with signs of cooling core inflation has helped gold prices rebound strongly. Investors expect the Fed to ease its hawkish stance on interest rates in the near future.

Meanwhile, the US dollar index fell by about 0.1%, to near 99 points. The weakening greenback makes gold more attractive to investors holding other currencies.

Besides economic factors, the market is also heavily influenced by tensions in the Strait of Hormuz – a strategic oil shipping route located in the Persian Gulf.

Investors are closely monitoring negotiations between the US and Iran regarding a 60-day agreement to extend the ceasefire. However, this process is not yet complete, and clashes around the Middle East have continued over the past 48 hours, causing market concerns. As a result, many investors are increasing their demand for gold as a safe haven.

Source: https://nld.com.vn/gia-vang-hom-nay-29-5-bat-ngo-dao-chieu-tang-manh-196260529061640336.htm