Gold price today May 29: Shocking decrease of 1.5 million VND, far from the threshold of 120 million VND

On the morning of May 29, the price of gold bars at Saigon Jewelry Company - SJC decreased by 1.5 million VND, with the buying price at 114.7 million VND and the selling price at 117.2 million VND. Phu Nhuan Jewelry Company (PNJ) also bought and sold gold bars using SJC. The difference in buying and selling prices of gold bars remained at 2.5 million VND/tael.

Similarly, the price of 4-number-9 gold rings at SJC Company also decreased by 1.3 million VND in buying price, down to 110 million VND, and decreased by 1 million VND in selling price, down to 114 million VND; PNJ bought at 110 million VND, sold at 113 million VND, decreased by 1.4 million VND...

Gold price on the morning of May 29 plummeted, far from the 120 million VND mark. PHOTO: NGOC THANG

World gold prices fell below $3,300 an ounce. Earlier in the day, the precious metal was trading around $3,260 an ounce, down $50 a day. The correction in gold is expected to be short-term. Investment bank Goldman Sachs yesterday recommended a higher-than-usual allocation of gold in long-term investment portfolios, citing increased risks to the reputation of US institutions, pressure on the Federal Reserve (Fed) and continued demand from central banks.

Speaking to CNBC, Francisco Blanch, head of global commodities and derivatives research at Bank of America Securities, said that the current correction in gold prices is the result of easing geopolitical uncertainty in the short term. However, this expert believes that gold and silver will continue to record gains in the second half of 2025.

"Currently, the market is going through a correction that could last for several months. However, we remain optimistic in the long term and it is possible that in the second half of 2025 or by 2026, the gold price will surpass $4,000/ounce," Francisco Blanch predicted./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-vang-hom-nay-2952025-giam-soc-15-trieu-dong-lui-xa-nguong-120-trieu-dong-185250529071515225.htm

Source: https://baolongan.vn/gia-vang-hom-nay-29-5-giam-soc-1-5-trieu-dong-lui-xa-nguong-120-trieu-dong-a196151.html