Domestic gold ring prices early this morning were adjusted down following the trend of world gold prices.
| Buy (VND/tael) | Increase/decrease | Sell (VND/tael) | Increase/decrease | |
| SJC | 110,500,000 | - 500,000 | 113,500,000 | - 500,000 |
| Doji | 111,000,000 | - 500,000 | 113,500,000 | - 500,000 |
SJC and Doji gold ring price list updated on the morning of May 31
Opening the trading session on May 31 , the price of SJC 9999 gold was adjusted down 300 thousand VND/tael in both buying and selling compared to the closing session yesterday, to 115.7-118.2 million VND/tael (buying - selling).
| Buy (VND/tael) | Increase/decrease | Sell (VND/tael) | Increase/decrease | |
| SJC HCMC | 115,700,000 | - 300,000 | 118,200,000 | - 300,000 |
| Doji Hanoi | 115,700,000 | - 300,000 | 118,200,000 | - 300,000 |
| Doji HCMC | 115,700,000 | - 300,000 | 118,200,000 | - 300,000 |
SJC and Doji gold bar price list updated on the morning of May 31
The central exchange rate on May 31 announced by the State Bank was 24,978 VND/USD, unchanged from the previous trading session. The USD price at commercial banks this morning (May 31) was commonly listed at 25,810 VND/USD (buy) and 26,200 VND/USD (sell).
At 10:13 a.m. today (May 31, Vietnam time) , the world spot gold price was at 3,288.3 USD/ounce, down 12.7 USD/ounce compared to last night.
On May 31 , world gold converted to USD bank price was at over 104.8 million VND/tael, including tax and fees, about 13.4 million VND/tael lower than domestic gold price.
Gold price on Kitco floor at 7:30 p.m. (May 30, Vietnam time) was trading at $3,301/ounce, down 0.6% on the day. Gold futures price for June 2025 delivery on Comex New York floor was trading at $3,313/ounce.
The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 99.49 points.
A federal appeals court has put on hold an earlier ruling by the U.S. Court of International Trade that rejected President Donald Trump's sweeping tariffs. Trump praised the appeals court's ruling in a social media post, calling the original decision "so wrong and so political!"
A federal court ruled on May 28 that President Trump exceeded his authority with reciprocal tariffs, dealing a blow to a key tenet of the president's economic agenda.
The weakening dollar and disappointing jobs data have added pressure on the Federal Reserve to consider cutting interest rates. The decline in the dollar reflects market concerns about recent slowing US economic data and uncertainty surrounding the implementation of trade policy.
Meanwhile, weak jobs data increased pressure on the Fed to consider cutting interest rates. Lower interest rates reduce the opportunity cost of holding gold, making the precious metal more attractive to investors seeking portfolio diversification and protection against inflation.
The CME Fed Watch tool shows the probability of a rate cut at the Federal Open Market Committee (FOMC) meeting on June 18 is only 5.6%.
San Francisco Fed President Mary Daly said policymakers could still cut interest rates twice this year, but she said rates should be held steady for now to ensure inflation stays on track and meets the Fed’s 2% target.
At the end of the session on May 30, the price of gold bars at SJC closed at 116-118.5 million VND/tael (buy - sell), an increase of 500 thousand VND/tael compared to the closing price of the previous trading session.
At the end of the session, the price of 1-5 chi SJC gold rings was listed at 111-114 million VND/tael (buy - sell), an increase of 700 thousand VND/tael compared to the previous session's closing price.
The price of 9999 gold rings at Doji closed the session at 111.5-114 million VND/tael, an increase of 500 thousand VND/tael in buying price and 700 thousand VND/tael more expensive in selling price compared to the previous session's close.
Gold Price Forecast
Kelvin Wong, senior analyst at Oanda Asia Pacific, said that gold prices have failed to break the important short-term resistance level of $3,328/ounce twice. In addition, investors are cautiously awaiting US macroeconomic data.
Any signs that inflation remains high could prompt the Fed to maintain tight monetary policy, putting pressure on gold, which is typically sensitive to interest rates.
Gold is seen as a more conservative option for investors seeking safety, according to JPMorgan. In a mid-year outlook, JPMorgan analysts said gold could be positioned to provide some protection against rising geopolitical risks and a weakening US dollar.
David Einhorn, founder of hedge fund Greenlight Capital, said the dollar is losing credibility as a global reserve currency. The US budget deficit is likely to worsen, hampering economic growth. In this environment, he said he favors European equity markets.
"We are buying gold. The budget situation is a serious problem and I believe in European stocks," he asserted.
Source: https://vietnamnet.vn/gia-vang-hom-nay-31-5-dao-chieu-lao-doc-canh-bao-song-giam-gia-2406630.html
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