Gold price today (May 31): World down, domestic up

Domestic gold price

Domestic gold bar prices have reversed to increase. At the end of May 30, gold brands were buying at VND116 million/tael and selling at VND118.5 million/tael. Phu Quy SJC gold was buying at VND500,000 lower than other brands.

Similarly, the price of gold rings of various brands has also been adjusted to increase sharply. Specifically, the price of SJC 9999 gold rings is listed at 111 million VND/tael for buying and 114 million VND/tael for selling, an increase of 700,000 VND for both buying and selling.

Domestic gold bar prices increase. Photo: thanhnien.vn

DOJI in Hanoi and Ho Chi Minh City markets listed the price of gold rings at 111.5 million VND/tael for buying and 114 million VND/tael for selling, an increase of 500,000 VND for buying and 700,000 VND for selling.

The price of Bao Tin Minh Chau brand gold rings is listed at 113.5 million VND/tael for buying and 116.5 million VND/tael for selling, an increase of 200,000 VND in both directions compared to early this morning.

Phu Quy SJC is buying gold rings at 111.3 million VND/tael and selling at 114.3 million VND/tael, an increase of 500,000 VND in both directions compared to early this morning.

PNJ brand gold ring price increased by 900,000 VND for buying and 600,000 VND for selling, up to 111.2 million VND/tael for buying and 114 million VND/tael for selling, respectively.

Domestic gold bar prices updated at 5:30 a.m. on May 31 as follows:

Yellow	Area	Early morning 30-5	Early morning 31-5	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	115.5	118	116	118.5	+500	+500
Ho Chi Minh City	115.5	118	116	118.5	+500	+500
SJC	Ho Chi Minh City	115.5	118	116	118.5	+500	+500
Hanoi	115.5	118	116	118.5	+500	+500
Danang	115.5	118	116	118.5	+500	+500
PNJ	Ho Chi Minh City	115.5	118	116	118.5	+500	+500
Hanoi	115.5	118	116	118.5	+500	+500
Bao Tin Minh Chau	Nationwide	115.5	118	116	118.5	+500	+500
Phu Quy SJC	Nationwide	114.5	118	115.5	118.5	+1000	+500

World gold price

World gold prices fell, with spot gold down $28.5 to $3,290.3 an ounce. Gold futures last traded at $3,315.4 an ounce, down $28.5 from early this morning.

Gold prices fell on Friday, pressured by a rebound in the U.S. dollar. The U.S. Dollar Index rose 0.1%, making gold more expensive for holders of other currencies.

Gold is down from its recent highs and is in a consolidation phase at the moment, according to David Meger, director of metals trading at High Ridge Futures. “Gold is under some pressure because we’re seeing a little bit of safe-haven demand, but it looks like President Trump is going to react strongly and that should ultimately help gold,” Meger said.

Earlier, the Federal Court of Appeals for the Washington Circuit temporarily suspended a lower court's ruling blocking the tariffs. Earlier, on May 28, the Court of International Trade (CIT) in Manhattan blocked most of the import tariffs that US President Donald Trump imposed on trading partners. The reason was that he exceeded his authority when invoking the Emergency Economic Powers Act (IEEPA) when imposing the tariffs.

World gold prices drop sharply. Photo: Getty Images

On the data front, the U.S. personal consumption expenditures price index rose 2.1% year-on-year in April, slightly below analysts' forecasts. Following the report, traders continued to bet that the U.S. central bank would cut short-term borrowing costs in September.

As an asset that performs well in low-interest-rate environments and is used as a hedge against inflation and uncertainty, gold hit a record high of $3,500.05 an ounce in April.

Regarding the physical gold market, physical gold demand in India decreased this week due to rising domestic gold prices and the end of the wedding season.

With the domestic gold bar price increasing and the world gold price listed at Kitco at 3,290.3 USD/ounce (equivalent to about 104 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 14.5 million VND/tael.

TRAN HO HOAI

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