Domestic gold price today

Early this morning, the gold market continued its quiet days when the gold price was almost unchanged. Currently, the domestic precious metal price is listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.4 million VND/tael and sold at 67.02 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

Domestic gold prices fluctuated slightly this morning. Photo: zingnews.vn

DOJI brand gold price in Hanoi is listed at 66.35 million VND/tael for buying and 66.95 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at the same price but sold at 50,000 VND lower than in Hanoi.

Phu Quy SJC gold price is listed at 66.45 million VND/tael for buying and 67.05 million VND/tael for selling. PNJ gold is listed at 66.4 million VND/tael for buying and 66.95 million VND/tael for selling. Bao Tin Bao Tin Minh Chau gold is listed at 66.42 million VND/tael for buying and 66.98 million VND/tael for selling.

Domestic gold price updated at 5:30 am 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

66.35

66.95

66.35

66.95

-

-

Ho Chi Minh City

66.35

66.95

66.35

66.9

-

-50

Phu Quy SJC

Hanoi

66.45

67.05

66.4

67

-50

-50

PNJ

Ho Chi Minh City

66.4

67

66.4

66.95

-

-50

Hanoi

66.4

67

66.4

66.95

-

-50

SJC

Ho Chi Minh City

66.4

67

66.4

67

-

-

Hanoi

66.4

67.02

66.4

67.2

-

-

Danang

66.4

67.02

66.4

67.2

-

-

Bao Tin Minh Chau

Nationwide

66.47

67

66.42

66.98

-50

-20

World gold price today

World gold prices increased slightly early this morning with spot gold increasing by 15.3 USD to 1,959.2 USD/ounce. Gold futures last traded at 1,958 USD/ounce, up 13.7 USD compared to early the previous day.

The world's precious metals saw modest gains in the first trading session of the week thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the greenback's volatility, fell 0.14% to nearly 104 points. The weaker USD increases the attractiveness of buyers holding other currencies.

Long-term sentiment remains bullish on gold as the precious metal remains well supported by investor demand and especially central banks. A recent World Gold Council survey found that 24% of central banks plan to increase their gold holdings by 2023. “After historically high levels of central bank gold purchases, gold continues to be viewed as a reserve asset by central banks,” the report said.

Higher inflation, geopolitical uncertainty and concerns about rising interest rates are among the reasons central banks are choosing gold, the report said. “Adding to these concerns is the banking crisis in the US and Europe that will begin in early 2023.” Central banks also like gold due to its historical status as a store of value, a hedge against inflation and systemic financial and geopolitical risks.

The results also show a bullish outlook for gold, with 71% of banks surveyed saying global central bank gold holdings will increase over the next 12 months.

However, the report also found that there is a growing divergence in the way emerging market and developing economies (EMDEs) think about gold allocation compared to advanced economies.

Specifically, 68% of EMDE banks surveyed said global reserves would increase, compared with 38% in advanced economies. A small proportion of EMDE central banks even said they saw the gold reserve ratio rising above 25% – a big change from last year.

World gold recovered early this morning. Photo: Reuters

Additionally, EMDE central banks – the main buyers of gold since the 2008 global financial crisis – are also more pessimistic about the future of the US dollar, with 58% believing the US dollar’s ​​share of global reserves will decline compared to 46% of advanced economies.

EMDE countries see gold as playing a strategic role amid geopolitical uncertainty. “This difference is evident across almost every element of gold holdings, underscoring the different economic and strategic circumstances facing both groups, which further translates into their different views on the role of gold in their reserves,” the survey noted.

Central banks bought record amounts of gold last year, boosting reserves with an asset seen as a safe haven during economic downturns and the ongoing trend of de-dollarization.

Central banks added 228 tonnes to their global gold reserves in the first quarter of this year, marking a record pace for the first three months of a year since data collection began in 2000, according to the WGC.

With domestic gold prices fluctuating slightly and world gold prices listed at Kitco at 1,959.2 USD/ounce (equivalent to nearly 55.9 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently over 11 million VND/tael.

TRAN HOAI