Gold price today (May 9): Continues to decline sharply

Domestic gold price today

Domestic gold bar prices have dropped sharply. Currently, gold brands are buying at VND118.5 million/tael and selling at VND120.5 million/tael. Phu Quy SJC Gold and Bao Tin Minh Chau Gold are buying at VND1 million and VND200,000 lower than other brands, respectively.

Similarly, most brands of gold rings also saw sharp decreases in both buying and selling prices. Specifically, the price of SJC 9999 gold rings decreased by VND1.5 million for both buying and selling, down to VND114 million/tael for buying and VND116.5 million/tael for selling, respectively.

Domestic gold prices drop sharply. Photo: vnexpress.net

DOJI in Hanoi and Ho Chi Minh City markets listed the price of gold rings at 114 million VND/tael for buying and 116.5 million VND/tael for selling, down 1.5 million VND in both directions compared to early yesterday morning.

Bao Tin Minh Chau brand gold rings are being bought at 116.5 million VND/tael and sold at 119.5 million VND/tael, down 1 million VND in both directions.

The listed price of PNJ brand gold rings is 114.2 million VND/tael for buying and 117.2 million VND/tael for selling, down 1.3 million VND for buying and 900,000 VND for selling.

Phu Quy SJC is buying gold rings at 114.5 million VND/tael and selling at 117.5 million VND/tael, down 1 million VND in both directions compared to early this morning.

Domestic gold bar prices updated at 5:30 a.m. on May 9 as follows:

Yellow	Area	Early morning 8-5	Early morning 9-5	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	120.2	122.2	118.5	120.5	-1700	-1700
Ho Chi Minh City	120.2	122.2	118.5	120.5	-1700	-1700
SJC	Ho Chi Minh City	120.2	122.2	118.5	120.5	-1700	-1700
Hanoi	120.2	122.2	118.5	120.5	-1700	-1700
Danang	120.2	122.2	118.5	120.5	-1700	-1700
PNJ	Ho Chi Minh City	120.2	122.2	118.5	120.5	-1700	-1700
Hanoi	120.2	122.2	118.5	120.5	-1700	-1700
Bao Tin Minh Chau	Nationwide	120.2	122.2	118.3	120.5	-1900	-1700
Phu Quy SJC	Nationwide	118.7	121.7	117.5	120.5	-1200	-1200

World gold price today

World gold prices continued to fall sharply, with spot gold falling $60 to $3,306.1 an ounce. Gold futures last traded at $3,306 an ounce, down $85 from early this morning.

Gold prices fell more than 1% on Thursday after US President Donald Trump announced a bilateral trade deal with the UK. The UK became the first country to reach a trade deal with the US after the Trump administration imposed tariffs on many countries around the world. The agreement raised hopes of similar deals with other countries.

Under the deal, a 10% flat tariff on all exports will remain in effect. However, the US will only impose a 10% tariff on the first 100,000 cars exported from the UK to the US, down from the current 27.5% tariff. The US will also exempt British steel from its 25% tariff.

RJO Futures senior market strategist Bob Haberkorn said gold will remain under pressure and could fall to $3,200 an ounce if the US and China reach a trade deal.

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are expected to meet China's top economic official on Saturday in Switzerland.

Seen as a hedge against geopolitical uncertainty, bullion has hit multiple record highs since President Trump first announced his tariffs.

World gold prices drop sharply. Photo: Getty Images

In another development, the People's Bank of China has approved commercial banks to buy foreign currency to pay for imported gold under a recently increased quota.

"Such measures are likely to continue to support bullion demand, underpinning spot gold prices," said market analyst Han Tan of Exinity Group.

In theory, this should boost gold prices as increased demand from China becomes a supportive factor for the precious metal. However, according to OANDA analyst Zain Vawda, the current market action is being driven by developments around tariffs.

With the domestic gold bar price falling sharply and the world gold price listed at Kitco at 3,306.1 USD/ounce (equivalent to about 104.2 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 16.3 million VND/tael.

TRAN HO HOAI

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