Gold prices plummet as US-China prepare for negotiations

SJC gold bar price today decreased by 500,000 VND/tael, while gold ring price remained the same - Photo: PHUONG QUYEN

Will gold prices fall further?

Recently, world gold prices have been inflated due to tariff policies, especially US-China trade tensions.

Last night, May 6, the world gold price jumped to nearly 3,450 USD/ounce, but by early afternoon today, May 7, it had turned around and decreased by 54.8 USD/ounce (1.73 million VND/tael), to 3,379 USD/ounce.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 106.5 million VND/tael.

The US Treasury Department and the Office of the US Trade Representative said yesterday that their heads would meet with Chinese officials in Switzerland. China’s Ministry of Commerce later confirmed the two countries had reconnected.

"Based on international expectations, China's interests as well as suggestions from US industry and consumers, China decided to resume exchanges with the US," China's Ministry of Commerce said.

Gold bar price decreased, gold ring price remained unchanged

This information caused the world gold price to drop sharply after two days of rapid increase. The price of SJC gold bars today decreased by 500,000 VND/tael compared to the end of yesterday, to 121.7 million VND/tael, buying price is 119.7 million VND/tael.

The selling price of SJC gold rings today remains at 118 million VND/tael, buying at 115.5 million VND/tael.

The difference between buying and selling prices is 2 million VND/tael for SJC gold bars and 2.5 million VND/tael for gold rings.

At Bao Tin Minh Chau Company, the selling price of 9999 gold rings today also remained at 120.5 million VND/tael, buying at 117.5 million VND/tael.

Mi Hong gold shop listed the selling price of SJC gold bars today at 121.3 million VND/tael, buying at 119.7 million VND/tael, down 500,000 VND/tael compared to yesterday.

Compared to the converted world gold price, the price of SJC gold bars is 15.2 million VND/tael higher than the world gold price.

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Source: https://tuoitre.vn/gia-vang-lao-doc-khi-my-trung-chuan-bi-dam-phan-20250507132846164.htm