Gold bars are 5 million VND/tael more expensive than gold rings.

World gold price remains above 3,300 USD/ounce

At the end of the trading session on May 23, the price of SJC gold bars was listed by large enterprises at 118.5-120.5 million VND/tael (buy - sell), an increase of 500,000 VND in both buying and selling prices before closing the session. The difference between the two buying and selling prices was 2 million VND/tael.

The price of plain gold rings is listed at 112.5-115.5 million VND/tael (buy - sell), unchanged from before.

Thus, the price of gold bars is 5 million VND/tael higher than that of gold rings - the largest difference in many months. This is a development contrary to the previous period, when there was a time when gold rings exceeded the price of gold bars due to high demand for hoarding.

Gold bars are 5 million VND/tael more expensive than gold rings (Photo: Thanh Dong).

The domestic gold bar price increased by 500,000 VND in the context of the world price hovering above the 3,300 USD/ounce mark. In the international market, the gold price is trading around 3,360 USD/ounce, up 60 USD compared to before. Converted at the exchange rate excluding taxes and fees, the gold price is equivalent to 105.8 million VND/tael.

Global prices surged as safe-haven money continued to pour into the safe asset amid uncertainty over Donald Trump’s tariff policies. According to Donald Trump’s tweet on Truth on May 23, Apple may have to pay a minimum 25% tax on iPhones manufactured outside the United States.

Donald Trump said he had told Apple CEO Tim Cook a long time ago that he wanted iPhones sold in the US to be manufactured and assembled in the US, not in India or any other country. "If they are not, Apple will have to pay a minimum of 25% tax to the US," the US President wrote.

USD fell across the board

The U.S. dollar index, which measures the greenback against a basket of major currencies, fell 0.7 percent to 99.2. The index has fallen nearly 2 percent this week, making gold more attractive to investors holding other currencies.

Rising geopolitical tensions also boosted precious metals prices. Iran’s warnings about a possible Israeli attack on its nuclear facilities have heightened tensions in the Middle East, boosting demand for safe-haven gold.

Domestically, at the end of the trading session on May 21, the State Bank announced the central USD exchange rate at 24,960 VND/USD, down 2 VND compared to the previously listed rate. With a 5% band, the USD exchange rate that commercial banks are allowed to trade is 23,712-26,208 VND/USD.

Major banks listed the USD exchange rate at 25,740-26,130 VND (buy - sell), down 10 VND each way. Joint stock banks listed the exchange rate at 25,750-26,160 VND (buy - sell).

In the "black market", the USD is traded at 26,280-26,380 VND (buy - sell), down 40 VND each way compared to before.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-dat-hon-vang-nhan-5-trieu-dongluong-20250524000026294.htm