Gold bar price dropped 2.2 million VND, down to 120.5 million VND/tael

Domestic gold prices fell across the board

At the end of the trading session on May 8, the price of SJC gold bars was listed by large enterprises at 118.5-120.5 million VND/tael (buy - sell), down 2.2 VND/tael in both buying and selling compared to the opening price. The price of plain gold rings was also adjusted down 1.5 VND in both buying and selling, listed at 114-116.5 million VND/tael (buy - sell).

Domestic gold prices fell amid the world price "evaporating" by 50 USD/ounce in the early morning session today. On the international market, the gold price on May 8 was trading at 3,382 USD/ounce. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 106.5 million VND/tael. The difference between domestic and world prices is 15.7 million VND/tael.

Domestic gold prices fell across the board (Photo: Tien Tuan).

World gold prices suddenly plummeted as the US and China prepare for negotiations. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet Chinese officials in Switzerland this week to discuss economics and trade. The Chinese Ministry of Commerce later confirmed that the two countries will have a connection.

Previously, world gold prices were inflated due to tariff policies, especially US-China trade tensions.

Gold investment demand has helped gold demand in the first quarter reach its highest level since 2016. Over the past 10 months, investors have returned to investing in gold ETFs, sharply increasing their investment allocation since the third quarter of last year.

As of April, inflows into ETFs from Asia exceeded the total inflows for the entire first quarter. However, the market still has room to grow, with global gold holdings in these funds now 10% below the high recorded in 2020.

Central rate continues to decrease

At the end of yesterday's trading session, the central exchange rate announced by the State Bank was 24,930 VND/USD, down 8 VND compared to the previous one. With a 5% band, the USD exchange rate that commercial banks are allowed to trade is 23,684-26,177 VND/USD.

Major banks listed USD prices at 25,740-26,130 VND (buy - sell), down 20 VND in both buying and selling. Joint stock banks listed USD prices at 25,720-26,120 VND (buy - sell).

On the "black market", the USD is traded at 26,400-26,500 VND (buy - sell), down 20 VND each way.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-sut-22-trieu-dong-xuong-con-1205-trieu-dongluong-20250508003044216.htm