At the close of trading on May 6th, the price of SJC gold bars was listed by major businesses at 120.2-122.2 million VND/ounce (buy - sell), an increase of 2.4 million VND/ounce in both buying and selling prices.
Meanwhile, the price of plain gold rings was adjusted within a narrower range, listed at 115.5-118 million VND/ounce (buy - sell), an increase of 3 million VND/ounce in both buying and selling prices.
At the opening of trading this morning (Vietnam time), the price of precious metals hovered around $3,393 per ounce, down $45 from yesterday's peak. Converted using the exchange rate excluding taxes and fees, the world gold price is equivalent to approximately 106.9 million VND per tael (1 tael = 37.5 grams).
Gold prices increased by more than 2.4 million VND/ounce in one day (Photo: Manh Quan).
On May 6th, gold prices reached $3,436 per ounce, their highest level in two weeks. The price surged due to strong buying from China following the extended holiday and concerns about the possibility of the US imposing tariffs on pharmaceutical imports.
Adrian Ash, research director at BullionVault, said that gold's upward momentum is being supported by a new wave of investment from China, along with efforts by global central banks to diversify their portfolios and reduce their dependence on the US dollar.
Meanwhile, the dollar weakened as investors grew increasingly impatient with trade developments, making gold more attractive to holders of other currencies.
Another factor expected to influence the direction of gold is the Fed's interest rate policy. Currently, investors are closely watching the upcoming policy decision of the US central bank, with statements from Fed Chairman Jerome Powell expected to provide clues about the timing of easing.
The central exchange rate continues to fall.
At the close of yesterday's trading session, the central exchange rate announced by the State Bank of Vietnam was 24,938 VND/USD, a decrease of 4 VND compared to the previous day. With a 5% margin, commercial banks are allowed to trade USD at a range of 23,692-26,187 VND/USD.
Major banks listed the USD exchange rate at 25,760-26,150 VND (buy - sell), a slight increase of 10 VND in both buying and selling rates. Joint-stock banks listed the USD exchange rate at 25,760-26,160 VND (buy - sell).
On the "black market," the US dollar is trading at 26,420-26,520 VND (buy - sell), a decrease of 10 VND in each direction.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-vuot-122-trieu-dongluong-20250507070129941.htm
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