Gold price on May 3: World gold price slightly increased

Illustration photo. Photo: Internet

Domestic gold price

Gold bars in the domestic market are currently stable. At this time, major gold brands are buying at 119.3 million VND/tael and selling at 121.3 million VND/tael. Notably, Phu Quy SJC is buying gold at a price about 1 million VND lower than other brands. Meanwhile, Bao Tin Minh Chau gold has a buying price 1.2 million VND lower and a selling price 300,000 VND lower than the general level.

In addition, gold rings of many brands also kept the same buying and selling prices as early yesterday morning. For example, SJC 9999 gold rings are currently listed at 114 million VND/tael for buying and 116.5 million VND/tael for selling.

At the DOJI system in Hanoi and Ho Chi Minh City, the price of gold rings remains unchanged at 114 million VND/tael for buying and 116.5 million VND/tael for selling.

On the contrary, Bao Tin Minh Chau has made a slight adjustment of 100,000 VND for both directions, bringing the buying price to 116.4 million VND/tael and the selling price to 119.7 million VND/tael.

PNJ brand currently lists gold rings at 112 million VND/tael for buying and 116 million VND/tael for selling, down 2 million VND and 1 million VND respectively compared to before.

Phu Quy SJC today is buying gold rings at 114.5 million VND/tael and selling at 117.5 million VND/tael, an increase of 200,000 VND for both trading directions.

World gold price

According to Kitco, at 5:00 a.m. this morning, Vietnam time, the spot gold price on the international market reached 3,241.6 USD/ounce. This level increased by 1.3 USD compared to the previous session. When converted according to the free USD exchange rate of 26,416 VND/USD, international gold is equivalent to about 102.8 million VND/tael (excluding taxes and fees). Thus, SJC gold bars are currently about 18.5 million VND/tael higher than the world gold price.

Despite a slight increase from the beginning of the day, the world gold price is still below the peak of last Friday, as newly released data showed the US labor market is more positive than expected. At the same time, positive signals about trade tensions between the US and China also contributed to reducing safe-haven demand, causing gold to record a second consecutive weekly decline after a series of strong increases.

The US economy added 177,000 jobs last month, 44,000 more than analysts had expected, according to data released on Friday. However, the figure was still much lower than the 228,000 jobs created in March. The unemployment rate remained at 4.2%, in line with market expectations. However, experts say the data only reflects the situation in April and is not enough time to fully assess the impact of US President Donald Trump's tariff policies.

“Gold prices look like $3,500 could be a top for a while, especially if some trade deals start to come through and risk appetite starts to overcome the negative euphoria we’ve seen since the tariff talks,” said Daniel Pavilonis, senior market strategist at RJO Futures.

Nonfarm payrolls increased by 177,000 jobs last month, data showed. A Reuters poll had forecast an increase of just 130,000 jobs.

However, this is a retrospective report and it is still early to conclude that the labor market has felt the full impact of US President Donald Trump's constantly changing tariff policies. After the jobs data was released, investors reduced expectations that the Federal Reserve would cut interest rates as early as June.

The yield on the 10-year US Treasury note has risen. Higher interest rates tend to make gold, which does not pay interest, less attractive to investors.

“With safe-haven demand weakening, gold prices could fall further and potentially break support near the $3,200 region this week,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.

In the precious metals market, spot silver fell 1.2% to $32.01 an ounce; platinum fell 0.2% to $958.70 and palladium rose 0.5% to $945.25. All three metals are on a downward trend this week.

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Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-3-5-vang-the-gioi-quay-dau-tang-nhe/20250503075849202