Gold prices are like a "roller coaster": Dropping nearly 3 million VND/ounce after a sharp increase.

(Dan Tri Newspaper) - Domestic gold prices are fluctuating significantly as world prices reverse course and fall below $3,200 per ounce.

Gold prices rise rapidly, then fall sharply.

At the close of trading on May 16th, the price of SJC gold bars was listed by major businesses at 115.7-118.7 million VND/ounce (buy - sell), a decrease of 2.8 million VND in the buying price and 2.1 million VND in the selling price. The difference between the buying and selling prices was 3 million VND/ounce.

At the opening of yesterday's trading session, the price of SJC gold bars was listed by major businesses at 118.5-120.8 million VND/ounce (buy - sell), an increase of up to 3 million VND in the buying price and 2.6 million VND in the selling price compared to the closing price of the previous session.

The price of plain gold rings is listed at 111.7-114.7 million VND/ounce (buy - sell), a decrease of 800,000 VND in both buying and selling prices. The difference between the buying and selling prices is 3 million VND/ounce.

Domestic gold prices fluctuate with a large amplitude (Photo: Tien Tuan).

Domestic gold prices fluctuated sharply in line with international market developments. Globally , on May 17th, gold was trading around $3,185 per ounce, down $54 from the previous day. Converted using the exchange rate excluding taxes and fees, the world gold price is equivalent to approximately 100.2 million VND per tael. Domestic prices were 17-18.5 million VND per tael higher than world prices, depending on the time.

Global gold prices plummeted, losing the $3,200/ounce support level amid easing geopolitical tensions. Russia and Ukraine are intensifying negotiations to end the conflict as soon as possible. Russian and Ukrainian delegations began meeting in Istanbul, Turkey, for the first direct talks between Moscow and Kyiv in three years.

Bank USD exchange rates have decreased slightly.

At the close of trading on May 15th, the State Bank of Vietnam announced the central USD exchange rate at 24,960 VND/USD, a decrease of 10 VND compared to the previous rate and marking the second consecutive day of decline. With a 5% margin, commercial banks are allowed to trade USD within a range of 23,711-26,209 VND/USD.

Major banks listed the USD exchange rate at 25,710-26,110 VND (buy - sell), a decrease of 10 VND compared to before. Joint-stock banks listed the exchange rate at 25,720-26,140 VND (buy - sell).

In the "black market," the US dollar is trading at 26,450-26,550 VND (buy - sell), an increase of 70 VND in the buying rate and 50 VND in the selling rate compared to before.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-nhu-tau-luon-giam-gan-3-trieu-dongluong-sau-phien-tang-manh-20250517003315815.htm