Gold price like a "roller coaster": Down nearly 3 million VND/tael after a strong increase

Gold prices rise rapidly, fall sharply

At the end of the trading session on May 16, the price of SJC gold bars was listed by large enterprises at 115.7-118.7 million VND/tael (buy - sell), down 2.8 million VND for buying and down 2.1 million VND for selling. The difference between the two buying and selling prices was 3 million VND/tael.

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

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

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

Domestic gold prices fluctuated strongly along with developments in the international market. In the world , gold prices on May 17 were trading around 3,185 USD/ounce, down 54 USD compared to the previous one. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 100.2 million VND/tael. Domestic prices are 17-18.5 million VND/tael more expensive than world prices, depending on the time.

World gold prices plummeted, losing the support level of 3,200 USD/ounce amid easing geopolitical tensions. Russia and Ukraine are intensifying negotiations to end the conflict soon. Russian and Ukrainian delegations began meeting in Istanbul, Turkey in the first direct negotiations between Moscow and Kiev in the past 3 years.

Bank USD price slightly decreased

At the end of May 15, the State Bank announced the central USD exchange rate at 24,960 VND/USD, down 10 VND compared to the previously listed rate and the second consecutive decrease. With a 5% amplitude, the USD exchange rate that commercial banks are allowed to trade is 23,711-26,209 VND/USD.

Major banks listed the USD exchange rate at 25,710-26,110 VND (buy - sell), down 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 USD is traded at 26,450-26,550 VND (buy - sell), an increase of 70 VND in the buying direction and 50 VND in the selling direction 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