Gold prices fall after news of US and China easing tensions

World gold plunges

At the end of the trading session on May 12, the price of SJC gold bars was listed by large enterprises at 117.2-119.2 million VND/tael (buy - sell). The difference between the two buying and selling directions remained at 2 million VND/tael. This item was adjusted many times by enterprises yesterday, with a total decrease at the end of the session of 800,000 VND/tael compared to the end of last week.

Meanwhile, the price of plain gold rings is listed at 112.5-115 million VND/tael (buy - sell), down 2 million VND in both buying and selling.

Domestic gold prices fell across the board amid a plunge in world gold prices. On the international market, gold prices on May 13 were around 3,221 USD/ounce, down 101 USD compared to the previous price. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 101.5 million VND/tael. The difference between domestic and world prices is about 17-18 million VND/tael, depending on the time.

Gold prices fluctuate strongly (Photo: Thanh Dong).

The precious metal's decline came shortly after US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced that the US and China had reached an agreement to temporarily suspend tariffs for 90 days.

Analysts said the deal was just the first step toward a long-term solution, but it showed signs that tensions between the world's two largest economies were easing. "The US and China's agreement to reduce tariffs for 90 days has reduced demand for safe-haven gold," explained Giovanni Staunovo, an analyst at UBS.

"In the coming time, gold prices may continue to face downward pressure due to a stronger US dollar and reduced safe-haven demand as geopolitical risks cool down. The next support level for gold could be $3,200/ounce," said Igar Trivedi, senior commodity analyst at trading unit Reliance Securities.

News of US-China tariffs has helped the international stock market increase sharply; USD-Index - the US dollar index on the international market to measure the strength of the greenback against a basket of major currencies - also skyrocketed to 101.66 points (up 1.31% compared to the previous session). These factors have pushed gold prices down.

Stable bank USD

At the end of the trading session on May 12, the State Bank announced the central USD/VND exchange rate at 24,945 VND, down 6 VND compared to the previous one. With a 5% margin, commercial banks are allowed to trade USD in the range of 23,698 VND to 26,192 VND.

Major banks listed the USD buying and selling prices at 25,750-26,140 VND/USD (buy - sell). Joint stock banks quoted the greenback at 25,787-26,147 VND/USD (buy - sell).

In the free market, the USD price decreased slightly and traded around 26,380-26,500 VND/USD (buy - sell).

Source: https://dantri.com.vn/kinh-doanh/gia-vang-ru-nhau-giam-sau-tin-my-va-trung-quoc-ha-nhiet-cang-thang-20250513002058374.htm