At the opening of the morning session, Saigon Jewelry Company Limited (SJC) listed gold bars at 164.5 - 167.5 million VND/ounce (buying price - selling price), an increase of 2.5 million VND/ounce in both buying and selling prices compared to the closing price on May 5th. Similarly, major brands in Hanoi such as Bao Tin Minh Chau, DOJI , and Phu Quy also listed SJC gold bars at this level.
For 9999 pure gold rings, Bao Tin Minh Chau and DOJI list prices at 164.5 - 167.5 million VND/ounce (buying price - selling price), an increase of 2.5 million VND/ounce in both buying and selling prices. Meanwhile, Phu Quy lists gold ring prices at 164 - 167 million VND/ounce (buying price - selling price). Domestic gold prices are currently closely following the trend of world prices.
At 8:45 AM (Vietnam time), the world gold price was trading around $4,623 per ounce, an increase of nearly $100 per ounce compared to the same time on May 5th. Converted using the Vietcombank exchange rate, each ounce of world gold is worth approximately 147 million VND. Therefore, the domestic gold price remains about 20.5 million VND per ounce higher than the world gold price.
Experts believe that the upward reversal in global gold prices indicates a return of safe-haven sentiment to the market, amidst investor caution regarding the prospect of prolonged high interest rates and uncertainties related to conflicts in the Middle East. Additionally, the weakening of the US dollar at certain times has also positively supported gold prices.
Besides geopolitical factors, the market is also closely monitoring US economic data to assess the outlook for the Federal Reserve's monetary policy. Newly released data shows that the US services sector continues to expand, while price pressures have not significantly eased, further narrowing expectations that the Fed will soon cut interest rates. This somewhat limits the upward momentum of gold as US bond yields remain high.
However, the cooling of oil prices following signals of a continued ceasefire between the US and Iran helped stabilize market sentiment, thereby supporting bargain-hunting for gold after the previous sharp decline.
Meanwhile, analysts believe the market remains particularly sensitive to information related to Fed policy. If the agency signals a more dovish stance on interest rates in the near future, gold could continue to receive strong support due to expectations that the opportunity cost of holding the precious metal will decrease.
From a long-term perspective, gold remains supported by the trend of global diversification of foreign exchange reserves. Although the World Gold Council (WGC) noted that central banks sold a net 30 tonnes of gold in March, mainly from Türkiye and Russia, many countries such as Poland, China, Uzbekistan, and Kazakhstan continued to increase their gold reserves.
Some experts believe that the current correction phase could be an opportunity to build long-term investment positions. According to Ned Davis Research, gold remains an important safe-haven asset due to its ability to diversify portfolios and reduce risk amid increasing financial and geopolitical instability.
Source: https://baotintuc.vn/kinh-te/gia-vang-sang-65-dong-loat-tang-manh-20260506082957810.htm
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