Gold price continues to decrease, falling back to 118 million VND/tael

(Dan Tri) - Since the beginning of the week, the price of SJC gold bars and gold rings has dropped sharply. Accordingly, each tael of gold bars has decreased by 2 million VND in the selling price, while plain gold rings have decreased by 1 million VND/tael.

At the end of the trading session on May 27, the price of SJC gold bars was listed by large enterprises at 115.5-118 million VND/tael (buy - sell), down 1 million VND in both buying and selling compared to before. The difference between the two buying and selling prices is currently 2.5 million VND.

The price of plain gold rings is listed at 111-114 million VND/tael (buy - sell), down 500,000 VND in both buying and selling directions. Thus, the selling price of gold bars is 4 million VND/tael more expensive than the selling price of gold rings.

Domestic gold prices fell across the board amid falling world prices. On the international market, gold prices were trading around $3,300/ounce, down $40 from the previous level. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to VND103.8 million/tael.

Gold price decreased for the second consecutive session (Photo: Son Tung).

Gold's rally was capped after US President Donald Trump delayed imposing import tariffs on European goods, sending prices down for a second consecutive session.

"Gold is in a consolidation phase. The market is taking a breather to wait for new signals," said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. However, concerns about the growing US budget deficit are still supporting gold prices, while putting downward pressure on the greenback, according to Wong.

Earlier, the US House of Representatives passed a tax cut bill proposed by Mr. Trump, which is expected to add about $3.8 trillion to the federal debt, which has already reached $36.2 trillion over the next decade, according to an assessment by the Congressional Budget Office (CBO).

In a related development, Mr. Trump recently postponed the plan to impose a 50% tax on imports from the EU scheduled for June, instead extending it until July 9 so that the two sides can continue negotiations. This move helps to cool down trade tensions and put pressure on gold prices.

This week, investors are looking forward to a series of speeches from US Federal Reserve officials, as well as the personal consumption expenditures (PCE) price index report on May 30 (US time) - data that the Fed is particularly interested in when operating interest rates. Futures traders now expect the Fed to resume the rate cutting cycle from September.

USD continues to fall

The USD-Index, which measures the greenback's strength against a basket of major currencies, rose 0.42% to 99.53. Last week, the index fell nearly 2%.

Domestically, at the end of the trading session on May 27, the State Bank announced the central exchange rate at 24,935 VND/USD, down 5 VND compared to the previously listed rate. With a 5% band, the USD exchange rate that commercial banks are allowed to trade is 23,691-26,182 VND/USD.

Major banks listed the USD exchange rate at 25,710-26,100 VND (buy - sell), down 20 VND for buying but up 10 VND for selling. Joint stock banks listed the exchange rate at 25,710-26,130 VND (buy - sell).

In the "black market", the USD is traded at 26,240-26,340 VND (buy - sell), down 80 VND each way compared to before.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-tiep-tuc-giam-lui-xa-ve-118-trieu-dongluong-20250528020738063.htm