According to analysts, the reason why gold prices have increased sharply again is due to increased buying power and tariff tensions, causing investors to still seek safe havens such as gold.
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| Gold continues to rise, close to re-touching historical peak. |
Specifically, the bull market is being driven by the latest wave of gold investment from China, the leading gold consumer market - which has reopened after a long holiday from May 1 to 5. At the same time, the continuous demand for buying from central banks around the world has increased, causing the precious metal gold to "rise".
Gold, a hedge against uncertainty, has hit record highs this year amid concerns about tariffs. Tariff tensions are not over yet, with President Donald Trump recently signing an executive order to boost domestic pharmaceutical production and warning that tariffs on the industry could be imposed within two weeks. He previously directed his administration to impose a 100% tariff on all foreign-produced films in the United States.
In addition, the weaker US dollar index, which has been trading around 99 points in recent sessions, is also a positive signal for the gold market. The US dollar's health weakened ahead of the US Federal Reserve's interest rate decision meeting, which began yesterday (May 6) and will be announced on Wednesday (May 7). However, analysts predict that no change in US monetary policy is expected at the Federal Open Market Committee (FOMC) meeting.
Opening this morning, the price of SJC gold bars listed by SJC was 120.7-122.7 million VND/tael (buy-sell), an increase of 500,000 VND per tael; Doji Group also increased the buying price to 120.7 million VND, selling to 122.7 million VND... The price of gold rings remained unchanged, SJC bought at 115.5 million VND, sold at 118.1 million VND. Compared to international gold, the domestic price of SJC gold is still 16-17 million VND/tael higher.
Given the current "heat" of the gold market, analysts recommend that investors should be cautious and divide their capital into investment channels, including gold, to limit risks. Notably, when the domestic gold market is not connected to the world, the price of SJC gold bars is always nearly 20 million VND/tael higher than the international price as it is now.
According to the State Bank, the gold market is still not truly stable and sustainable, still affected by psychological factors, expectations, and potential risks affecting the currency and foreign exchange markets. In addition to solutions from the State Bank, to stabilize the gold market sustainably, there needs to be synchronous participation of ministries, branches, and localities under the direction of the Government and the Prime Minister .
To continue to do a good job of communication to promptly provide information on policies, solutions, and strategies for gold market management, and stabilize market sentiment. Urgently develop a Decree amending and supplementing a number of articles of Decree No. 24/2012/ND-CP according to simplified procedures.
At the same time, the State Bank coordinates with relevant ministries and branches (Ministry of Public Security, Ministry of Industry and Trade, Ministry of Finance, etc.) to strengthen inspection and examination of the activities of gold trading enterprises, stores, agents distributing and trading gold bars and other entities participating in the market. Timely detect loopholes, inadequacies and violations to strictly handle them according to authority and report to competent authorities for appropriate handling measures.
This morning, the central exchange rate between VND and USD announced by the State Bank was 24,930 VND, down 8 VND compared to yesterday. USD prices at Vietcombank and other banks increased slightly. Specifically, at Vietcombank, the transfer buying price was 25,780 VND/USD, the selling price was 26,140 VND/USD, up 5 VND compared to yesterday.
Source: https://baodautu.vn/gia-vang-vot-len-3414-usdounce-sjc-cao-hon-the-gioi-17-trieu-dong-d279323.html
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