Morning of May 8, gold price anchored at high level

At nearly 9:00 a.m., Saigon Jewelry Company listed the price of SJC gold bars at VND120.2 million/tael (buy) - VND122.2 million/tael (sell), unchanged from the end of the previous day.

This business also continues to sell gold rings at 115.5 million VND/tael (buy) - 118 million VND/tael (sell).

Domestic gold prices fluctuated little this morning. Photo: HT

Meanwhile, Phu Quy Group adjusted the price of SJC gold bars up by VND500,000/tael each way, to VND119.2 million/tael (buy) - VND122.2 million/tael (sell). The price of gold rings here remains at VND115.5 million/tael (buy) - VND118.5 million/tael (sell).

Phu Nhuan Jewelry Joint Stock Company kept the price of SJC gold bars and gold rings unchanged at VND120.2 million/tael (buy) - VND122.2 million/tael (sell) and VND115.5 million/tael (buy) - VND118.1 million/tael (sell), respectively.

In the international market, early this morning, the world gold price was trading at 3,370 USD/ounce, down 26 USD/ounce compared to the same time the previous day.

Gold prices fell as the USD rose and the US Federal Reserve announced it would keep interest rates in the range of 4.25% - 4.5%, the interest rate it has maintained since December 2024.

At nearly 9:00 a.m., the gold price was trading at 3,412 USD/ounce, converted 14.3 million VND/tael lower than the domestic gold price.

The State Bank of Vietnam (SBV) has just reported on the implementation of the National Assembly's Resolution regarding questioning activities in the banking sector.

In the first months of the year, the price of SJC gold bars generally moved in the same direction as the trend of world gold prices.

However, the sharp increase in domestic gold bar prices exceeded the increase in world gold prices, leading to a high difference, due to market sentiment expecting world gold prices to continue to increase.

Domestic gold bar supply has not been supplemented since the beginning of 2025, while the foreign exchange market and gold market are relatively stable, leading to the SBV not needing to intervene in the market.

Besides, it is not excluded that some organizations and individuals take advantage of the market situation to speculate and manipulate prices for profit.

Although domestic gold prices have increased sharply recently, according to the State Bank of Vietnam's assessment, these fluctuations have not had a significant impact on monetary policy management as well as macroeconomic stability.

The State Bank will continue to closely monitor developments in the domestic and international gold market, and coordinate with relevant authorities to strengthen management and promptly implement necessary measures to ensure stability of the gold market in accordance with its authority and management objectives.

Source: https://hanoimoi.vn/sang-8-5-gia-vang-neo-o-muc-cao-701566.html