Gold reverses upward trend amid tariff pressure

Gold prices recorded a remarkable reversal last week when at one point they dropped by 1.5 million VND/tael to 115.5 million VND/tael (buy) and 118.5 million VND/tael (sell). However, the recovery in the second half of the week pulled gold back up.

At Saigon Jewelry Company (SJC), the price of SJC gold bars closed last week at VND119 million/tael (buy) and VND121 million/tael (sell), up VND1 million/tael compared to the previous week. Most gold trading companies have reduced the difference between buying and selling prices to VND2 million/tael. This difference is the lowest at Vang Mi Hong, although the purchase price per tael of gold is also VND119 million, the selling price is half a million VND lower than other companies.

For gold ring products, the common selling price is 116 million VND/tael, in particular, the price of Bao Tin Minh Chau's plain round rings is quite high (118.5 million VND/tael).

Gold price trends are greatly influenced by world developments. In the international market, spot gold prices have fallen to around $3,200/ounce - the lowest level in more than a month. However, the world gold market suddenly reversed and increased sharply at the end of the week after US President Donald Trump threatened to impose a 50% tax on goods from the EU and Apple, increasing global risk aversion. Gold prices jumped more than 1.5%, trading around $3,350/ounce.

In contrast to the gold price trend, the DXY index measuring the strength of the USD fell below the 100-point mark. The domestic USD/VND exchange rate last week was also quite stable after falling on Friday. At Vietcombank , the listed exchange rate was 25,770 VND/USD for buying and 26,130 VND/USD for selling.

Last week, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee on May 24. A key content assigned to the State Bank and the Ministry of Finance is to study the establishment of a gold trading floor in the direction that people can freely buy and sell.

At the same time, the Prime Minister requested to amend Decree 24/2012/ND-CP and reduce the gap between domestic and international gold prices to 1-2%, instead of more than 10% as in the past. The Prime Minister requested to amend Decree 24/2012/ND-CP on gold trading in a shortened form to suit the situation, to be completed in June 2025; at the same time, review and build a database on the gold market, to be completed in June 2025.

Next week, the focus of global investors continues to be signals from trade negotiations. Financial markets may face another volatile week due to new developments in trade tensions with President Donald Trump's unexpected moves on Friday .

Investors will be closely watching a series of speeches from Fed policymakers and the minutes of the Federal Open Market Committee (FOMC) meeting. Next week, the US will also release the PCE price index, the Fed's preferred inflation gauge. Consumer spending is expected to have increased 0.2% in April, slowing from a 0.7% increase in the previous month. The second estimate of first-quarter GDP is also due next week, which is expected to confirm the first negative quarter in three years.

In Europe, preliminary inflation data from Germany, France, Italy and Spain are also of interest to investors.

Source: https://baodautu.vn/vang-dao-chieu-tang-truoc-ap-luc-thue-quan-d289492.html