When buying gold, you must have the rightful owner.
Observations made on the morning of May 29th at several gold shops in Ho Chi Minh City showed a large number of customers arriving early. From 7 AM onwards, many people were already waiting in line to buy gold after receiving their queue numbers and completing the document verification process. The shops implemented a rule limiting each customer to a maximum of one tael (approximately 3.75 grams) of gold and required the presentation of a valid citizen identification card to prevent hoarding and transactions conducted on behalf of others.
At a Mi Hong store (Binh Thanh ward), at 8:30 AM, the buying price of SJC gold was 15.55 million VND/ounce and the selling price was 15.75 million VND/ounce, an increase of about 100,000 - 130,000 VND/ounce compared to before. 9999 gold rings were also traded around 15.55 - 15.75 million VND/ounce. The store remained quite busy, mainly with customers buying small quantities for storage. Many customers said they had to take advantage of the cooling down of gold prices after a period of excessively rapid increases. Meanwhile, some people still feared that gold prices might surge again, so they continued to invest in hoarding gold.
Ms. Nguyen Thi Thanh Huyen (Go Vap ward) said she arrived early at 7 a.m. to buy a gold ring. “A few weeks ago the price was still high so I didn’t dare buy, but now that it’s dropped by a few million dong per tael, I’m taking advantage of the opportunity to buy and accumulate. Although I know gold prices are still volatile, I think gold is still a safe way to preserve assets,” Ms. Huyen added.
Some other customers said that although gold prices are adjusting, there are still many buyers due to the "buy the dip" mentality. However, many people are only buying small quantities instead of buying heavily like during the previous period of sharp price increases.
According to the price list at 8:40 AM on May 29th, SJC gold was traded by businesses at around 156 million VND/ounce for buying and 159 million VND/ounce for selling, approximately 1.7 million VND/ounce lower than the previous session. SJC 99.99 gold rings (1 tael) also decreased to 155.8 million VND/ounce for buying and 158.8 million VND/ounce for selling.
The downward trend continued into this morning's session, with gold prices falling further by 500,000 to nearly 1 million VND per tael compared to the end of the May 28th session. After several consecutive sessions of decline, the total drop in gold prices has reached approximately 3 million VND per tael, following a period of rapid increase.
Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association, said that the recent decline in gold prices mainly stems from developments in the global market, as many international investors are taking profits after a period of strong increases. In addition, the recovery of the US dollar and expectations that the US Federal Reserve (Fed) will not lower interest rates anytime soon are also putting downward pressure on the precious metal.
According to Mr. Khanh, the sharp drop in domestic gold prices after a prolonged period of rapid increases is a normal market development. However, gold prices in the coming period may still fluctuate unpredictably due to the impact of many factors such as geopolitical tensions, inflationary pressure, and monetary policies of major economies.
"Over the next week, gold prices may continue to fluctuate sharply in a tug-of-war trend. If world gold prices continue to adjust, domestic prices may fall further. However, the demand for gold among the public remains quite high, so a significant drop is unlikely," Mr. Huynh Trung Khanh commented.
Meanwhile, other economic experts also advise people to be cautious when buying gold during periods of high volatility, avoiding herd mentality or borrowing money for speculative investment. According to them, those buying gold for hoarding should consider their long-term financial needs and spread their purchases into smaller amounts to limit risks in the face of unpredictable market fluctuations.
Gold prices rose slightly due to a weaker USD.
World gold prices reversed course and rose slightly on May 28, recovering from a two-month low earlier in the session, as the US dollar and oil prices cooled down following news that the US and Iran had reached an agreement to extend the ceasefire.
According to data from Kitco.com, at 9:15 PM on May 28th (New York time), or 8:15 AM on May 29th (Vietnam time), the spot gold price reached $4,509.4 per ounce, an increase of $14.5, or 0.32%, compared to the previous session. During the session, the precious metal fluctuated within a wide range of $4,365.8 - $4,517.3 per ounce, indicating that market sentiment remains quite cautious as investors continuously reassess the outlook for US interest rates and geopolitical developments in the Middle East.
Gold was supported by the weakening of the US dollar following reports that Washington and Tehran had reached a memorandum of understanding to extend the ceasefire for 60 days. However, this agreement still needs to be ratified by US President Donald Trump before it officially takes effect.
This information had an immediate impact on the energy and foreign exchange markets. The US dollar index fell by about 0.2%, making gold more attractive to investors holding other currencies.
Beyond geopolitical factors, the market also reacted to a series of new US economic data. The US Commerce Department revised down its first-quarter GDP growth forecast to 1.6% year-on-year, lower than its previous estimate of 2%. At the same time, the Personal Consumption Expenditures (PCE) price index – a key inflation measure monitored by the Federal Reserve – rose 0.4% in April and increased 3.8% year-on-year. This combination of weakening economic growth and cooling core inflation supported a recovery in gold prices from their lows during the session.
In addition, the Strait of Hormuz remains a focal point for investors to closely monitor. This strategic shipping lane carries approximately one-fifth of the world's traded oil and plays a particularly important role in the energy market.
Market sources indicate that the 60-day ceasefire framework between the US and Iran aims not only to extend the truce but also to fully reopen shipping lanes through the Strait of Hormuz and restart nuclear negotiations. However, analysts believe that risks have not completely disappeared, and the potential for escalating tensions remains, leading investors to continue their defensive stance towards gold.
According to experts, the prospect of US-Iran negotiations is having a two-way impact on gold. If the reconciliation process progresses, oil prices could continue to fall, leading to easing inflationary pressures, weaker bond yields, and a weaker US dollar – factors that typically support gold prices.
Conversely, any unexpected military development could cause oil prices to surge, driving up inflation expectations and the US dollar, thereby putting pressure on non-yielding assets like gold.
Despite the recent sharp correction in gold prices, many experts remain optimistic about the long-term outlook. Tom Winmill, Portfolio Manager at Midas Discovery Fund, believes that the key drivers supporting the gold market remain unchanged, particularly the trend of central banks continuing to increase their gold reserves and the lingering uncertainties in the global economy.
“I don’t see many factors that could make the long-term outlook for gold negative at current price levels. The market may just be taking a break before entering a new upward trend,” said Tom Winmill.
Source: https://baotintuc.vn/thi-truong-tien-te/vang-lao-doc-nhieu-phien-suc-mua-chua-ha-nhiet-20260529091315642.htm
![[Photo] Reception to welcome General Secretary and President To Lam and his wife on their State visit to the Philippines](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2026/06/01/1780295488620_vna-potal-chieu-dai-chao-mung-tong-bi-thu-chu-tich-nuoc-to-lam-va-phu-nhan-tham-cap-nha-nuoc-toi-philippines-8798060-7855-jpg.webp)
Comment (0)