Early this morning, Vietnam time, the US International Trade Court (USITC) ruled that Mr. Trump’s tariffs were illegal. Specifically, on May 28, a three-judge panel of the USITC declared that the reciprocal tariffs issued by Mr. Trump under the executive order were “unlawful for all,” not just the five businesses that filed the lawsuit. The USITC ordered the cancellation and permanent blocking of the implementation of these tariffs. Investors are waiting for the US Supreme Court to speak on this lawsuit that could affect trillions of dollars in global trade.
However, this morning, the above information quickly shook the international financial market. International gold plummeted, losing more than 1% of its value. Currently, the spot gold price is trading at 3,255 USD/ounce. The price of gold futures for delivery in June 2025 on the Comex New York floor also evaporated 1.31% to 3,254 USD/ounce.
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| Gold falls sharply after information from the US International Trade Court (USITC) |
Meanwhile, the greenback was on the upswing. The DXY index, which measures the greenback against a basket of six major currencies, has returned above 100. In addition to being supported by the tariff and trade tensions, investors are also closely watching the debate in the US Senate on Trump’s comprehensive tax and spending bill, which may require significant amendments.
Minutes from the Federal Reserve's May meeting showed that officials are taking a cautious approach to monetary policy, waiting for more clear economic data to assess the economic impact of recent government actions and tariff developments. At the meeting, the Fed kept interest rates unchanged at 4.25% - 4.50%. Policymakers also noted that the risks of both inflation and rising unemployment have increased.
Global fluctuations are also quickly reflected in the domestic market. The central exchange rate announced by the State Bank today is 24,962 VND/USD, up 15 VND/USD. At Vietcombank , the listed exchange rate increased 30 VND/USD compared to last night, listed at 25,810 VND/USD (buy) and 26,170 VND/USD (sell).
In the gold market, Saigon Jewelry Company (SJC) listed the price of gold bars at 114.7 million VND/tael (buy) and 117.2 million VND/tael (sell), down 1.5 million VND/tael compared to the end of yesterday. The price of gold rings also dropped sharply. Most gold companies are listing the price of gold rings at 110 million VND/tael for buying and 113 million VND/tael for selling. The price of round gold rings at Bao Tin Minh Chau is slightly higher when each tael of gold is purchased by this gold company at 112.3 million VND and sold at a significantly higher price than the general level (115.3 million VND).
Recently, in a working session with the Central Policy and Strategy Committee on mechanisms and policies for effective management of the gold market in the coming time, General Secretary To Lam proposed to eliminate the State monopoly on gold bars in a controlled manner, expand the right to import in a controlled manner to increase gold supply, and limit gold smuggling across the border. The General Secretary suggested that gold management in the coming time needs to strongly shift from administrative thinking to disciplined market thinking, from "tighten to control" to "open to manage"; it is necessary to thoroughly grasp and eliminate the thinking of "if you can't manage, then ban"; at the same time, it is necessary to make the gold market operate in accordance with market principles, with state management. The goal is to effectively manage the gold market, stabilize the macro economy, and mobilize resources for socio-economic development.
One of the tasks and solutions in the coming time pointed out by the General Secretary is to complete the legal framework, quickly amend Decree 24/2012/ND-CP in the direction of marketization with a roadmap and strict control; create a more effective connection between the domestic gold market and the international market. At the same time, eliminate the State monopoly on gold bar brands in a controlled manner on the principle that the State still manages the production of gold bars, but can license many qualified enterprises to participate in the production of gold bars to create an equal competitive environment, thereby helping to diversify supply sources and stabilize prices. At the same time, it is necessary to expand the right to control imports to increase gold supply, contributing to reducing the gap between domestic and world gold prices, while limiting the situation of gold smuggling across the border; Encourage the development of the domestic gold jewelry market to gradually turn Vietnam into a center for manufacturing and exporting high-quality gold jewelry, transforming stored gold into value-added products.
Meanwhile, inter-sectoral management and coordination, especially in preventing and combating gold smuggling, will have to be improved in efficiency . At the same time, the role of the Gold Business Association, acting as a bridge between gold enterprises and management agencies, promptly reflecting difficulties, making recommendations and coordinating the implementation of market stabilization measures when necessary, will be promoted. According to the General Secretary, it is necessary to develop attractive alternative investment channels to mobilize gold from the population into the economy; maintain macroeconomic stability and confidence in the Vietnamese currency, considering this a fundamental, long-term solution to transform resources from gold into economic development.
Source: https://baodautu.vn/vang-mieng-sjc-boc-hoi-15-trieu-dongluong-sang-295-ty-gia-tang-nhe-d292595.html
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