World gold price turns down to nearly 3,300 USD/ounce, SJC gold price is 120.2 million VND/tael

Financial analysts say gold, considered a safe haven asset in times of geopolitical uncertainty, has hit record highs since Mr Trump first announced the tariffs.

World gold turned down to nearly 3,310 USD/ounce.

However, President Trump and British Prime Minister Keir Starmer have just announced a breakthrough trade deal. The 10% tariff on goods imported from the UK will remain in place, while the UK will agree to reduce tariffs from 5.1% to 1.8% and expand access to US goods.

Thus, if the tariff policy continues to cool down in the coming time, it will be a major barrier for the precious metal gold. More notably, financial analysts believe that if an agreement is reached between the US and China, there will be many obstacles to the upward trend and the price of gold, which is even expected to fall to nearly 3,200 USD/ounce. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are expected to meet with China's top economic official on Saturday (May 10) in Switzerland.

In addition, the US Dollar Index (DXY), which measures the greenback’s strength against a basket of major currencies, has recovered, rising above 100 points this morning. The greenback has gained strongly against the safe-haven Japanese yen and the Swiss franc as market jitters were eased by the US-UK bilateral trade deal, as President Donald Trump announced a major trade deal with the UK yesterday, which will impose a basic 10% tariff on British imports including vehicles.

However, JP Morgan predicts that gold prices could reach $4,000 an ounce in the next 12 months even if the global economy continues to grow, emphasizing the role of gold in asset diversification strategies amid many uncertainties. Because in the context of volatile markets, diversification and currency strategies are the key to effective risk management, especially if the trade war continues to escalate.

Meanwhile, the Federal Reserve (Fed) will continue to ease monetary policy without cutting interest rates further at the recent meeting and will continue to monitor the market and tax policies. JP Morgan predicts the Fed will cut interest rates twice this year and twice more in 2026, bringing the final interest rate to 3.5%. However, the Fed may be limited by inflationary pressures if it raises again.

However, experts in the gold sector also recommend that investors should be cautious about the current heat of the precious metal gold. Because once the gold price has increased, it will be difficult to avoid a reversal, so it is necessary to monitor the developments of the trade war, the global geopolitical situation as well as the Fed's interest rate cut roadmap in the coming months, even though gold is still a safe haven.

The international gold price this morning turned down to nearly 3,300 USD/ounce, causing the domestic SJC gold bar price to decrease slightly compared to yesterday's session . However, if converted according to the exchange rate listed at banks, the domestic SJC gold bar price is still about 16 million VND/tael higher than the international gold price this morning.

This morning, the State Bank listed the central exchange rate at 24,951 VND/USD, up 14 VND compared to yesterday. Meanwhile, commercial banks kept the USD price stable at a high level. At Vietcombank, the buying price was 25,750 - 25,780 VND/USD, the selling price was 26,140 VND/USD.

Source: https://baodautu.vn/vang-the-gioi-quay-dau-giam-ve-sat-3300-usdounce-gia-vang-sjc-1202-trieu-dongluong-d280685.html