Gold is on a downward trend.

Gold, a precious metal often seen as a hedge against economic and geopolitical instability, reached a record high of $3,500 per ounce last month amid tariff tensions fueling the trade war. However, recent signs of progress in US-China tariff negotiations have caused the price of gold to plummet.

Gold is on a downward trend amid positive developments in tax policy negotiations.

According to statements from both sides, the US will reduce additional tariffs imposed on imports from China in April of this year from 145% to 30%, while China will also reduce tariffs on imports from the US from 125% to 10%. This also had a positive impact on the health of the US dollar, with the USD Index soaring to 101.68 points this morning, its highest level in over a month.

A stronger USD makes gold more expensive for investors. However, financial analysts predict that the USD is likely to weaken further in the near future, and the Federal Reserve (Fed) will cut USD interest rates three times this year. It's possible that at the July 2025 meeting, over 50% of the market believes there will be a rate cut of around 0.25%. At the September meeting, another rate cut of about 0.25% is likely. And in December 2025, a further 0.25% cut is expected.

The market is currently awaiting the release of US Consumer Price Index (CPI) data today (May 13th) to guide the Fed's policy. Gold prices fell as profit-taking pressure increased following positive market news, particularly the news that the two major economies , the US and China, have reached initial agreements after high-level talks in Geneva, Switzerland.

International gold prices fell, dragging down domestic SJC gold bar prices this morning. SJC opened with a buying price of 117.5 million VND and a selling price of 119.5 million VND. However, by midday, SJC increased the price of gold bars to 118-120 million VND/ounce, 500,000 VND/ounce higher than the opening price. Nevertheless, domestic SJC gold bar prices remain approximately 18 million VND/ounce higher than international prices , based on the exchange rate listed at banks. Gold ring prices are still around 112.5-115 million VND/ounce, but remain about 14 million VND/ounce higher than international prices.

This morning (May 13th), the central exchange rate between VND and USD announced by the State Bank of Vietnam was 24,973 VND, an increase of 28 VND compared to yesterday. Vietcombank also increased by 10 VND, with the buying rate for transfers rising to 25,790 VND/USD and the selling rate to 26,150 VND/USD.