At 8:15 pm on May 15, Vietnam time, the international gold price surged to near the $3,200 mark, reaching $3,196 per ounce, a total increase of about $65 per ounce (equivalent to approximately 2 million VND per tael) compared to the morning session. This is a strong recovery for gold prices, which had plummeted to just $3,130 per ounce.
The latest data on the manufacturing business outlook in the US for May, which fell short of expectations, supported the rebound in gold prices. Bottom-fishing forces also contributed to the upward movement of the precious metal as gold prices dipped to their lowest level in over a month.
The US Dollar Index in the international market also saw a slight decline, trading at 100.6 points, down 0.41% from the previous session, which helped push gold prices higher this evening.
Meanwhile, by the end of the day, SJC gold bars and gold rings witnessed further decreases. SJC, PNJ, and DOJI companies simultaneously lowered the price of SJC gold bars to 115.5 million VND per tael for buyers and 118.2 million VND per tael for sellers, a reduction of 1.2 million VND per tael from the morning session and a total decrease of 1.8 million VND from the previous day.
SJC gold bar price continues to fall
The price of 99.99% gold rings and jewelry also retreated to 110.5 million VND per tael for buyers and 113.5 million VND per tael for sellers, a decrease of 1.5 million VND per tael from the morning session. Nonetheless, the price of gold rings is currently about 5 million VND per tael lower than that of SJC gold bars.
Domestic gold prices continued to decline, contrary to the recovery in global gold prices after consecutive days of declines. From its record peak, the global gold price has lost about $300 per ounce (equivalent to 9.5 million VND per tael). In contrast, the SJC gold bar price has only decreased by about 6 million VND per tael.
Currently, the global gold price converted at the listed exchange rate is approximately 100.6 million VND per tael.
Prime Minister Demands “Urgent” Action: Gold Trading Business Inspection Results to be Reported by May
“The latest directive, Government Telegram No. 64, signed by Prime Minister Pham Minh Chinh, outlines critical measures for effective management of the gold market. This comprehensive strategy aims to bring stability and order to the industry, addressing key concerns and laying the foundation for a robust and transparent gold market in the country.”
The Prime Minister’s Urgent Directive on the Gold Market
The Prime Minister has instructed the State Bank of Vietnam to promptly issue inspection conclusions regarding enterprises and credit institutions trading in gold. The Bank is to strictly handle any violations of the law and report the implementation results to the Prime Minister by the end of May.
Today’s Gold Price Update: Domestic and Global Markets Rise
The morning of May 10th witnessed a slight surge in both domestic and global gold prices as the US dollar weakened.
The Soaring Price of Gold: Surging Past $3,400/oz After a Steep Plunge
The global gold price continues to fluctuate within a wide range, experiencing intra-day swings of several dozen to nearly a hundred dollars per ounce.
Gold Prices Surge Again After a Dizzying Drop
Global gold prices continue to fluctuate significantly, surging over 2% this morning (April 24th) in Asian markets after a 3% drop in the previous session in the US.
