On May 9, 2025, the gold price is expected to continue its slight decline in both domestic and global markets due to ongoing trade tensions. As of 6:00 AM today, the highest gold price reached 129.5 million VND per tael. The SJC gold bar price at SJC Hanoi is listed at 118.5-120.5 million VND per tael for buying and selling. Similarly, DOJI Group also trades SJC gold at the same price range of 118.5-120.5 million VND per tael. Mi Hong has listed the SJC gold price at 118.5-120.5 million VND per tael, while at PNJ, the SJC gold bar price is at 118.5-120.5 million VND per tael, with PNJ gold priced at 114.2-117.2 million VND per tael. Bao Tin Minh Chau lists the SJC gold price at 118.3-120.5 million VND per tael, and Phu Quy trades SJC gold at 117.5-120.5 million VND per tael. Vietinbank Gold has set the SJC gold price at 120.5 million VND per tael for selling.
As of 6:00 AM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 114.0-116.5 million VND per tael, reflecting a decrease of 1.5 million VND per tael in both buying and selling compared to yesterday. Bao Tin Minh Chau lists the price of gold rings at 116.5-119.5 million VND per tael, also down 1 million VND per tael in both buying and selling from the previous day. It is important to note that these prices are preliminary reference prices before the trading floor opens on May 9, 2025. For the latest updates, readers are encouraged to follow the gold prices on reputable sources like Quang Nam Newspaper.
The world gold price as of 6:00 AM today, according to Kitco, stands at 3,310.92 USD per ounce. When converted using the free market USD exchange rate of 26,140 VND/USD, the world gold price is approximately 104.75 million VND per tael, excluding taxes and fees. Compared to the domestic SJC gold bar price on the same day, which ranges from 118.5 to 120.5 million VND per tael, the SJC gold price is currently about 15.74 million VND higher than the international gold price.
Yesterday, May 8, 2025, the world gold market experienced a decline after a slight increase earlier. The spot gold price decreased by 0.6%, down to 3,310.92 USD per ounce. The primary reason for this decline is the news surrounding a potential trade agreement between the United States and the United Kingdom, which helped ease global trade tensions. As tensions subside, gold, often viewed as a safe haven during periods of instability, becomes less attractive to investors.
U.S. President Donald Trump recently hinted at a "major trade deal" with the UK, expected to be announced on May 8, 2025. British Prime Minister Keir Starmer is also preparing to update information regarding trade negotiations between the two countries. These positive signals have strengthened the USD, which diminishes the appeal of gold since gold typically becomes more expensive when the USD rises. According to Nitesh Shah, an expert from WisdomTree, this agreement could bolster the USD, thereby reducing the upward momentum of gold prices.
Additionally, U.S.-China trade negotiations in Switzerland later this week are attracting attention. If these discussions yield positive outcomes, the demand for gold as a safe asset may continue to decline. However, China is supporting gold prices by increasing imports. The People's Bank of China has recently allowed commercial banks to purchase foreign currency to import gold with a larger quota. As Han Tan, an analyst at Exinity Group, notes, this move will continue to sustain the demand for gold, preventing prices from dropping too sharply.
Another factor influencing gold prices yesterday was the geopolitical tension between India and Pakistan. Pakistan reported that it shot down 12 Indian drones that had violated its airspace following Indian attacks on various targets in Pakistan. According to Ole Hansen from Saxo Bank, this situation could increase the demand for gold as a safe haven, although the extent of its impact remains unclear. In times of uncertainty, gold is often favored for its value retention.
In terms of other precious metals, silver saw a slight increase of 0.1% to 32.51 USD per ounce, platinum rose by 0.7% to 981.09 USD per ounce, while palladium decreased by 1% to 962.91 USD per ounce. Overall, the gold price on May 9, 2025, is under the influence of various factors, from international trade to geopolitical tensions. Investors need to closely monitor developments to make informed decisions.
As the market opens today, the gold price is in the spotlight with many changes in the global market. As of 6:00 AM today, the spot gold price according to Kitco reached 3,310.92 USD per ounce. When converted according to the free market USD exchange rate, the world gold price is approximately 104.75 million VND per tael, excluding taxes and fees. Meanwhile, the domestic SJC gold bar price fluctuates between 118.5 and 120.5 million VND per tael, which is about 15.74 million VND higher than the international gold price.
The current global gold market is influenced by several factors. China, one of the largest gold-consuming countries, has recently made significant moves. The People's Bank of China has allowed commercial banks to buy USD to import more gold after increasing the import quota. This indicates a high demand for gold in China, which may help prevent gold prices from dropping too significantly.
Moreover, China is implementing measures such as lowering interest rates and injecting money into the market to support an economy that is under pressure from trade tensions with the U.S. However, the world gold price remains volatile due to the unstable global economic and political situation. Gold is viewed as a safe haven during instability, particularly as it previously reached a peak of 3,500 USD per ounce last month.
These changes in China's policies indicate their efforts to stabilize the economy while also reflecting the challenges the world faces, from trade tensions to currency fluctuations. With the current trend, the domestic gold price on May 9, 2025, is likely to decrease slightly, following the developments in the world market. The SJC gold price may adjust down in the morning trading session when the trading floor opens, but the decrease will not be too significant due to the demand for gold from China. Buyers are advised to closely monitor information from reputable sources such as Kitco, PNJ, or SJC to seize opportunities. The gold market remains volatile, promising noteworthy developments today.
