On May 9, 2025, the global gold market continued its downward trend, losing nearly 3% compared to the previous session, marking the sharpest drop in a week. In Vietnam, domestic businesses adjusted their buying and selling prices of 9999 gold downwards, following the international market trend. This morning, the precious metals market witnessed a significant adjustment. According to updates, SJC gold bars were being purchased at 118.5 million VND per tael and sold around 120.5 million VND per tael. Among major brands, Phu Quy SJC's gold had a buying price that was 1 million VND lower, while Bao Tin Minh Chau was approximately 200,000 VND lower than the general level.
Additionally, the price of 9999 gold fluctuated sharply today. SJC 9999 gold rings decreased by 1.5 million VND in both buying and selling directions, down to 114 million VND per tael for buying and 116.5 million VND per tael for selling. The DOJI system in Hanoi and Ho Chi Minh City also listed similar prices, recording a decrease of 1.5 million VND in each direction compared to the morning of May 8, 2025. Updates from the market indicate that Bao Tin Minh Chau's 9999 gold recorded a decrease of 1 million VND per tael in both directions, currently at 116.5 million VND for buying and 119.5 million VND for selling. PNJ adjusted the buying price down to 114.2 million VND per tael and the selling price to 117.2 million VND per tael, corresponding to a decrease of 1.3 million VND and 900,000 VND respectively.
At 5:30 AM on May 9, 2025, DOJI in Hanoi bought gold at 118.5 million VND and sold at 120.5 million VND, a decrease of 1.7 million VND compared to the morning of May 8, 2025. The same figures were reported for DOJI in Ho Chi Minh City and SJC in Da Nang. Meanwhile, at 5:33 AM, spot gold prices fell sharply to 3,315.55 USD per ounce, a decrease of 70.34 USD compared to the previous 24 hours, equivalent to a decrease of about 2.08%. If converted according to the exchange rate listed at Vietcombank, the world gold price is currently equivalent to about 103.093 million VND per tael (excluding taxes and fees). Using the USD exchange rate on the free market at 26,401 VND/USD, the converted price of international gold is about 104.5 million VND per tael.
Expert Bob Haberkorn, a senior advisor at RJO Futures, noted that gold prices may continue to fall, especially if the US and China reach a specific trade agreement. In this context, the 3,200 USD per ounce mark is viewed as the next support threshold. Gold has long been considered a hedge against risk amid geopolitical instability. The escalation of trade tensions, particularly since the Trump administration imposed tariffs, has previously led to historic peaks in gold prices.
In another notable development, the People's Bank of China has agreed to allow commercial banks to use foreign currency to pay for imported gold, according to a newly increased quota. Analyst Han Tan from Exinity Group stated that this move could help maintain demand for physical gold, thus providing momentum to support spot gold prices in the near future. However, Zain Vawda from OANDA expressed concerns that the market is still mainly affected by fluctuations related to global tax and trade policies. Therefore, in the short term, gold prices may continue to be unstable.
Today, May 9, 2025, the gold market reflects the cautious sentiment of investors in response to global macro signals. In the short term, investors should closely monitor key factors such as the strength of the USD, central bank interest rate policies, and the buying trends of large funds to make appropriate decisions amid the current unpredictable volatility.
At 6:00 AM on May 9, 2025, the highest gold price was recorded at 129.5 million VND per tael. SJC gold bars at SJC Hanoi were listed at 118.5-120.5 million VND per tael (buy-sell). At the same time, DOJI Group traded SJC gold at the same price range. Mi Hong Gemstone Company also listed SJC gold prices at 118.5-120.5 million VND per tael. At PNJ, SJC gold bars reached 118.5-120.5 million VND per tael, while PNJ gold was set at 114.2-117.2 million VND per tael (buy-sell).
As of 6:00 AM on May 9, 2025, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 114.0-116.5 million VND per tael (buy-sell), a decrease of 1.5 million VND per tael in both buying and selling directions compared to May 8, 2025. Bao Tin Minh Chau listed gold ring prices at 116.5-119.5 million VND per tael (buy-sell), a decrease of 1 million VND per tael in both directions compared to the previous day.
At 6:00 AM, spot world gold according to Kitco was at 3,310.92 USD per ounce. Converted at the USD exchange rate on the free market (26,140 VND/USD), the world gold price is equivalent to about 104.75 million VND per tael (excluding taxes and fees). Compared to the domestic SJC gold bar price on the same day (118.5-120.5 million VND per tael), the SJC gold price is currently about 15.74 million VND higher than the international gold price.
On May 8, 2025, the world gold market witnessed a decline after a slight increase earlier. Spot gold fell by 0.6%, down to 3,310.92 USD per ounce. The main reason was the information about a potential trade agreement between the US and the UK, which helped ease global trade tensions. As tensions decrease, gold, often seen as a safe haven during instability, becomes less appealing to investors. US President Donald Trump recently hinted at a "big trade deal" with the UK, expected to be announced on May 8, 2025. UK Prime Minister Keir Starmer is also preparing to update information on trade negotiations between the two countries. These positive signals have strengthened the USD, reducing the allure of gold, as gold typically becomes more expensive when the USD appreciates.
Additionally, trade negotiations between the US and China in Switzerland later this week are also attracting attention. If these discussions yield positive results, the demand for gold as a safe asset may continue to decline. However, China is still supporting gold prices by increasing imports. The Central Bank of China recently allowed commercial banks to buy foreign currency to import gold with a larger quota. Analyst Han Tan believes this move will continue to maintain gold demand, helping gold prices not fall too deeply.
Another influencing factor on gold prices is the geopolitical tensions between India and Pakistan. Pakistan announced it shot down 12 Indian drones that violated its airspace, following Indian attacks on multiple targets in Pakistan. According to Ole Hansen from Saxo Bank, this situation may increase demand for gold as a safe haven, although the extent of the impact remains unclear.
In summary, the gold market today, May 9, 2025, is influenced by various factors, from international trade to geopolitical tensions. Investors need to closely monitor developments to make informed decisions. The current trends suggest that domestic gold prices may see slight decreases, reflecting the global market's movements.
