Gold prices on May 11, 2025, are expected to remain stable as both domestic and international markets observe a trading halt over the weekend. On May 10, 2025, at 5:00 PM, domestic gold prices showed a strong upward trend, with SJC and DOJI gold prices exceeding 120 million VND per tael. Specifically, SJC gold at Saigon Jewelry Company was listed at 120-122 million VND per tael (buying - selling), reflecting an increase of 500,000 VND per tael in both directions compared to the previous day.
Meanwhile, DOJI gold at DOJI Group traded at the same range of 120-122 million VND per tael in Hanoi, Ho Chi Minh City, and Da Nang, also showing a 500,000 VND per tael increase in both buying and selling prices. Mi Hong Jewelry Company reported its latest gold price at 120.5-122 million VND per tael, marking a similar rise. Additionally, Bao Tin Minh Chau Company listed SJC gold at 120-122 million VND per tael, confirming the robust demand in the market.
Phu Quy Jewelry Company led the day’s price increases with a notable rise of 1.3 million VND per tael, pricing its gold between 119-122 million VND. In contrast, PNJ listed jewelry gold at 114-116.6 million VND per tael, remaining unchanged from the previous day. The round gold bar 9999 from Hung Thinh Vuong at DOJI was priced at 114.5-117.0 million VND per tael, while Bao Tin Minh Chau listed its gold rings at 117.0-120.0 million VND per tael, both reflecting a 500,000 VND increase.
The latest global gold price, as recorded by Kitco at 5:00 PM on May 10, 2025, was 3,328.94 USD per ounce. When converted at the free market exchange rate of 26,140 VND/USD, this equates to approximately 105.32 million VND per tael (excluding taxes and fees). Comparatively, the domestic SJC gold price on the same day was approximately 16.67 million VND higher than the international gold price.
Despite the global market being closed for trading on May 10, 2025, the previous day saw a significant increase in world gold prices, which rose more than 1% to reach 3,340.29 USD per ounce. This surge was attributed to a slight decrease in the US dollar, making gold more appealing to investors using other currencies.
Another critical factor influencing gold prices on May 10 was President Donald Trump’s assertion that an 80% tax on Chinese goods is appropriate amid escalating trade tensions between the US and China. Such tariff-related uncertainties typically drive investors towards gold as a safe-haven asset. Additionally, ongoing geopolitical instability in South Asia, particularly between India and Pakistan, has also contributed to rising gold prices, as both nations have accused each other of military provocations.
As the market remains closed on May 11, 2025, the stability in gold prices is expected to hold. However, investors are advised to keep a close watch on international developments, including trade negotiations and geopolitical tensions, which could influence market dynamics in the upcoming weeks.
In terms of local gold prices on May 11, 2025, they are expected to stabilize around 120-122 million VND per tael. The SJC gold price at SJC Company in Hanoi is listed at 120-122 million VND per tael, consistent with other major companies like DOJI and Mi Hong. The ongoing strong demand for gold amid economic volatility is likely to sustain interest in the market.
Furthermore, the global gold market continues to operate with spot gold prices hovering around 3,325.4 - 3,325.9 USD per ounce on Kitco. The DXY index, which measures the US dollar against six major currencies, is currently at 100.35, indicating a stable dollar performance.
This week, gold prices have shown significant fluctuations, initially rising sharply due to heightened demand for safe-haven assets amid fears of a worsening US-China trade war. However, prices later declined as profit-taking occurred and trade tensions eased. By the end of the week, gold prices rebounded, ultimately concluding the week with a nearly 3% increase.
Market analysts recommend that investors prepare for potential new fluctuations as US-China discussions continue this weekend. With uncertainty surrounding the global economic recovery, gold remains a preferred safe-haven asset. According to FTSE Russell, the traditional 60/40 investment model is becoming less effective, and allocating at least 20% to gold is advisable.
Interestingly, Asian investors have been particularly active, purchasing 69.6 tons of gold through ETFs valued at 7.31 billion USD over the past month, significantly outpacing North America’s 44.2 tons. This trend reflects a growing appetite for gold as a hedge against economic instability.
Looking ahead, many banks predict that gold prices may reach as high as 4,000 USD per ounce this year, with Bank of America being the most optimistic. Tim Waterer from KCM Trade noted that the trend of buying gold when prices dip continues to gain traction, helping to stabilize prices despite a slight decrease in the demand for asset holding following recent trade agreements between the US and the UK.
James Stanley, a senior market strategist at Forex.com, emphasized a bullish outlook, stating, "I am still leaning towards a bullish scenario. The $3,500 USD per ounce level is a major resistance for spot gold, but buying power continues to persist as prices hit $3,200 USD last week and $3,300 this week, indicating that buyers have not fully withdrawn from the market."
In summary, while the domestic gold market remains stable as of May 11, 2025, the ongoing geopolitical and economic uncertainties are likely to keep gold prices in focus for investors in the upcoming week.