On May 6, 2025, the global gold market is experiencing significant fluctuations, with spot gold prices hovering around $3,367.5 to $3,368.0 USD per ounce as of 8:00 AM Vietnam time. This follows a remarkable surge on May 5, where the price jumped by $93.8 USD, reaching $3,333.4 USD per ounce. Analysts attribute this rise to a combination of a weakening US dollar and increasing demand for safe-haven assets amidst rising global trade tensions.
Particularly, the gold market reacted sharply to President Donald Trump's announcement of a staggering 100% tax on all films produced outside the United States. Although he did not disclose detailed implementation plans, the announcement has heightened concerns about the implications of escalating trade wars. As a result, Carlo Alberto De Casa, an analyst at Swissquote, noted that the downward trend of the US dollar serves as a positive indicator for gold prices.
Jim Wyckoff, a senior analyst at Kitco Metals, also weighed in, suggesting that the demand for safe-haven assets is on the rise, which helps maintain gold prices at elevated levels. He predicts that gold will continue to trade above $3,000 USD per ounce in the near future. “I don’t foresee any changes in interest rates during this meeting, but we will monitor the Fed’s direction closely,” Wyckoff stated.
As for the domestic gold market in Vietnam, the price remains stable, trading around 117.80 to 119.80 million VND per tael as of 8:00 AM on May 6. This stability follows a sideways movement in the market observed on May 5. Specifically, SJC gold in Hanoi is listed at 117.80 to 119.80 million VND per tael, and similar prices are reported for DOJI gold in both Hanoi and Ho Chi Minh City. The consistency in pricing across various gold brands indicates a synchronized market response to global trends.
In terms of specific prices, the SJC gold for 1-10 taels in Ho Chi Minh City was priced at 117,800 VND for buying and 119,800 VND for selling. The same pricing was noted for SJC gold in 5 taels, while other types of gold, such as 9999 gold and various jewelry grades, maintained similar price ranges.
Meanwhile, the currency exchange rates at Vietcombank on May 6 also reflect a downward trend for most foreign currencies compared to the previous day. The USD exchange rate is listed at 25,760 VND for cash purchases, 25,790 VND for transfer purchases, and 26,150 VND for sales. This marks a decrease of 40 VND across all three categories compared to the day before.
The Euro is also experiencing a decline, with cash buying rates at 28,612.52 VND and transfer buying rates at 28,901.54 VND, both down by over 100 VND. The selling rate for the Euro stands at 30,180.34 VND, reflecting a similar downward adjustment. The British Pound has also seen a slight decrease, with rates of 33,617.88 VND for cash purchases and 33,957.46 VND for transfers.
Interestingly, the Australian Dollar is trading at 16,334.47 VND for cash purchases, down by about 50 VND, while the Japanese Yen has shown a minor increase, now priced at 174.33 VND for cash purchases. This indicates a mixed reaction in the foreign exchange markets, with most currencies trending down against the Vietnamese Dong.
Overall, the currency market reflects a broader trend, where most currencies are depreciating against the Vietnamese Dong, with only a few, such as the Chinese Yuan and Korean Won, showing slight increases. The fluctuations in both gold and currency markets highlight the interconnectedness of global economic conditions and local market responses.
As of the latest reports, the USD exchange rate at Vietcombank is listed at 25.760 VND for buying and 26.150 VND for selling, showing the immediate impact of international economic policies on local currency values.
Market analysts continue to monitor these developments closely, as the interplay between gold prices and currency exchange rates could signal broader economic trends moving forward. Investors are advised to stay informed about these fluctuations, as they can significantly impact investment strategies and market stability.
