On May 8, 2025, gold prices saw a noticeable increase as the market reacted to fluctuations in the U.S. dollar and ongoing trade negotiations between the United States and China. At 10:00 AM, gold was trading on the Kitco exchange at approximately $3,402.5 to $3,403.0 per ounce, rebounding from a sharp drop the previous day when it fell by $68.4 to $3,364.1 per ounce. This uptick in gold prices coincided with a 0.25% decrease in the DXY index, which measures the strength of the U.S. dollar against six major currencies, settling at 99.66.
The recent decline in gold prices had been attributed to optimistic news regarding trade talks between the two economic giants. U.S. Treasury Secretary Scott Bessent and trade negotiator Jamieson Greer are scheduled to meet with China’s top economic official, Ha Lap Phong, in Switzerland this weekend to discuss tariffs. According to Zain Vawda, an analyst from MarketPulse, the positive sentiment surrounding these discussions has led investors to momentarily shift their focus away from safe-haven assets like gold.
Despite the recent fluctuations, analysts caution against assuming that gold's upward trend is over. The ongoing trade negotiations are still in their early stages and carry the risk of failure or unfavorable outcomes, which could quickly increase demand for gold as a safe haven. Investors are particularly attentive to the upcoming policy announcement from the Federal Reserve. While it is widely expected that the Fed will maintain interest rates, many are seeking clues about potential rate cuts in the future. The CME’s FedWatch tool currently estimates a 30% chance that the Fed will lower rates in June.
As of the same day, the domestic gold market in Vietnam also experienced slight fluctuations. By 10:00 AM, the price of 9999 gold rose by 500,000 VND per tael in both buying and selling directions. The SJC gold price in Hanoi was listed between 120.70 and 122.70 million VND per tael for buying and selling, respectively. Similar prices were observed at Phu Quy Group, PNJ, Bao Tin Minh Chau, and DOJI, all maintaining the same range. Mi Hong was also purchasing gold at these rates.
At 12:25 PM, the price of SJC gold bars saw a significant rebound across most surveyed systems after the steep decline from the previous day. SJC, Doji Group, PNJ, and Bao Tin Minh Chau all adjusted their prices to 120.7 - 122.7 million VND per tael, an increase of 1 million VND in both buying and selling compared to the morning of May 7. Phu Quy Group listed a lower buying price of 119.7 million VND and a selling price of 122.7 million VND, also up by 1 million VND.
Meanwhile, the price of gold rings and jewelry remained stable at various outlets. The Doji Group raised its buying price for rings by 1.8 million VND to 115.5 million VND, while the selling price remained unchanged at 118 million VND. Other systems like SJC, Phu Quy, and PNJ kept their prices steady, with SJC trading at 115.5 - 118 million VND per tael.
In the jewelry market, 24K gold continued to rise at certain locations. Doji increased its buying price by 1.8 million VND to 115.1 million VND, while the selling price held steady at 117.9 million VND. Phu Quy also adjusted both buying and selling prices upward by 1.5 million VND, reaching 116 - 119 million VND. At Bao Tin Minh Chau, both buying and selling prices increased by 300,000 VND, settling at 116.8 million and 120.4 million VND, respectively.
Conversely, the prices for 18K gold remained stable across all surveyed systems, with SJC, PNJ, and Mi Hong maintaining their previous session prices. SJC’s buying and selling prices were listed at 81.71 - 88.21 million VND per tael, while PNJ reported 80.78 - 88.28 million VND, and Mi Hong remained at 77.5 - 80.5 million VND.
The fluctuations in gold prices reflect a broader market response to global economic conditions and investor sentiment. As the world watches the outcomes of the U.S.-China trade discussions and the Federal Reserve's monetary policy decisions, gold remains a focal point for many investors seeking stability amidst uncertainty.
In the global market, as of 12:39 PM, spot gold prices increased by 0.26% to $3,373 per ounce, while June gold prices dipped by 0.39% to $3,378 per ounce. When converted using Vietcombank's exchange rate of 26,150 VND per USD, the world gold price translates to approximately 106.2 million VND per tael, which is 16.5 million VND lower than domestic prices.
As the day progresses, market participants will continue to monitor both local and international developments that could influence gold prices further. The interplay of economic indicators, trade negotiations, and monetary policy will undoubtedly shape the trajectory of gold in the coming weeks.
