Domestic gold prices fell in line with the international downtrend. By the end of trading on 27/5, global spot gold had dropped by 51 USD compared to the previous day, settling at 4,455 USD per ounce. This morning, the precious metal continued its decline, losing 53 USD to trade around 4,399 USD per ounce.

The gold market is under pressure as investors worry about tighter monetary policies aimed at curbing rising inflation, especially with the ongoing conflict between the US and Iran. Traders anticipate that inflation, driven by surging energy prices, could prompt the United States Federal Reserve (Fed) to raise interest rates by 0,25% by year-end. While gold is often seen as a hedge against inflation, it struggles in a high-interest-rate environment.

Domestically, on the morning of 28/5, Saigon Jewelry Company (SJC) cut gold prices by 1,7 million VND, setting them at 156 - 159 million VND. Other brands made similar adjustments. Compared to the peak set on 2/3, each tael of gold bars has decreased by approximately 32 million VND.

The gap between domestic and international gold prices also widened to 20 million VND per tael, an increase of about 2 million VND compared to early this month.

For plain rings, SJC reduced prices by 1,4 million VND, now ranging from 155,8 - 158,8 million VND per tael. PNJ, Bao Tin Minh Chau, and Bao Tin Manh Hai traded this type of gold 200,000 VND higher than SJC, at around 156 - 159 million VND.

Silver bars and ingots both fell by 1,3%, mirroring international price movements. Phu Quy listed the metal at 2,77 - 2,86 million VND per tael, equivalent to 74,0 - 76,3 million VND per kg. Ancarat and Sacombank - SBJ traded silver ingots at similar levels.

Phuong Anh