Global spot gold prices rose nearly 62 USD to 4,543 USD per ounce by the close of trading on 20/5. In today's Asian session, the precious metal gained over 25 USD, reaching 4,568 USD per ounce by 9:00 AM.
The global gold market reacted positively to investor hopes for a resolution to the Iran conflict, which could reduce pressure on oil prices and ease inflation concerns. A slight decline in US 10-year treasury yields, after touching a four-month high, also provided momentum for the precious metal.
Domestically, on the morning of 21/5, Saigon Jewelry Company (SJC) increased gold bar prices by 1,5 million dong, setting them at 160,5 - 163,5 million dong per tael. This places domestic gold prices approximately 18 million dong higher than global rates today.
For plain gold rings, SJC adjusted prices three times by 9:00 AM. The company currently lists this item around 160 - 163 million dong per tael, two million dong higher than yesterday's closing price.
DOJI, Bao Tin Minh Chau, and Bao Tin Manh Hai traded plain gold rings 500,000 dong higher than SJC, with prices around 160,5 - 163,5 million dong. PNJ offered the same selling price as these brands but bought at 500,000 dong higher.
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Gold bars at SJC headquarters in Ban Co ward, TP HCM, 3/2025. Photo: *Quynh Tran* |
Goldman Sachs, one of the world's largest investment banks, projected on 19/5 that gold could reach 5,400 USD by year-end. However, the bank cautioned that the precious metal might face short-term pressure if investors sell liquid assets to raise cash during volatile market periods.
Goldman Sachs analysts believe individual investors acquiring gold as a macro hedge will maintain their positions through year-end. Furthermore, central banks in emerging markets are likely to continue diversifying their reserves into gold as a restructuring trend.
Silver bullion and bars also saw a 1% increase today. Phu Quy listed this metal at 2,88 - 2,97 million dong per tael, equivalent to 77 - 79 million dong per kg. Ancarat matched Phu Quy's buying and selling prices for silver bars, while Sacombank - SBJ quoted 2,91 - 2,99 million dong.
By Trong Hieu
