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Domestic gold prices rebounded after a sharp decline, with many dealers raising both bullion and jewelry quotes by around 1.6–1.8 million dong per tael. The market opened with a broad recovery across major brands, reversing part of the previous day’s drop.
Several major dealers currently quote bullion in the 164–167 million dong per tael range, up 1.8 million dong per tael on both the buying and selling sides. Among them, SJC, DOJI, Bao Tin Minh Chau, Bao Tin Manh Hai and Phu Quy are listed within this band.
In the 9999 jewelry segment, DOJI and Bao Tin Minh Chau increased by 1.8 million dong per tael on both sides, also trading at 164–167 million dong per tael. SJC raised its jewelry price to 163.5–166.5 million dong per tael, up 1.8 million dong per tael on both buying and selling.
Phu Quy quotes 9999 jewelry at 163.6 million dong for buying and 166.6 million dong for selling, up 1.6 million dong on both sides. Bao Tin Manh Hai trades plain jewelry at 164–166.9 million dong per tael.
Gold prices at Bao Tin Manh Hai showed multiple price levels on the morning of May 12, with many major dealers keeping the previous day’s quotes after the earlier decline. Bullion was quoted at 162.2–165.2 million dong per tael by SJC, DOJI, Phu Quy and Bao Tin Manh Hai.
For 9999 jewelry, DOJI and Bao Tin Minh Chau quoted 162.2–165.2 million dong per tael. Bao Tin Manh Hai maintained jewelry at 162.2–165.1 million dong per tael, while Phu Quy traded around 162–165 million dong per tael. Separately, SJC’s jewelry was quoted at 161.7 million dong per tael for buying and 164.7 million dong per tael for selling.
World gold prices turned higher in a volatile Monday session as traders weighed U.S.-Iran diplomacy and looked ahead to key U.S. inflation data later in the week. Spot gold rose toward or above 4,762 USD/ounce after briefly dipping by more than 1% earlier in the session.
ING analysts attributed the move to bargain buying and position adjustments ahead of the U.S. CPI due Tuesday and the U.S. PPI due Wednesday. On geopolitics, ING noted that Donald Trump’s quick rejection of Iran’s response to the U.S. peace proposal raised concerns that the 10-week conflict could persist, potentially disrupting Hormuz shipping and keeping oil prices elevated.
ING also highlighted the trade-off for gold: while it is viewed as a safe haven, higher interest rates can pressure gold by increasing the opportunity cost of holding non-yielding assets.
The market also tracked Trump’s two-day visit to China, where he was expected to meet Xi Jinping to discuss Iran, Taiwan, artificial intelligence and nuclear weapons.
In India, jewelry stocks fell after Prime Minister Narendra Modi urged citizens to curb gold purchases to protect foreign exchange reserves. The report noted that India remains the world’s second-largest consumer of gold.
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