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As of the afternoon of May 13, not only gold bars but gold jewelry at many brands also decreased in price.
At DOJI, Bao Tin Minh Chau (BTMC), and PNJ, both gold bars and gold rings declined by 500 thousand VND per tael to the range of 162.0–165.0 million VND per tael.
BTMC quoted gold rings at 162.0–164.9 million VND per tael, while SJC applied prices of 161.1–164.8 million per tael, down 500 thousand per tael.
On the international market, spot gold hovered around $4,700 per ounce, down about $20 per ounce from this morning.
As of 9:00, gold bars across brands fell by about 500 thousand VND per tael from the end of yesterday.
Late on May 12, gold price rose nearly $100 per ounce and again surpassed $4,700 per ounce. The spot price stands at $4,724 per ounce.
At SJC, bullion price was quoted at 162.0–165.0 million per tael, down 500 thousand per tael. The price of gold rings remained 162.3–165.3 million per tael.
At BTMC, bullion prices also declined by 500 thousand per tael to 162.0–165.0 million per tael. The price of plain gold rings stayed 162.5–165.4 million per tael. The 24K 0.1 tael “Tiểu Kim Cat” price was 1,620–1,649 thousand VND per chi.
The gold price may have difficulty breaking above the $4,700/ounce level due to ongoing US economic indicators suggesting limited room for rate cuts. US inflation rose hotter than expected, US Treasury yields rose, and the dollar strengthened, dampening safe-haven demand related to geopolitical risks.
According to Kitco News, inflation data provides mixed signals for precious metals: persistent price pressures reinforce gold’s hedge value, but higher yields and a stronger dollar limit upside for gold. Silver continues to outperform as markets view silver as both an industrial metal and a monetary asset, even as gold struggles to break higher during the session.
The US Senate’s approval of Kevin Warsh to join the Federal Reserve Board (51-45) adds to risk hedging around Fed policy independence, potentially supporting gold. However, the immediate impact is expected to be limited unless the market prices in a policy shift toward lower real rates.
For financial markets in general, this vote could steer investor focus toward Fed credibility, the USD trajectory, and long-term US yields. If Warsh becomes Fed Chair and expectations for rate cuts rise, equities could benefit, but gold would gain more if confidence in the Fed’s inflation-control ability weakens.
The next notable US data will be the April Producer Price Index (PPI), due at 8:30 a.m. Eastern Time on Wednesday, followed by import and export price data released at the same time on Thursday. These figures will help gauge whether the energy-price shock in April is feeding into producer margins and commodity prices.
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