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Gold prices in Vietnam remained above 167 million VND per tael in the afternoon of May 7 after a sharp increase earlier in the day. Bullion is currently quoted at 164.5–167.5 million VND per tael.
Gold jewelry prices vary slightly by brand. SJC and PNJ quote jewelry at 164.0–167.0 million VND per tael, while DOJI applies 164.5–167.5 million VND per tael. Bao Tin Minh Hai buys–sells jewelry at 164.5–167.4 million VND per tael.
At 9:00, domestic gold prices rose by 1.5 million VND per tael across the board. For example, at SJC the bullion price is quoted at 164.5–167.5 million VND per tael, up 1.5 million VND in both buy and sell directions. At DOJI, bullion and jewelry are both 164.5–167.5 million VND per tael.
Globally, spot gold rose about $50 from the early morning and is currently around $4,720 per ounce. Earlier in the morning of May 7, bullion and jewelry were generally in the range of 163.0–166.0 million VND per tael. On May 6, domestic gold had increased by about 1 million VND per tael.
On the international market, spot gold surged to around $4,700 per ounce by the evening of May 6, reaching a high of $4,722 before reversing. The current world gold price stands at about $4,691 per ounce.
According to Kitco News, spot gold rose sharply and silver also jumped late on Wednesday after US employment data came in weaker than expected, oil fell, and geopolitical tensions returned—factors that supported safe-haven demand for precious metals.
US private-sector payrolls rose by 109,000 in April, according to ADP, below forecasts of 118,000 and higher than March’s revised 61,000. The data reinforced expectations that labor market momentum is slowing ahead of the nonfarm payrolls report due Friday.
Traders also adjusted expectations for the Federal Reserve’s interest-rate path after Monday’s stronger-than-expected factory orders and Tuesday’s ISM services and JOLTS reports. During the US session, policy-sensitive markets moved in a direction supportive of gold: Treasury yields fell after the ADP data, and the USD index weakened as investors increased expectations that the Fed will ease policy by year-end.
Oil fell as reports emerged that Washington and Tehran are nearing a framework to resume shipping through the Persian Gulf, reducing part of the geopolitical risk premium in oil prices.
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