Gold prices rose sharply today in line with a global rally as gold re-established the $4,700/ounce level. Domestic bullion prices continued to climb on May 7 as global markets accelerated back to around $4,700/ounce. Safe-haven demand rose amid concerns about a slowing US economy and expectations that the Federal Reserve will cut rates soon, providing a new driver for the precious metal. In domestic market, SJC gold bars were publicly quoted by major gold trading firms at a purchase price of 164.5 million VND per tael and a selling price of 167.5 million VND per tael, up 1.5 million per tael on both sides from the previous close. For 9999 gold jewelry, gains were uneven across brands. SJC increased by 1.5 million per tael, moving the buy-sell price to 164–167 million per tael. PNJ’s 9999 jewelry, while also maintaining the same price level, rose by 1 million per tael, indicating caution amid volatile market conditions. Meanwhile, DOJI, Bao Tin Minh Chau and Bao Tin Minh Chau also raised prices to 164.5–167.5 million per tael, up 1.5 million per tael from the last close. International markets saw gold surge by nearly $130/ounce in the previous session, approaching $4,690/ounce. The gains continued today, with the metal adding about $12/ounce to officially reclaim the $4,700/ounce level, at times spiking to $4,715/ounce. The rally was supported by signs of a cooling US economy, pushing investors toward gold as a safe haven. The ADP private-sector employment report showed the world’s largest economy added 109,000 jobs in April, below the market’s forecast of 118,000 but above March’s 61,000. In addition, positive signals from talks between the US and Iran and the potential normalization of shipping through the Hormuz Strait could ease energy-driven inflation. With the US labor market showing signs of softening, Fed may have more room to consider rate cuts in 2026. Immediately after the ADP data, the yield on the 10-year US Treasury fell to about 4.3% and the USD weakened toward the 98 level, as investors priced in a possible Fed rate cut by year-end. This environment is favorable for precious metals, which are sensitive to rate and dollar moves. Not only gold, but other precious metals also posted gains: silver rose about 5.7% to $76.95/ounce, platinum rose 3.4% to $2,020/ounce, and palladium rose 3.3% to $1,534/ounce.
