Gold prices rose sharply on the evening of May 5. The SJC gold bars and jewelry prices were the lowest in three months but remained about 19 million dong per tael higher than the world price. By evening, the world price traded at around $4,570 per ounce, up about $50 from the morning. The rebound followed a steep drop of more than $100 per ounce, and the rise came even as the US dollar continued to strengthen, topping 98.4 on the index—the highest in nearly a week. By contrast, the USD and crude oil prices were retreating tonight (Vietnam time), with Brent around $111.7 per barrel, down about 2.43% from the prior session. Global gold prices have been volatile, fluctuating in the $4,500–$4,600 per ounce range and well below the all-time high above $5,600 set in January. Nevertheless, analysts say gold remains on solid footing despite the recent oil shock, citing the World Bank's April 2026 outlook that the global economy faces the largest oil-supply shock in history following the Middle East conflict. Brent crude surged from $72 to a high of $118 per barrel in March, with energy prices forecast to rise 24% in 2026, fueling inflation fears and prompting central banks to keep monetary policy tight longer, even as growth slows. End-of-day, world gold prices recovered toward the close. Meanwhile, physical-gold demand remained strong, with investment demand dominant, especially from Asia, signaling that investors still view gold as a hedge against risk amid ongoing uncertainty. Domestically, by the end of the day, SJC bars were bought at 162 million VND per tael and sold at 165 million VND per tael. 99.99% gold jewelry traded around 161.5 million VND per tael for buy and 164.5 million VND per tael for sell. Prices stabilized by day end after a morning decline of about 1.3 million VND per tael. Although domestic gold prices are the lowest in more than three months, they remained about 19 million VND per tael above world prices. World price converted at the official rate stands around 145.2 million VND per tael. Regarding gold-market governance, the State Bank of Vietnam notes that given the complex, volatile developments in the global gold market, it continues to study establishing a gold exchange and licensing imports to ensure management objectives.
