Editor’s Note
This afternoon’s update reflects a slight retreat in domestic gold prices, with major brands adjusting rates downward as investor caution prevails amid global economic uncertainty.
As of 3:30 PM on May 14, 2025, gold prices showed a slight decline, with domestic prices returning to around 120 million VND per tael. At market close, the gold market saw simultaneous decreases in both buying and selling prices from major brands, reflecting investors’ cautious sentiment amid global economic fluctuations. Details are as follows:
– **Saigon Jewelry Company Limited (SJC)**: The price for SJC gold bars in Hanoi was 118 – 120 million VND per tael (buy-sell). Compared to yesterday, both buying and selling prices fell by 500,000 VND per tael.
– **DOJI Group**: Gold prices traded at 118 – 120 million VND per tael (buy-sell), also down 500,000 VND per tael from the previous day.
– **Mi Hong Jewelry Company**: At the time of survey, SJC gold prices were recorded at 118.5 – 120 million VND per tael (buy-sell). Compared to yesterday, the buying price fell by 1 million VND and the selling price by 500,000 VND per tael, confirming the market’s downward trend.
– **PNJ**: At market close, the price for 9999 pure gold rings was 113 – 115.5 million VND per tael (buy-sell).
– **Bao Tin Minh Chau**: SJC gold trading occurred at 112.5 – 115 million VND per tael (buy-sell).
– **Phu Quy Jewelry Company**: The afternoon gold price was 115.5 – 118.5 million VND per tael (buy-sell), closing the daily decline with a drop of 500,000 VND per tael in selling price compared to the previous day.
Overall, today’s gold prices showed a slight adjustment, with both DOJI and Mi Hong gold recording similar declines, reflecting the general situation of the domestic gold market.
As of 4:00 PM (Vietnam time) on May 14, 2025, the spot gold price recorded by Kitco was $3,232.45 per ounce. Applying the free market exchange rate (26,140 VND/USD), the global gold price equates to approximately 102.7 million VND per tael (excluding taxes and fees). Compared to the domestic SJC gold bar price on the same day (118 – 120 million VND per tael), the current SJC price is about 17.73 million VND higher than the international price.
The global gold market declined in the afternoon of May 14, as demand for gold as a safe-haven asset decreased due to easing trade tensions between the US and China. Specifically, spot gold fell 0.5% to $3,231.10 per ounce, and US gold futures fell 0.4% to $3,235.30 per ounce.
According to a White House order and industry experts, the US government decided to lower the ‘minimum tariff’ on low-cost Chinese goods to 30%. This is seen as helping to mitigate the risk of a trade war erupting between the world’s two largest economies. Earlier, US President Donald Trump stated that after a 90-day tariff grace period earlier this week, there is no possibility of tariffs on Chinese imports rising back to 145%, and he believes Washington and Beijing will reach an agreement.
Meanwhile, the US Labor Department announced that the Consumer Price Index (CPI) rose 0.2% in April. Economists surveyed by Reuters had expected a 0.3% rise in April after a 0.1% decline in March. Market participants are awaiting Producer Price Index (PPI) data to be released next Thursday for further clues on the Federal Reserve’s interest rate cut direction. The market currently expects 53 basis points of rate cuts from September this year.
Gold is often seen as an inflation hedge and tends to perform well in a low-interest-rate environment. Technical analysis suggests gold prices can stabilize around $3,200 per ounce, but a break below this level could lead to a drop to $3,000-$3,145 per ounce.
Additionally, spot silver fell 0.4% to $32.76 per ounce, platinum rose 0.6% to $994.54 per ounce, and palladium fell 0.3% to $953.68 per ounce.
As of May 14, 2025, gold prices are holding above major support levels. After US President Donald Trump announced new tariff policies—initially imposing high tariffs on imports, then lowering them to 10%, and later the US government taking further steps to lower tariffs on Chinese products to 30%—gold prices fell 3% at the start of the week due to eased US-China tensions. However, experts at TD Securities forecast that gold will show strength due to long-term global instability.
Despite volatility, investment demand for gold remains high. According to TD Securities, Western financial institutions are adjusting strategies to concentrate funds in gold ETFs, and demand in Asia is also showing strength.
Gold prices are expected to rise in the medium to long term. Bart Melek of TD Securities analyzes that despite the drop in gold prices following trade agreement news, current tariffs are putting sustained pressure on economic growth.
On May 14, 2025, gold prices fell due to profit-taking, but factors such as geopolitical instability in the Middle East, Ukraine, and the Asia-Pacific region, a weak US dollar, and the Fed’s accommodative monetary policy were seen as supporting gold prices.
Central bank demand for gold is surging. Active buying by China, Russia, and Turkey is creating stable demand. Meanwhile, concerns over recession, public debt, and inflation are causing volatility in confidence in stock and cryptocurrency markets. UOB Bank forecasted that if the US dollar weakens and the DXY index falls below 97 points from the current 101.4, gold prices could rise to $3,600 per ounce by Q1 2026.