Gold Prices Tumble: Vietnam Sees Sharp Drop in Ring and Bullion Rates

On May 12, gold prices in Vietnam plunged by up to 1.5 million VND per tael, mirroring the global downtrend. Bullion lost the critical 122 million VND mark, while gold rings slipped to around 116 million VND per tael.

At the opening of trading on May 12, major local gold brands such as SJC, DOJI, and PNJ slashed their bullion prices to 119–121 million VND per tael, down by 1 million VND for both buying and selling. Phu Quy listed prices at 118–121 million VND, while Bao Tin Minh Chau remained stable at 120–122 million VND.

Ring gold (plain gold jewelry) also saw a sharper drop, losing up to 1.5 million VND per tael early in the session. Selling prices at SJC, DOJI, and PNJ hovered around 116 million VND, with Phu Quy at 117 million VND. Bao Tin Minh Chau kept its rate at 120 million VND.

Weekly Volatility and Sharp Reversals

Over the past week, domestic gold prices closely tracked global trends, swinging sharply and unpredictably. At one point, bullion prices fell to 119.5 million VND, only to bounce back to 122 million VND later. Despite the rebound, investors still suffered losses due to the wide buy-sell spread.

Experts note that while domestic demand for gold as a reserve asset remains high, the sudden drop in global prices has triggered today's sharp decline in both bullion and ring gold.

Global Gold Prices Slide Amid Easing Tensions

As of May 12 (08:16:40), international spot gold (XAU) was trading at $3,263.01/oz, marking a 2.29% decline over the past 24 hours, equivalent to a $76.62 drop.

Global gold prices fell below the $3,300 threshold after rising 2.6% last week. The pullback came as geopolitical tensions between Russia and Ukraine eased and U.S.–China trade talks showed positive progress.

Both nations reported “significant progress” after two days of negotiations in Switzerland, though no specific policy measures were announced.

Analysts Divided on Future Gold Trends

Kitco News’ latest weekly survey shows that industry experts are split evenly into three camps — bullish, bearish, and neutral. However, most retail investors still maintain a bullish outlook following the recent price surge.

“I’m optimistic about gold prices this week,” said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. He attributed this to the continued weakening of the U.S. dollar and no major updates from the Fed or the UK–US trade deal.

James Stanley, Senior Market Strategist at Forex.com, believes gold will likely stay elevated but with limited upside.

“The uptrend might not be over yet, but I don’t expect gold to breach $3,500 anytime soon,” he said.

David Meger, Director of Metals Trading at High Ridge Futures, said the extended uncertainty around global tariffs has supported gold, but he’s more cautious now:

“The market may be entering a consolidation or correction phase.”

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Source: CNBC