The surge in gold prices pushed the domestic–international price gap to approximately VND16 million (US$617) per tael, the highest recorded so far in 2025.
In response, the State Bank of Vietnam (SBV) issued a warning about speculative behavior in the gold market, emphasizing the potential risks to financial stability and investor safety.
As of 9:15 a.m. on May 7, domestic gold prices have increased sharply.
Accordingly, Saigon Jewelry and Gold Company (SJC), Phu Nhuan Jewelry Company (PNJ) and Bao Tin Minh Chau Jewelry Company massively increased gold bar prices by VND500,000 (US$19.3) per tael for both buying and selling, listing at VND120.7 million (US$4,651) per tael for buying and VND122.7 million (US$4,733) per tael for selling.
In contrast, Phu Quy Gold, Silver, and Gem Stone Group slightly lowered its rates by VND100,000 (US$3.9) per tael, listing at VND119.7 million (US$4,613) for buying and VND122.7 million (US$4,733) for selling.
Besides, the 9999 gold rings also saw notable fluctuations.
Accordingly, PNJ listed 9999 gold rings at VND115.5 million (US$4,456) for buying and VND118.1 million (US$4,552) for selling, up by VND500,000 (US$19.3) and VND100,000 (US$3.9), respectively. Besides, SJC increased both sides by VND500,000 (US$19.3), quoting VND116 million (US$4,474) for buying and VND118.5 million (US$4,572) for selling.
Additionally, the prices were unchanged from the previous day at rates of VND117.5 million (US$4,533) per tael for buying and VND120.5 million (US$4,644) per tael for selling at Bao Tin Minh Chau Jewelry Company; and VND115.5 million (US$4,456) per tael for buying and VND118.5 million (US$4,572) per tael for selling at Phu Quy Group.
In the global gold market, the spot gold price from New York last night rated US$3,432.5 per ounce, up US$99.1 compared to the previous trading session. However, the spot gold price from Kitco in the morning of May 7 (Vietnam time) was traded at US$3,388.4 per ounce, down around US$35 over the closed trading session at New York.
After conversion, this price is equivalent to approximately VND106.7 million (US$4,112) per tael, about VND16 million (US$617) per tael lower than the domestic SJC gold price and about VND12 million (US$463) to VND14 million (US$540) per tael lower than the price of 9999 gold rings.
The State Bank of Vietnam (SBV) identified that the domestic price spike was due to speculative expectations of further increases, limited supply of SJC gold, and potential price manipulation by certain individuals or entities for profit.
