Gold price update on the morning of May 29: Domestic and world gold prices drop dramatically, research on gold trading tax

Domestic gold price today 5/29/2025

At the time of survey at 10:30 on May 29, 2025, domestic gold prices dropped dramatically compared to yesterday. Specifically:

DOJI Group listed the price of SJC gold bars at 114.7-117.2 million VND/tael (buy - sell), a decrease of 1.5 million VND/tael in both buying and selling directions compared to yesterday.

At the same time, the price of SJC gold bars was listed by Saigon Jewelry Company Limited - SJC at 115-117.5 million VND/tael (buy - sell), a decrease of 1.2 million VND/tael in both buying and selling directions compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 115.8-117.5 million VND/tael for buying and selling. Compared to yesterday, the gold price decreased by 1.7 million VND/tael for buying and 1.2 million VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 115-117.5 million VND/tael (buy - sell), a decrease of 1.2 million VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 114-117.5 million VND/tael (buy - sell), gold price decreased 1.7 million VND/tael in buying direction - decreased 1.2 million VND/tael in selling direction compared to yesterday.

As of 4:30 a.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 111-113 million VND/tael (buy - sell); the price decreased by 500 thousand VND/tael in the buying direction - decreased by 1 million VND/tael in the selling direction compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 112.5-115.5 million VND/tael (buy - sell); down 1.3 million VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, May 29, 2025 is as follows:

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World gold price today May 29, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 10:30 today, Vietnam time, was 3,269.91 USD/ounce. Today's gold price decreased by 31.77 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,210 VND/USD), the world gold price is about 107.18 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 10.57 million VND/tael higher than the international gold price.

Gold prices fell sharply as investors digested the minutes of the US Federal Reserve's May meeting, which warned of rising inflation and the risk of recession, reinforcing the appeal of gold as a safe haven amid global economic uncertainty.

Specifically, the spot gold price fell sharply by 0.96% to below $3,300/ounce. Meanwhile, the gold futures price in the US fell slightly by 0.2% to $3,294.9.

Jim Wyckoff, senior analyst at Kitco Metals, commented: "The gold market has been quite volatile recently, reacting to new economic news without a clear price trend."

According to the minutes of the May 6-7 meeting, Fed officials acknowledged the possibility of facing "difficult trade-offs" due to rising inflation and unemployment, and warned of the risk of an economic recession.

The meeting comes amid heightened concerns about global trade tensions, after US President Donald Trump announced major import tariffs in early April. However, some of the highest tariffs were reduced or delayed a week later.

Goldman Sachs recommends investors allocate a higher-than-usual weight to gold in their long-term portfolios, given risks to US institutional credibility, pressure on the Fed and continued demand for gold from central banks.

Investors are focused on US GDP data due out on Thursday, personal consumption expenditures (PCE) on Friday, and speeches from Fed officials.

Gold imports from the United States to Switzerland surged in April to their highest monthly level since 2012, data showed, after the precious metal was removed from the US import tariff list.

Among other precious metals, silver fell 0.9% to $32.99 an ounce, while platinum edged up 0.1% to $1,081.09. Palladium fell 1.2% to $967.10.

Gold prices drop sharply after General Secretary's directive

The price of SJC gold bars and gold rings has decreased significantly after the meeting between General Secretary To Lam and the Central Policy and Strategy Committee on gold market management. This directive aims to improve the efficiency of management and stabilize gold prices in the coming time.

The General Secretary requested to amend Decree 24/2012/ND-CP towards controlled marketization, while strengthening the connection between the domestic and international gold markets. One of the important points is to eliminate the state monopoly on gold bar brands, allowing many qualified enterprises to participate in production to create a healthy competitive environment.

To reduce the gap between domestic and world gold prices, the State will expand controlled import rights, helping to increase supply and limit gold smuggling across the border.

A gold market information and data system will soon be built to ensure publicity and transparency, supporting effective tax collection and management.

The General Secretary assigned the State Bank Party Committee to preside over and coordinate with relevant departments and branches to report and propose timely implementation solutions.