Gold price today May 6, 2025: Domestic and world gold prices increased slightly due to increased PMI index

Domestic gold price today May 6, 2025

At the time of survey at 4:30 a.m. on May 6, 2025, the domestic gold price dropped sharply by an average of 1.5 million VND/tael. Specifically:

DOJI Group listed the price of SJC gold bars at 117.8-119.8 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 117.8-119.8 million VND/tael (buy - sell), a decrease of 1.5 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 118-119.8 million VND/tael for buying and selling. Compared to yesterday, the gold price remained unchanged for buying - increased by 300 thousand VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 117.8-119.8 million VND/tael (buying - selling), down 500 thousand VND/tael in buying - down 1.2 million VND/tael in selling compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 117.3-120.3 million VND/tael (buy - sell), gold price decreased 200 thousand VND/tael in both buying and selling directions 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 112.5-115 million VND/tael (buy - sell); down 1.5 million VND/tael in both buying and selling directions compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 115.5-118.5 million VND/tael (buy - sell); down 1.1 million VND/tael for buying - down 1.2 million VND/tael for selling compared to yesterday.

Phu Quy Gold and Gemstone Group listed the price of gold rings at 113.5-116.5 million VND/tael (buy - sell), down 500 thousand VND/tael for both buying and selling.

The latest gold price list today, May 6, 2025 is as follows:

World gold price today May 6, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:30 am today, Vietnam time, was 3,316.22 USD/ounce. Today's gold price increased by 76.95 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,140 VND/USD), the world gold price is about 105.56 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 14.24 million VND/tael higher than the international gold price.

World gold prices increased more than 2% thanks to the weakening USD and increased demand for safe havens. In the context of the market waiting for policy decisions from the US Federal Reserve (Fed), gold continues to maintain significant appeal.

US gold futures also rose 2.5% to $3,324.5 an ounce. The US dollar fell 0.5% against major currencies, making gold priced in the greenback cheaper for foreign investors.

Another factor that has had a strong impact on the price of gold is the recent announcement by US President Donald Trump to impose a 100% tax on foreign-made films. This decision has raised concerns about a new global trade war, causing investors to pour money into gold as a safe haven.

According to Kitco News, the ISM services PMI rose to 51.6 in April, up from 50.8 in March and beating analysts' expectations of 50.6. A reading above 50 indicates continued growth, albeit at a slower pace. Three of the four main components of the services PMI (new orders, employment, and deliveries) increased in April. Immediately after the report was released, gold prices jumped to a session high of $3,328.85 an ounce.

Kitco Metals senior analyst Jim Wyckoff said that money flowing into gold continues to increase, keeping prices high. He said that in the short term, gold prices are unlikely to fall below the $3,000/ounce mark.

Regarding the Fed meeting this week, Wyckoff said the possibility of adjusting interest rates is low, but investors will pay attention to Fed Chairman Jerome Powell, especially his comments in the press conference after the two-day policy meeting this Wednesday. Despite previous tensions with Mr. Powell, US President Donald Trump recently affirmed that he has no intention of removing him from office before his term ends in 2026.

The Fed is currently holding interest rates in a range of 4.25% to 4.5% from December 2025. Experts predict the Fed will continue to keep this interest rate unchanged at this meeting. However, with new uncertainties due to Mr. Trump's tariff policy, this may be the last time the Fed's monetary policy decision is as clear as it is now.

Goldman Sachs believes that gold will continue to outperform silver in the near term. However, because the cash flows between the two metals are closely linked, if gold demand continues to rise in 2025, silver prices will also benefit.

At the same time, spot silver prices rose 1.3% to $32.39 an ounce. Platinum edged up 0.4% to $963.76 an ounce, while palladium fell 0.7% to $947.15 an ounce, a sign that the precious metals market remains sensitive to global economic and geopolitical factors.

Gold price forecast

Technically, gold futures bulls still have the upper hand in the short term. The next target for buyers is to close above the strong resistance at $3,400/ounce.

Meanwhile, sellers will try to push prices below solid technical support at last week’s low of $3,209.40 an ounce. The immediate resistance levels are $3,350 and $3,370, while immediate support levels are $3,300 and the overnight low of $3,243.10.

Goldman Sachs continues to maintain a positive view on gold in the long term. Their base case forecast is for gold to reach $3,700 an ounce by the end of this year and possibly hit $4,000 by mid-2026. If the US economy falls into recession, the influx of money into ETFs could push gold prices to $3,880 by the end of this year.

In more extreme risk scenarios, such as concerns about the independence of the Federal Reserve (Fed) or a change in US reserve policy, gold prices could surge to $4,500 by the end of 2025.

Fawad Razaqzada, market analyst at StoneX Bullion, said that if there is a positive signal from the trade negotiations, gold prices could fall as low as $3,000 an ounce. The market is showing optimism as China shows goodwill to restart negotiations with the US.

While a trade deal will take time, investors have quickly returned to riskier assets like stocks, he said. The S&P 500 has risen more than 17% from its April low, reflecting positive investor expectations. Against that backdrop, gold prices have fallen 8.5% over the past week, or $298 an ounce from high to low.

Razaqzada added that if the stock market does indeed reflect realistic expectations of a trade deal, the demand for gold as a safe haven asset will decline significantly. Therefore, in the short term, he believes that gold prices are likely to continue to fall and may break through the $3,000 level.

Adam Button from Forexlive.com believes that the market is too optimistic about trade deals, and if the US fails to come up with attractive enough proposals, gold prices could rise again as concerns return.

Meanwhile, Marc Chandler, CEO of Bannockburn Global Forex, is bullish on the US dollar and predicts that US interest rates will rise in the near future, which could push gold prices down to the $3,150-$3,165/ounce range. However, he also believes that a move above $3,315/ounce would help ease concerns about the current bearish trend.