Gold price today May 7, 2025: Domestic and world gold prices increased sharply because Mr. Trump imposed new taxes

Domestic gold price today May 7, 2025

At the time of survey at 4:30 a.m. on May 7, 2025, domestic gold prices increased sharply to the highest level in the past 2 weeks. Specifically:

DOJI Group listed the price of SJC gold bars at 120.2-122.2 million VND/tael (buy - sell), an increase of 2.4 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 120.2-122.2 million VND/tael (buy - sell), an increase of 2.4 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 120.2-121.8 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 2.2 million VND/tael for buying and 3 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by businesses at 120.2-122.2 million VND/tael (buying - selling), an increase of 2.4 million VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 119.8-122.8 million VND/tael (buy - sell), gold price increased 3 million 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 115.5-118 million VND/tael (buy - sell); an increase of 3 million VND/tael in both buying and selling directions compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 117.5-120.5 million VND/tael (buy - sell); an increase of 2 million VND/tael in both buying and selling directions compared to yesterday.

Phu Quy Gold and Gemstone Group listed the price of gold rings at 115.5-118.5 million VND/tael (buy - sell), an increase of 2 million VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, May 7, 2025 is as follows:

World gold price today May 7, 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 at 3,384.16 USD/ounce. Today's gold price increased by 65.72 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,150 VND/USD), the world gold price is about 107.76 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 14.44 million VND/tael higher than the international gold price.

Gold prices rose to a two-week high on strong demand from China after the holiday and concerns about possible US tariffs on pharmaceutical imports. Meanwhile, investors are awaiting the outcome of the US Federal Reserve's policy meeting.

Specifically, spot gold prices increased by 1.98%, reaching their highest level since April 22. US gold futures also hit a two-week high, increasing by 2.4% to $3,403/ounce.

The Chinese gold market has reopened after the Labor Day holiday from May 1 to May 5. According to Adrian Ash, research director at BullionVault, the current rise in gold prices is driven by a strong wave of investment from China, along with central banks looking to reduce their dependence on US assets, especially the USD.

Gold prices are entering a new rally as investors rush to seek safe haven assets. It is worth noting that the US dollar is gradually losing its status as a 'safe haven' compared to gold. If the Trump administration does not soon reach a trade agreement with countries, especially those in the G20 group, gold prices may rise even more sharply.

Gold prices have hit new records several times this year due to trade tensions related to tariffs. Recently, US President Donald Trump announced that he will impose new tariffs on imported pharmaceuticals in the next two weeks. Yesterday, Trump also announced a 100% tax on foreign-made films.

Gold prices are being supported by strong participation from Chinese speculators, while in Western markets, despite high prices, holdings remain low, according to Daniel Ghali, commodity strategist at TD Securities. These factors could continue to push gold prices higher, potentially even reaching $4,000 an ounce this year.

The gold market is also paying attention to the Fed's upcoming policy decision, due on May 8. Chairman Jerome Powell's remarks are expected to provide clues on the timing of a rate cut. Higher interest rates tend to depress gold prices because it is a non-yielding asset.

Spot silver also rose 2% to $33.16 an ounce, platinum rose 2.3% to $981.44 and palladium rose 2.5% to $964.45.

Yesterday, gold broke through its first major resistance level at $3,368. If this rally continues, it could quickly reach the next resistance level at $3,403. However, the record high of $3,500 may still be far away in today's trading session.

If gold falls, the first key level to watch is $3,303. If it falls further, it could find support around $3,268, which was also a multiple low in late April. In the event of a sharp decline, the next solid support level is at $3,245.