Gold price on May 8, 2025: Domestic and world gold prices fell sharply due to the increase in USD

Domestic gold price on May 8, 2025

At the time of survey at 4:30 p.m. on May 8, 2025, domestic gold prices fell sharply. Specifically:

DOJI Group listed the price of SJC gold bars at 118.5-120.5 million VND/tael (buy - sell), a decrease of 1.7 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 118.5-120.5 million VND/tael (buy - sell), a decrease of 1.7 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 119-120.5 million VND/tael for buying and selling. Compared to yesterday, the gold price decreased by 1.2 million VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 118.3-120.5 million VND/tael (buy - sell), the price decreased by 1.9 million VND/tael in buying direction - decreased by 1.7 million VND/tael in selling direction compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 117.5-120.5 million VND/tael (buy - sell), gold price decreased 1.2 million VND/tael in both buying and selling directions compared to yesterday.

As of 4:30 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 114-116.5 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 116.5-119.5 million VND/tael (buy - sell); down 1 million VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, May 8, 2025 is as follows:

World gold price today May 8, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:30 p.m. today, Vietnam time, was 3,339.38 USD/ounce. Today's gold price decreased by 25.81 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,150 VND/USD), the world gold price is about 106.41 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 14.09 million VND/tael higher than the international gold price.

World gold prices fell due to the USD's unexpected rebound after the US Federal Reserve (Fed) meeting. Although the Fed kept interest rates unchanged at 4.25% - 4.5%, Chairman Jerome Powell's statement expressed a cautious stance, indicating that the possibility of a rate cut in the near future is not high. This development helps the USD attract strong cash flows and reduces the attractiveness of gold.

Gold prices also fell sharply due to news that US President Donald Trump is about to sign a potential trade deal with the UK, making investors cautious. Meanwhile, the market is also waiting for the results of US-China trade negotiations later this week.

Specifically, the spot gold price fell 0.77%, falling below the threshold of 3,340 USD/ounce, despite having previously increased by more than 1% in the session. The price of gold futures in the US also fell 1.5%, to 3,342.4 USD/ounce.

According to a report from the New York Times, President Trump will announce a trade deal between the US and the UK. "Any move to ease trade tensions or ease the uncertainty could send gold prices lower. If the US formally announces a deal with the UK, it will be beneficial for the global economy," said Jigar Trivedi, senior commodities analyst at Reliance Securities.

President Trump also said that China had proposed the upcoming high-level trade talks between the two countries. He affirmed that he would not reduce import tariffs on Chinese goods just to bring Beijing to the negotiating table.

Meanwhile, the US Federal Reserve (Fed) decided to keep interest rates unchanged but warned of rising inflation and unemployment risks due to the impact of the Trump administration's tariff measures. "In our opinion, the Fed will likely cut interest rates in September, not sooner," Mr. Trivedi predicted.

Gold prices are often seen as a safe haven asset during times of political and financial uncertainty, and tend to rise when interest rates are low.

Another factor weighing on gold prices is the escalating tensions between India and Pakistan. India launched airstrikes in Pakistan and Pakistan-controlled Kashmir in retaliation for a terrorist attack last month. Pakistan vowed to retaliate, saying it had shot down five Indian aircraft.

Mr. Brian Lan, CEO at GoldSilver Central (Singapore), commented: "If tensions continue to escalate, gold prices could increase sharply and even surpass the previous record high."

Besides gold, silver prices fell slightly by 0.1% to $32.43 an ounce, platinum rose 0.2% to $975.75, while palladium fell 0.9% to $963.26.