Gold price today May 2, 2025: Domestic and world gold prices fell sharply due to strong selling pressure

Domestic gold price today 5/2/2025

At the time of survey at 4:30 a.m. on May 2, 2025, the domestic gold price was anchored at a high level of over 121 million VND. However, the price of gold rings and gold at Bao Tin Minh Chau decreased sharply. Specifically:

DOJI Group listed the price of SJC gold bars at 119.3-121.3 million VND/tael (buy - sell), the price remained unchanged 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 119.3-121.3 million VND/tael (buy - sell), the price remained unchanged 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 116-118.5 million VND/tael for buying and selling. Compared to yesterday, the gold price decreased by 2 million VND/tael for buying and 1.5 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 118-121 million VND/tael (buying - selling), down 1.3 million VND/tael in buying - down 300 thousand VND/tael in selling compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 118.3-121.3 million VND/tael (buy - sell), gold price remains unchanged 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 114-116.5 million VND/tael (buy - sell); unchanged in both buying and selling directions compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 116.3-119.6 million VND/tael (buy - sell); down 600 thousand VND/tael for buying - down 300 thousand VND/tael for selling compared to yesterday.

The latest gold price list today, May 2, 2025 is as follows:

World gold price today May 2, 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 3,294.1 USD/ounce. Today's gold price decreased by 89.02 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,180 VND/USD), the world gold price is about 102.61 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 18.69 million VND/tael higher than the international gold price.

The world gold price fell to its lowest level in two weeks, due to many factors. Partly due to positive signals about trade relations between major countries, causing investors to increase selling. In addition, the Labor Day holiday extended until May 5 in China, the world's largest gold consumer, made the gold market less active.

Specifically, spot gold prices fell 2.7%, after falling to their lowest level since April 14. US gold futures also lost 2.8%, to $3,226.9/ounce. A week earlier, gold prices had reached a record $3,500.05/ounce.

According to Mr. Bob Haberkorn, senior market analyst at RJO Futures, the news that China has accepted the US's offer to negotiate has caused investors to shift to riskier assets such as stocks and commodity exchanges to seek profits. This has led to a phenomenon of selling gold to take profits, causing the price of gold to fall.

With China on holiday from May 1 to 5, TD Securities said the gold market is being affected by a "liquidity gap" caused by the holiday, reducing trading demand.

US President Donald Trump recently announced that the US is close to trade agreements with India, South Korea and Japan. He also affirmed that there is a very good chance of reaching a deal with China. These optimistic statements have boosted risk sentiment, boosted the US dollar and reduced the attractiveness of gold.

New data showed the economy contracted in the first quarter. The US Federal Reserve said it would keep interest rates unchanged until there are clear signs of inflation falling to 2% or the labor market weakening. In the long term, low interest rates and global uncertainties remain supportive of gold prices.

The Institute for Supply Management (ISM) manufacturing PMI fell to 48.7 in April, down from 49 in March. The low PMI reading helped to curb the decline in gold prices. However, the rising risk sentiment in the global market overshadowed all the positive economic reports for gold.

Besides gold, other precious metals also fluctuated slightly. Spot silver fell 1.3% to $32.15 an ounce; platinum fell 1.2% to $954.85 an ounce; while palladium rose slightly 0.4% to $941.14 an ounce.

Gold price forecast

Expert Ole Hansen from Saxo Bank said that although gold prices are correcting in the short term due to more positive market sentiment, the fundamental factors supporting the gold price uptrend are still solid.

Gold prices are continuing their downward trend after officially breaking through an important support zone within the three-week-long uptrend channel. Specifically, gold prices fell below $3,351/ounce, a level considered an important uptrend line. This break opens up the possibility of gold prices falling further in the coming time.

Gold is currently showing that selling pressure is still dominant. However, the 14-day RSI remains above 50 and is currently hovering near 53.5, suggesting that buyers still have a chance to turn the tide if the market holds some important technical levels.

One of the key levels to watch right now is the 21-day moving average (SMA 21), which is currently hovering around $3,230 an ounce. If gold closes above this level, the possibility of a reversal is still there. The market could then return to test the old resistance level at $3,383.

However, before reaching that target, gold needs to surpass the $3,328 mark, the previous session's peak. Failure to do so will put the market under further correction pressure.

On the other hand, if gold falls below the 21-day moving average, a deeper drop to the psychological zone of $3,150 is entirely possible. Further down, if the downtrend continues, the next target for the bears will be the 50-day moving average (SMA 50), currently located at around $3,081/ounce.

In its latest commodity market forecast, the World Bank said the average gold price this year could reach around $3,250 an ounce, up 36% from last year's average. This is a significant change from its forecast in November last year, when the organization said that gold prices would remain stable in the near future.

By 2026, the average gold price is expected to fall slightly to around $3,200 an ounce, down about 1.5% from this year’s forecast. However, in the big picture, analysts say gold will remain the most prominent asset class in the commodity group, at least for the next two years.

Quoc Duong