Gold price today May 8: Domestic and world gold prices slightly decreased when the US and China confirmed trade negotiations this weekend

Domestic gold price today 5/8/2025

At the time of survey at 4:30 a.m. on May 8, 2025, domestic gold prices were flat or slightly down. Specifically:

The price of SJC gold bars listed by DOJI Group is at 120.2-122.2 million VND/tael (buy - sell), the price remains 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 120.2-122.2 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 120.2-121.7 million VND/tael for buying and selling. Compared to yesterday, the gold price remained unchanged for buying - down 100 thousand VND/tael for selling.

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

SJC gold price at Phu Quy is traded by businesses at 118.7-121.7 million VND/tael (buy - sell), gold price decreased 1.1 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); unchanged 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); unchanged 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), unchanged 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 am today, Vietnam time, was at 3,394.81 USD/ounce. Today's gold price increased by 3.45 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,130 VND/USD), the world gold price is about 108 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 14.2 million VND/tael higher than the international gold price.

World gold prices fell sharply after positive news about trade negotiations between the US and China. This move caused investors to reduce their interest in safe assets such as gold, ahead of the interest rate decision from the US Federal Reserve (Fed) later in the day.

Specifically, spot gold prices fell from the morning session high of $3,431.43 per ounce. US gold futures also fell 0.8% to $3,396.7.

News of a meeting between US and Chinese officials this week has added to the optimism in the market, which, if confirmed, could improve investor sentiment, said Zain Vawda, an analyst at MarketPulse.

US Treasury Secretary Scott Bessent and trade negotiator Jamieson Greer are scheduled to meet with China's top economic official He Lifeng in Switzerland this weekend to discuss tariffs.

The correction in gold prices is considered reasonable in the context of the US and China officially sitting at the trade negotiation table. However, this does not mean that the upward trend of gold has ended or that this precious metal will soon fall below the $3,000/ounce mark.

The negotiations are still in their early stages and are temporary, so there is still a risk of failure or uneven progress, factors that could quickly increase demand for shelter and push gold prices back to an upward trend.

The market is now focused on the Fed's policy announcement. While the Fed is expected to leave rates unchanged, investors are looking for clues about the likelihood of future rate cuts. According to the CME FedWatch tool, the market is pricing in just a 30% chance of a rate cut in June.

The Federal Open Market Committee (FOMC) interest rate decision is due this afternoon. Most expect the Fed to keep rates unchanged, but markets will be particularly interested in the statement and comments from Chairman Jerome Powell for clues on monetary policy in the coming period. Comments on inflation, tariffs and global trade wars will also have a strong impact on investor sentiment.

In other developments, escalating tensions between India and Pakistan are also being closely watched by analysts. India has just attacked Pakistan and the Pakistan-controlled Kashmir region, while Pakistan announced that it shot down five Indian fighter jets. This is the most serious conflict between the two countries in more than 20 years. If the conflict continues to escalate, demand for gold as a safe-haven asset could increase, thereby pushing up gold prices.

China added gold to its reserves in April, marking the sixth consecutive month of increases, according to the latest report from the People's Bank of China. Poland, the world's largest buyer of gold last year, also continued to increase its holdings. According to data from the National Bank of Poland, the country added 12 tons of gold in April, bringing its total reserves to 509 tons.

The trend of central banks buying gold continues. Due to the need to diversify foreign exchange reserves, reduce dependence on the USD in the context of global economic instability. With the current increase in gold buying, gold prices may continue to receive support from these major investors.

Besides gold, silver fell 1% to $32.91/ounce, platinum fell slightly 0.3% to $988. Meanwhile, palladium increased 0.7% to $981.25.

Quoc Duong