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Gold prices rise surprisingly: investors rely on security!
On May 29, 2025, gold prices surprisingly rose while US economic data shows a contraction. Investors are looking for safe havens.
Gold prices rise surprisingly: investors rely on security!
On May 29, 2025, the gold commodity market is causing a stir, primarily due to a significant increase in world gold prices. Loud Vietnam.vn Gold prices reached $3,314 per ounce at 7:30 p.m., up about $55 per ounce from the morning.
The price of gold was up and down at the end of the day and hovered in the $3,300 zone, but remained below this important level. Analysts had previously predicted that gold prices could fall to around $3,200 after breaking through the $3,300 level. Despite this uncertainty, precious metal prices rose, even as there was a lack of new developments and tensions between the US and other countries eased.
Influence of economic conditions
A decisive factor for the rise in gold prices could be the negative economic development in the USA. Loud Kitco U.S. gross domestic product (GDP) contracted by 0.1% in the first quarter of 2025, an adjustment from an original estimate of -0.2%. This negative development was mainly driven by trade imbalances, which is driving investors to seek gold as a safe haven in uncertain times.
The reactions on the markets are clear. The price of SJC gold bars rose to VND115.5 million per tael (buy) and VND118 million per tael (sell) at the end of the day, an increase of VND800,000 per tael compared to the morning. The price of 99.99 gold rings and gold jewelry also climbed to VND110.3 million per tael (purchase) and VND113.3 million per tael (sale), an increase of VND300,000 per tael.
Market analysis and outlook
Domestic gold prices fluctuated wildly after falling significantly in the morning. This recovery in domestic gold prices followed the general upward trend in world gold prices. The current price of gold in VND seems to be stabilizing at around VND104.7 million per tael, giving investors hope for a positive price trend.
In addition to the price increases, an important consideration is the recent US court ruling, issued on May 28, blocking President Trump's tariffs. The Trump administration has appealed, challenging the court's authority, which could further impact the economic climate. This uncertainty increases investors' interest in gold as a stable form of investment.