Gold price suddenly 'turns around', startled reaction to USD, bargain hunting appears, SJC gold increases

LIVE UPDATE TABLE OF GOLD PRICE TODAY 4/4 and EXCHANGE RATE TODAY 4/4

1. SJC - Updated: 04/04/2023 13:36 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,450	67,050
SJC 5c	66,450	67,070
SJC 2c, 1c, 5c	66,450	67,080
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,150 ▲200K	56,100 ▲200K
SJC 99.99 gold ring 0.5 chi	55,150 ▲200K	56,200 ▲200K
Jewelry 99.99%	55,000 ▲200K	55,700 ▲200K
Jewelry 99%	53,849 ▲199K	55,149 ▲199K
Jewelry 68%	36,030 ▲136K	38,030 ▲136K
Jewelry 41.7%	21,379 ▲83K	23,379 ▲83K

Update gold price today 4/4/2023

World gold prices and domestic gold prices both fluctuate.

Opening the trading session on the morning of April 3, Phu Quy Jewelry Company listed the price of SJC gold at 66.2 - 66.9 million VND/tael (buy - sell), down 100,000 VND/tael for buying and 150,000 VND/tael for selling compared to the closing price yesterday.

The price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.3 - 66.92 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in buying price, but a decrease of 100 thousand VND/tael in selling price compared to the closing price yesterday.

Gold price today April 4, 2023: Gold price suddenly 'flipped', startled reaction to USD, bargain hunting appeared, SJC gold increased. (Source: Reuters)

Meanwhile, in the Asian market, in the early afternoon session of April 3, gold prices fell after the surprise announcement from the Organization of the Petroleum Exporting Countries (OPEC) and major producers outside the bloc (also known as OPEC+) about cutting oil production, raising concerns about rising inflation again.

That development also caused the market to increase bets on the possibility that the US Federal Reserve (Fed) will continue to raise interest rates at its meeting next May.

In this session, the spot gold price decreased by 0.6% to 1,956.89 USD/ounce at 14:09 (Vietnam time), marking the lowest level in nearly a week. The US gold futures price also decreased by 0.7% to 1,971.30 USD/ounce.

According toWorld & Vietnam Newspaper , at 8:16 p.m. on April 3 (Vietnam time), the world gold price on Kitco floor was at 1,977.2 - 1,978.2 USD/ounce, up 7.5 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of April 3:

Saigon Jewelry Company listed the price of SJC gold at 66.45 - 67.05 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.3 - 67.0 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.25 - 66.9 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.5 - 67.04 million VND/tael; Rong Thang Long gold brand is traded at 55.17 - 56.12 million VND/tael; jewelry gold price is traded at 54.85 - 55.95 million VND/tael.

Thus, compared to the early morning of April 3, the price of SJC gold in the afternoon of the same day in the Hanoi market listed by Saigon Jewelry Company increased by 150,000 VND/tael for buying and increased by 130,000 VND/tael for selling.

Converted according to the USD price at Vietcombank on March 4, 1 USD = 23,650 VND, the world gold price is equivalent to 56.37 million VND/tael, 10.68 million VND/tael lower than the selling price of SJC gold.

Gold prices rise after OPEC+ decision

Gold prices rose again on Monday as the dollar pared initial gains on bets that unexpected OPEC+ output cuts could boost global energy prices and force central banks to raise interest rates.

Spot gold rose 0.5% to $1,977.43 an ounce at 1206 GMT. U.S. gold futures rose 0.4% to $1,994.50.

Earlier in the session, gold hit a one-week low of $1,949.54.

It appeared to be a “knee-jerk reaction” to the initial rally in the dollar, sparking some bargain hunting around the $1,960-$1,965 an ounce level, said StoneX analyst Rhona O’Connell .

The greenback pared initial gains, making gold cheaper for traders holding other currencies, as investors focused on diverging central bank policies, with the impact of oil output cuts complicating the inflation outlook.

Although gold is traditionally seen as a hedge against inflation, higher interest rates to curb price pressures have reduced the appeal of the asset.

CME's Fedwatch tool shows markets see a 59.3% chance of the Fed raising rates by a quarter point in May, while markets see a 66% chance of the Bank of England raising rates by 25 basis points in May.

“Gold is now vulnerable to a fall to $1,900, given the likelihood of a late-term Fed rate hike that the market is currently pricing in,” said Matt Simpson , senior market analyst at City Index.

Bullion gained nearly 8% last quarter after the global banking crisis fueled bets that the Fed would slow its pace of interest rate hikes.

Meanwhile, last week, ANZ Bank (Australia) in a note observed that gold's appeal has diminished as the US banking turmoil eases.

Central bank gold buying may “not be as strong as in 2022,” said Standard Chartered Bank analyst Suki Cooper .

Earlier, Phillip Streible , a strategist at financial services firm Blue Line Futures in Chicago, said gold prices could continue to be under pressure in the coming time. Minneapolis Fed President Neel Kashkari warned that recent banking sector tensions and a scenario of credit deterioration would push the US economy closer to recession.

However, Fed officials said there were no signs that financial stress was getting worse.