Gold price today (April 20): Unexpected "plummet"

Domestic gold price today

After a series of “huge” increases, the price of gold bars reversed and “plummeted”. At the end of April 19, the gold price of all brands was VND112 million/tael for buying and VND114 million/tael for selling. Phu Quy SJC gold was being bought at VND1.5 million lower than other brands.

Similarly, the price of gold rings of most brands has been adjusted down sharply. Specifically, the price of SJC 9999 gold rings decreased by 4.5 million VND for buying and 3.5 million VND for selling, down to 109.5 million VND/tael and 113.5 million VND/tael, respectively.

DOJI in Hanoi and Ho Chi Minh City markets adjusted the price of gold rings down by 5.5 million VND for buying price and 3 million VND for selling price, down to 109.5 million VND/tael and 113.5 million VND/tael, respectively.

The listed price of PNJ brand gold rings is 109.5 million VND/tael for buying and 113.5 million VND/tael for selling, down 4.5 million VND in buying price and 3.5 million VND in selling price compared to early this morning.

Bao Tin Minh Chau listed the price of plain round gold rings at 111.2 million VND/tael for buying and 119.5 million VND/tael for selling, down 5.3 million VND for buying and 5.5 million VND for selling.

Phu Quy SJC is buying gold rings at 109.5 million VND/tael and selling at 113.5 million VND/tael, down 5.5 million VND and 4.5 million VND respectively.

Domestic gold bar prices updated at 5:30 a.m. April 20 as follows:

Yellow	Area	Early morning April 19	Early morning 20-4	Difference
Buy	Sell	Buy	Sell	Buy	Sell
Unit of measure: Million VND/tael	Unit of measure: Thousand dong/tael
DOJI	Hanoi	117	120	112	114	-5000	-6000
Ho Chi Minh City	117	120	112	114	-5000	-6000
SJC	Ho Chi Minh City	117	120	112	114	-5000	-6000
Hanoi	117	120	112	114	-5000	-6000
Danang	117	120	112	114	-5000	-6000
PNJ	Ho Chi Minh City	117	120	112	114	-5000	-6000
Hanoi	117	120	112	114	-5000	-6000
Bao Tin Minh Chau	Nationwide	117	120	112	114	-5000	-6000
Phu Quy SJC	Nationwide	116	119	110.5	114	-5500	-5000

World gold price today

The world gold market continued to record another exciting week, with prices continuously fluctuating strongly. In particular, in the middle of the week, the price of this precious metal increased by more than 100 USD/ounce to an all-time high of over 3,350 USD/ounce.

After the recent rally, Saxo Bank's head of commodity strategy Ole Hansen sees the possibility of a significant correction in the short term. However, he does not see it happening next week.

He said gold prices will eventually stop and experience a $200-$300 correction, but that time is not now because there are still many unanswered questions and risks in the bond market following President Donald Trump's comments to Federal Reserve Chairman Jerome Powell.

On Thursday, US President Donald Trump criticized Mr. Powell and the US central bank's monetary policy stance. Earlier, in a speech at the Economic Club of Chicago, the powerful central bank chairman maintained his neutral stance.

The Fed's stance contrasts with the European Central Bank, which cut interest rates on Thursday and signaled further cuts as inflationary pressures continue to ease.

World gold price anchored above 3,300 USD/ounce. Photo: Reuters

FOREX.com market analyst Fawad Razaqzada said he sees growing risks that gold prices are preparing for a long-term consolidation similar to previous significant rallies.

He noted that gold is up $1,275 from its 200-week moving average, representing a 61% premium.

It is rare to see such a large gap sustained unless macroeconomic conditions remain strongly supportive, Razaqzada said. He added that the current environment is supportive for gold, but a reversal would pull things back in the right direction.

“If gold falls below $3,300 an ounce, the next support to watch is the previous resistance levels of $3,245 an ounce and then $3,167 an ounce. If gold fails to hold those levels, prices could hit $3,100 an ounce and then the crucial $3,000 an ounce zone. A deeper decline could see gold fall back to $2,956 an ounce or even $2,790 an ounce,” Razaqzada said.

Gold will continue to be sensitive to global trade and geopolitical headlines next week, according to some analysts.

With the domestic gold bar price falling sharply and the world gold price listed at Kitco at 3,329 USD/ounce (equivalent to about 104.8 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is about 9.2 million VND/tael.

TRAN HO HOAI

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