Gold price today April 25: Facing many risks

Domestic gold price

At the close of trading on April 24, the price of 9999 gold bars at SJC Ho Chi Minh City was VND66.4 million/tael (buy) and VND67 million/tael (sell). SJC Hanoi listed at VND66.4 million/tael (buy) and VND67.02 million/tael (sell).

Doji Hanoi listed at 66.4 million VND/tael (buy) and 66.95 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.4 million VND/tael and sold at 66.95 million VND/tael.

The State Bank announced the central VND/USD exchange rate applied on April 24 at 23,636 VND. The reference USD exchange rate at the State Bank's Exchange is listed at 23,450 - 24,767 VND/USD (buy - sell).

International gold price

In the world market, the spot gold price on April 24 was trading at 1,983 USD/ounce. The futures gold price was trading at 1,984 USD/ounce.

World gold prices fall. (Photo: Kitco)

Gold investors are focusing on the upcoming US macroeconomic data, especially the GDP index for the first quarter of 2023.

Commerzbank analyst Carsten Fritsch said that GDP and the price index (PCE) will be important measures for the US Federal Reserve (Fed) to assess the inflation level of the economy.

In the context of the economy with many potential uncertainties, gold prices will become risky after the above economic data is announced. At the same time, on May 3, gold prices will continue to be affected by the Fed's decision to adjust interest rates.

According to the CME FedWatch Tool, markets currently see an 88% chance the Fed will raise interest rates by 25 basis points.

Bart Melek, head of global commodity strategy at TD Securities, said the Fed is likely to continue its high-interest-rate stance. The market is at risk of another rate hike after the early May adjustment.

Gold Price Forecast

Many analysts say that despite potential risks, gold remains a safe haven and inflation hedge.

The financial turmoil is far from over, which will continue to benefit gold, said James Robertson, an analyst at Grant's Interest Rate Observer.

Good support for gold is around $1,962 an ounce, notes Bart Melek, head of global commodity strategy at TD Securities, adding that gold prices will also depend on economic data and how bond yields are performing.

Technically, analysts see gold's support at $1,960 an ounce. They remain optimistic that gold will surpass its all-time high and reach $2,100 an ounce by the end of the second quarter of 2023.

According to Vietnamnet

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