Gold price today May 4: Ending a week of consecutive price declines

On the morning of May 4, world gold prices slowed down after falling sharply to 3,239 USD/ounce, while domestic gold prices did not fluctuate much.

Early this morning, the world gold price listed on Kitco was 3,239 USD/ounce, unchanged from early yesterday morning.

Gold prices were subdued due to profit-taking and liquidation by short-term futures traders. Many markets were closed for the Labor Day holiday.

The three-day pre-holiday downtrend dragged gold prices down a total of $82.80 last week.

Gold price is stable today. (Illustration photo: Cong Hieu)

Gold price movements today

+ Domestic gold price

At 7:00 a.m. on May 4, the price of gold bars at Doji and SJC was listed at 119.3 - 121.3 million VND/tael (buy - sell), unchanged from early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 114 - 116.5 million VND/tael (buy - sell), unchanged from early this morning.

+ International gold price

The world gold price listed on Kitco was at 3,239 USD/ounce, unchanged from late yesterday afternoon. Gold futures last traded at 3,240 USD/ounce.

Gold price forecast

Kitco News' latest weekly gold survey found that only a minority of industry professionals expect gold prices to rise next week, while half of retail traders remain bullish despite the yellow metal's decline.

Analysts forecast an average annual gold price of over $3,000 an ounce. The poll of 29 traders and analysts gave a median forecast of $3,065 an ounce this year, up from $2,756 an ounce in the poll three months earlier. The 2026 gold price forecast was also raised to $3,000 an ounce from $2,700 an ounce.

Global trade tensions and growing de-dollarization have been key drivers of gold prices, with spot gold up more than 25% since the start of the year, nearly matching last year’s 27% gain.

However, price risks remain due to volatile physical markets and slowing central bank flows, while fading tariff and recession risks could reduce gold's appeal as a safe haven, said Suki Cooper, an analyst at Standard Chartered.

John Weyer, director of commercial hedging at Walsh Trading, said the gold market will continue to be dominated by tariff news, whether rumored or true.

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