Gold price on April 24: Gold bars and gold rings both dropped shockingly by 6 million VND/tael

Illustration photo. Source: Internet

Domestic gold price developments

After the record increase the day before, the price of domestic gold bars suddenly turned around and plummeted. At the end of the trading session on April 23, the buying price of popular gold brands stopped at 116.5 million VND/tael, while the selling price dropped to 119.5 million VND/tael.

Not out of the trend, the price of gold rings from major brands also witnessed a sharp decrease. For example, SJC 9999 gold rings decreased by 3.5 million VND per tael in both directions, bringing the buying and selling prices to 112.5 million and 115.5 million VND per tael, respectively.

DOJI branches in Ho Chi Minh City and Hanoi both reduced the buying price by VND4.7 million and the selling price by VND3.7 million, bringing the listed price down to VND112.7 million/tael for buying and VND115.3 million/tael for selling, respectively.

PNJ brand also could not avoid the downward trend, with a decrease of 4.3 million VND in buying price and 4.1 million VND in selling price, listed at 112.7 million VND/tael for buying and 115.9 million VND/tael for selling.

Bao Tin Minh Chau is currently applying the price of 115 million VND/tael for buying and 118 million VND/tael for selling for plain round gold rings, recording a decrease of 4 million VND each way.

Phu Quy SJC decreased by 3.5 million VND/tael for both trading directions, currently trading gold rings at 113.5 million VND for buying and 116.5 million VND for selling.

World gold price developments

Data from Kitco shows that at 5 a.m. Vietnam time, the spot gold price on the international market was at 3,287.9 ​​USD/ounce. This decrease is equivalent to 4.19% compared to the previous session. When converted at the free exchange rate of 26,315 VND/USD, the world gold price is about 104.3 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold is currently about 15.2 million VND/tael higher than the world gold price.

According to Reuters, gold's decline continued after its historic peak, amid investor sentiment shifting to risky assets after President Donald Trump's announcement that he had no plans to fire the US Federal Reserve Chairman, while being optimistic about progress in trade negotiations with China.

At 9:23 a.m. ET (1323 GMT), spot gold fell 2.2% to $3,305.79 an ounce, while U.S. gold futures fell 2.9% to $3,320.40.

“The market is starting to get over the tariff shock. You’re going to see a broad rotation out of some of the safe havens and back into some specific stocks like Apple, Tesla,” said Phillip Streible, chief market strategist at Blue Line Futures.

The global financial picture has brightened somewhat as the US dollar recovered, after President Trump backed off his harsh statements about firing Federal Reserve Chairman Powell after days of criticism for not lowering interest rates.

President Trump also expressed confidence that the US and China will reach a deal that could ease current tariff tensions, but he also stressed that “if they don’t make a deal, we’ll impose a deal.”

Gold, seen as a safe haven amid financial and geopolitical uncertainty, has gained more than 26% since the start of 2025 on the back of central bank buying, trade war concerns and rising investment demand.

“From a technical perspective, the sharp peak around $3,500 and the sharp reversal in the short term have increased the risk of a deeper correction. However, gold has so far managed to find support at $3,292, a 0.382 retracement, which currently signals a weak correction in a strong uptrend,” said Ole Hansen of Saxo Bank.

Meanwhile, silver prices rose 1% to $32.83 an ounce, platinum rose 0.9% to $967.61 and palladium edged up 0.6% to $941.04.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-24-4-vang-mieng-va-vang-nhan-dong-loat-giam-soc-toi-6-trieu-dong-luong/20250424081618505