Gold price on April 4 fluctuated strongly after news of US reciprocal tax

(Photo: THANH DAT)

In the domestic market, this morning, the price of gold brands "cooled down", down 700,000 VND after a series of consecutive days of strong increases.

Specifically, at 11:00 a.m. on April 4, Saigon Jewelry Company (SJC) listed the buying and selling prices of SJC gold bars at VND99-101.5 million/tael, down VND500,000 and VND700,000/tael respectively compared to the previous session.

The price of SJC 9999 gold ring closed the week at 98.9 million VND/tael for buying and 101.4 million VND/tael for selling.

DOJI gold bar prices in Hanoi and Ho Chi Minh City were bought at 99 million VND/tael and sold at 101.5 million VND/tael, down 500,000 VND and 700,000 VND/tael respectively compared to the previous session.

This brand listed the buying and selling price of DOJI Hung Thinh Vuong 9999 gold rings at the same price as gold bars at 98.7-101.5 million VND/tael, the highest ever.

PNJ gold bought at 98.9 million VND/tael and sold at 101.5 million VND/tael, down 600,000 million VND and 700,000 million VND/tael respectively.

As of 11:00 a.m. on April 4 (Vietnam time), the world gold price decreased by 26.1 USD compared to the previous session to 3,107 USD/ounce.

World gold prices fluctuated strongly this morning when US President Donald Trump announced new reciprocal tariffs on goods from many countries.

This information raises concerns about slowing global economic growth, increasing the risk of a trade war, causing the world economy to fall into recession.

Significant losses in the US stock market prompted traders to liquidate gold positions to create the necessary liquidity to cover stock losses and handle margin calls, causing gold prices to fall sharply despite supportive fundamentals.
Last night, the world gold price reached 3,150 USD/ounce, but immediately after that, many people sold to take profits or sold off to cover stock losses, causing the gold price to drop sharply to 3,060 USD/ounce. Then, it recovered to above 3,100 USD/ounce this morning.

Adrian Day, chairman of Adrian Day Asset Management, said that gold prices have rallied strongly and briefly breached the $3,000/ounce threshold. The reasons to buy gold remain intact while there is still a lot of buying potential, from central banks, Chinese consumers to North American investors who are still actively accumulating capital in this safe-haven asset.

John Weyer, director of commercial hedging at Walsh Trading, also recently commented that precious metals prices have the potential to rise significantly as concerns about tariffs and inflation combine to cause investors to continue to seek safe havens.

This morning, the USD-Index fell sharply by 1.63% to 101.68 points, the weakest level since early October 2024; the yield on 10-year US Treasury bonds fell to 3.973%; US stocks panicked, falling 4%; Vietnamese stocks fell the most in history, investors "fled" after the news of the US President's reciprocal tax; oil prices fell sharply, trading at 69.32 USD/barrel for Brent oil and 66.1 USD/barrel for WTI oil.

Source: https://baothainguyen.vn/kinh-te/thi-truong/202504/gia-vang-ngay-44-bien-dong-manh-sau-tin-ap-thue-doi-ung-cua-my-54c198a/