Illustration photo. Photo: Internet
Domestic gold prices continue to plummet
At the end of the session on April 4, the domestic gold bar price suddenly reversed and dropped sharply. Currently, popular gold brands are buying at VND98.8 million/tael and selling at around VND101.3 million/tael. Notably, the buying price of Phu Quy SJC gold is VND200,000 lower than other brands.
The same situation happened with gold rings when the price was adjusted down significantly. Specifically, SJC 9999 gold rings decreased by 700,000 VND in buying price and 800,000 VND in selling price, bringing the price to 98.7 million VND/tael and 101.4 million VND/tael, respectively.
In Hanoi and Ho Chi Minh City, DOJI also adjusted the buying price down by VND200,000 and the selling price down by VND900,000, bringing the price down to VND98.5 million/tael and VND101.3 million/tael, respectively.
PNJ brand announced the price of gold rings at 98.7 million VND/tael for buying and 101.3 million VND/tael for selling, respectively decreasing 800,000 VND for buying and 900,000 VND for selling.
Bao Tin Minh Chau is listing plain round gold rings at 99 million VND/tael for buying and 101.6 million VND/tael for selling, a decrease of 100,000 VND and 700,000 VND respectively.
Meanwhile, Phu Quy SJC raised the buying price of gold rings to 98.8 million VND/tael and the selling price to 101.6 million VND/tael, an increase of 200,000 VND and 700,000 VND respectively.
World gold price developments
Data from Kitco shows that at 5 a.m. Vietnam time, the world spot gold price was recorded at 3,043.28 USD/ounce. Compared to the previous session, the price decreased by 2.2%. If converted according to the free USD exchange rate (25,950 VND/USD), the world gold price is currently around 95.2 million VND/tael (excluding taxes and fees). Thus, domestic SJC gold is 6.1 million VND/tael higher than international gold.
Gold prices fell more than 2% as investors liquidated bullion positions following a broad sell-off, amid China imposing new tariffs in retaliation for US President Trump's tariffs.
Spot gold fell 1.9% to $3,053.98 an ounce at 10:05 a.m. EDT (1405 GMT). The precious metal hit a record high of $3,167.57 on Thursday. U.S. gold futures also fell 1.6% to $3,072.10.
Investors are reducing their gold holdings to offset losses in other assets, pressured by margin calls, analysts said. “We still see room for further upside given the current risk-off environment... we expect prices to hit further record highs in the second quarter,” said Standard Chartered analyst Suki Cooper.
The bank's forecast for gold prices in the second quarter is $3,300 an ounce.
In a related development, the Chinese Ministry of Finance announced that it will impose an additional 34% tariff on all US goods from April 10, in response to new tariffs that Mr. Trump just issued this week.
Global stock markets fell for a second straight day on the news, extending losses amid concerns about a global recession. The U.S. economy added 228,000 jobs in March, the Labor Department said on Friday, far exceeding the 135,000 forecast by economists polled by Reuters. But the unemployment rate remained at 4.2 percent, higher than the 4.1 percent expected.
“I think (the NFP data) will give the Federal Reserve room to continue to hold off on cutting rates,” said Alex Ebkarian, chief executive officer of Allegiance Gold.
While gold is often seen as a hedge against uncertainty, the low interest rate environment has been a boon for the precious metal, with the market now expecting a total of 120 basis points of rate cuts by the Fed by the end of the year, starting in June.
Investors are also awaiting Fed Chairman Jerome Powell's speech later in the day for further clues on the direction of monetary policy.
Spot silver fell 4.9% to $30.32 an ounce, marking its biggest weekly decline since September 2020. Platinum fell 2.8% to $925.55, while palladium lost 1.4% to $915.21; both were headed for weekly losses.
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-5-4-2025-tiep-tuc-lao-doc/20250405095240641
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