World gold prices plummeted in the trading session on April 23 on the New York market (night of April 23, Vietnam time), losing another 100 USD/ounce after having dropped more than 100 USD previously.

As of 9:00 p.m. on April 23 (Vietnam time), the spot gold price fell to $3,270/ounce (equivalent to about VND104 million/tael), down 6.6% from the peak of $3,500/ounce (equivalent to more than VND111 million/tael) set on the afternoon of April 22.

Thus, the spot gold price on the international market has decreased by a total of 230 USD/ounce compared to the peak, equivalent to a decrease of about 7 million VND per tael.

This is one of the rare historical plunges in a single day.

Gold prices fell by the minute amid selling pressure after US President Donald Trump reversed course and said the high tariffs the US imposed on Chinese goods would be significantly reduced.

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SJC gold price may drop sharply on the morning of April 24. Photo: HH

In addition, former US President Donald Trump appears to have withdrawn his threat to fire the Chairman of the US Federal Reserve (Fed), Mr. Jerome Powell, after many days of continuous criticism of the world's most powerful financial leader for not quickly lowering interest rates.

Mr Trump insisted he had no intention of firing Mr Powell, but stressed that the Fed chairman should be “more aggressive in lowering interest rates”.

In another development, tensions in Ukraine showed signs of easing after Russian President Vladimir Putin expressed his willingness to compromise, lowering some conditions to move towards a ceasefire and resume peace negotiations with Ukraine.

Despite the sharp drop, the world gold price is still about 58.5% higher (equivalent to 1,207 USD/ounce) than at the beginning of 2024 and about 24.6% higher than at the beginning of 2025.

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World gold prices plummet. Source: KC

Domestically, by the end of the trading session on April 23, the price of 9999 gold bars at SJC and DOJI was listed at 116.5-119.5 million VND/tael (buy - sell), down 5.5 million VND and 4.5 million VND per tael respectively compared to the previous session.

At this price, SJC gold bars are about 15.5 million VND/tael higher than the converted price from the world market.

The sharp drop in world gold prices on the night of April 23 could put great pressure on domestic gold prices. Assuming the difference between domestic and world gold prices remains at VND13 million/tael, the price of SJC gold on the morning of April 24 could decrease by about VND2.5 million/tael, to about VND117 million/tael.

In the international market, gold prices continued to be under pressure from profit-taking and increasing short selling, especially in the context of US President Donald Trump maintaining a softer tone in recent statements about China and Fed Chairman Jerome Powell.

In addition, the USD increased in value after the US released positive data on the real estate market, increasing pressure on gold prices.

Specifically, according to the US Census Bureau and the US Department of Housing and Urban Development, new home sales in March increased by 7.4%, far exceeding the forecast of 0.2%, and also higher than the 1.8% increase recorded in February.

US manufacturing activity also showed signs of stabilisation. The preliminary PMI rose to 50.7 in April from 50.2 in the previous month, beating expectations for a reading below 50, which indicates contraction.

Gold price is approaching 130 million VND/tael: Will there be a repeat of the historic plunge? The world gold price once increased dramatically, many times in a short period of time, then suddenly plummeted and lost all its achievements. The price of SJC gold and gold rings is approaching the 130 million VND/tael mark, will there be a shocking drop like in the past?

Source: https://vietnamnet.vn/gia-vang-the-gioi-roi-tu-do-trong-phien-toi-23-4-boc-hoi-tung-phut-2394434.html