Gold falls sharply as global stock markets "shake"

Gold falls sharply as global stock markets tumble

In the domestic market, gold prices fell in line with global price movements, closing the trading week at around 100 million VND per tael.

Specifically, at 10:00 AM on April 6th, Saigon Jewelry Company (SJC) listed the buying and selling prices of SJC gold bars at 97.1-101.1 million VND/ounce.

The price of SJC 9999 gold rings closed the week at 97 million VND/ounce for buying and 100 million VND/ounce for selling.

DOJI gold bar prices in Hanoi and Ho Chi Minh City are VND 97.1 million/ounce for buying and VND 101.1 million/ounce for selling.

This brand lists the buying and selling prices of Doji Hung Thinh Vuong 9999 gold rings at the same price as gold bars, at 96.7-101.1 million VND/ounce.

PNJ gold closed the week with a buying price of 97.5 million VND/ounce and a selling price of 101.1 million VND/ounce.

As of 10:00 AM on April 6th (Vietnam time), the world gold price decreased by $22.1 compared to the previous day's closing price, falling to $3,036.8 per ounce.

World gold prices continued their downward trend this morning despite supporting fundamental factors, as significant losses in the US stock market prompted investors to liquidate gold positions to generate necessary liquidity to cover stock market losses.

According to Kitco News' latest weekly gold survey, experts have abandoned last week's extreme bullish outlook, while retail traders are only slightly less optimistic about gold prices next week despite the precious metal having just experienced a sharp sell-off.

Rich Checkan, President and CEO of Asset Strategies International, said that yesterday's and today's sell-off was about raising cash to handle margin calls after the stock market plunged following US President Donald Trump's announcement of new retaliatory tariffs on goods from several countries.

"Bargain hunters will rush in next week to buy cheap gold and silver, helping the price of these precious metals rise again," the expert predicted.

For his part, Colin Cieszynski, chief market strategist at SIA Wealth Management, said gold had seen a major rally ahead of this week's tariff announcement and the market could see a short-term correction as some traders take profits.

In the medium term, Colin Cieszynski believes that the economic and geopolitical uncertainties driving the upward trend in gold prices remain intact.

Adrian Day, President of Adrian Day Asset Management, also believes that gold prices will fall in the near future, but the long-term upward trend for gold remains unchanged.

“Next week, gold prices are likely to continue their downward trend, falling to $3,000, but any declines will be short and shallow because the factors supporting gold over the past two years have not disappeared. On the other hand, gold is still not widely owned, especially in North America. Therefore, prices will fall next week, but will rise sharply for the rest of the year,” Adrian Day added.

This week, 16 Wall Street analysts participated in Kitco News' Gold Survey. Five experts (31%) predicted a rebound in gold prices next week, while eight analysts (50%) believed the price of the precious metal would continue to fall. The remaining three experts (19%) leaned towards a sideways outlook.

Meanwhile, 167 retail investors on Main Street (equivalent to 61%) out of 273 investors who participated in the Kitco News poll expect gold prices to rise higher next week; another 70 (26%) believe gold prices will fall. The remaining 36 investors (13%) lean towards a sideways outlook.

This morning, the USD-Index recovered to 103.02 points; the yield on 10-year US Treasury bonds was at 3.999%; US stocks fluctuated after news of President Donald Trump's tariff announcements; world oil prices plummeted, trading at $65.58 per barrel for Brent crude and $6299 per barrel for WTI crude.

According to NDO

Source: https://baothanhhoa.vn/vang-giam-sau-khi-thi-truong-chung-khoan-toan-cau-chao-dao-244759.htm