International gold price slightly recovered, SJC gold price reached 120.8 million VND/tael

In the morning trading session of April 29, the market had an adjustment. At 7:30 a.m. (Vietnam time), the spot gold price decreased by 0.34% to 3,331 USD, according to Kitco, and the gold price for June delivery decreased by 0.13% to 3,343 USD.

Gold prices continued to show strong technical support above $3,330/ounce as traders reacted to developments in US-China trade relations, bargain hunting and cautious sentiment as participants anticipated the release of several key economic indicators later this week.

International gold recovered slightly in the session near the end of April, SJC price reached 120.8 million VND/tael

In addition, the world USD price turned to decrease. The USD-Index fell to 99.04 points, down nearly 0.6 points compared to yesterday. Concerns about the negative economic impact of President Donald Trump's tariff policy still put pressure on the greenback.

Gold, a traditional safe haven from political and financial turmoil, surged to a record high of $3,500 an ounce last week as the unrest escalated. US President Donald Trump said progress had been made with China. However, Beijing has denied that trade talks are taking place, and Treasury Secretary Scott Bessent on Sunday did not back Trump's claim that tariff talks with China were underway.

However, the recent surge in gold prices has also caused a decline in Chinese gold consumption. According to data from the China Gold Association (CGA) on April 28, China's gold consumption in the first quarter of 2025 decreased by 5.96% compared to the same period last year, down to 290.49 tons.

Meanwhile, high gold prices continue to curb jewelry demand, fueling a wave of hoarding of gold bars and coins. Gold jewelry consumption in China in the first quarter fell sharply by 26.85% year-on-year to 134.53 tonnes, while gold bar and coin consumption soared by 29.81% to 138.02 tonnes, mainly due to investors seeking safe haven assets amid volatile economic and geopolitical conditions.

The increase in world gold prices has led to an increase in SJC gold bar prices by VND1.3 million/tael as this morning Saigon Jewelry Company (SJC) and some other gold trading enterprises bought at VND118.8 million and sold at VND120.8 million. The difference between the buying and selling prices of SJC gold bars is VND2 million/tael, while gold rings are up to nearly VND3 million/tael. At the same time, the price of SJC gold bars is VND15.7 million/tael higher than the world price, while gold rings are VND11 million/tael higher than the international gold price.

On the morning of April 29, the central exchange rate between VND and USD announced by the State Bank was 24,956 VND/USD, down 4 VND compared to yesterday. Meanwhile, at Vietcombank, the USD cash buying rate was 25,790 VND/USD, the transfer buying rate was 25,820 VND/USD and the selling rate was 26,180 VND/USD, down 20 VND compared to the previous day.

Source: https://baodautu.vn/vang-quoc-te-hoi-phuc-nhe-gia-vang-sjc-dat-1208-trieu-dongluong-d274890.html