On April 4, 2025, gold prices continued to fluctuate amid ongoing market tensions and economic uncertainties. At 05:13:44 AM, spot gold was recorded at $3,114.77 per ounce on Kitco, marking a decrease of $11.29, or 0.36%, over the previous 24 hours. This decline reflects broader market dynamics as investors navigate through fluctuating economic indicators.
In Vietnam, the conversion of world gold prices revealed that, at the current exchange rate provided by Vietcombank, gold is approximately 96.211 million VND per tael (excluding taxes and fees). When calculated using the free market USD exchange rate of 25,922 VND/USD, the price rises to about 97.7 million VND per tael, again excluding taxes and fees.
By 05:30 AM, local gold prices were also adjusting downward. SJC gold bars were being bought at 99.5 million VND per tael and sold at 102.2 million VND per tael, indicating a significant premium over the international gold price of 4.5 million VND per tael. Meanwhile, SJC 9999 gold rings saw an increase of 500,000 VND in both buying and selling prices, now trading at 99.4 million VND per tael for buying and 102 million VND for selling.
As the day progressed, the trend continued with further adjustments. By 3:45 PM, the world spot gold price had fallen to $3,079 per ounce, down $11.6 from earlier in the day. The domestic market reflected this downward trend, with SJC's 9999 gold price adjusted down by 200,000 VND per tael to a range of 98.8-101.3 million VND per tael.
Market analysts are closely monitoring these fluctuations. Tai Wong, a commodity market expert, noted, "The retaliatory tax rate is much higher than expected, leading to a sell-off in the asset market and causing the USD to depreciate." This sentiment echoes the concerns surrounding new tariffs imposed by the U.S., which have spurred fears of a potential trade war, further complicating the economic landscape.
Despite the recent downturn, some experts remain optimistic about gold's future. Matt Simpson from City Index commented on the strong uptrend in gold prices, suggesting that the current momentum could continue until a significant disturbance occurs. This perspective is bolstered by the expectation that central banks will continue to diversify their reserves away from the dollar, which could maintain upward pressure on gold prices throughout the year.
In the domestic market, the adjustments continued with various brands responding to the international price changes. For instance, DOJI reported a decrease in gold ring prices to 98.5-101.3 million VND per tael, down 200,000 VND in both buying and selling directions compared to the morning session. SJC's gold rings also saw a reduction, with prices now at 98.7-101.2 million VND per tael.
As the trading session unfolded, it was clear that market sentiment was heavily influenced by external economic factors. The central exchange rate on April 4 was set at 24,886 VND/USD, reflecting a slight increase of 32 VND compared to the previous trading session. This adjustment highlights the ongoing volatility in the currency markets, which directly impacts gold pricing.
Looking ahead, analysts predict that gold prices could potentially rise to $3,200 per ounce in the short term, driven by cautious investor sentiment. Yeap Jun Rong, a market analyst at IG, noted that fears regarding tariffs have made investors more cautious, leading to a shift towards gold as a safe haven asset. He stated, "In the short term, gold prices may continue to rise and hit the $3,200 per ounce mark due to this cautious sentiment." This sentiment is echoed by Peter Grant, who remarked that breaking through the resistance level at $3,147.41 per ounce could signal a bullish trend toward $3,300 and even $3,500 per ounce.
However, the potential for rapid price increases also carries inherent risks. Analysts caution that if supporting factors shift, a significant downward correction could occur. As we see this interplay of market forces, it’s clear that the gold market remains a focal point for investors seeking stability amid uncertainty.
As of now, the gold market is in a state of flux, with prices reflecting both local and global economic pressures. Investors are advised to stay informed and consider the implications of ongoing geopolitical developments as they navigate this complex landscape.
