The gold market has experienced significant fluctuations in recent days, with prices hitting record highs before retreating sharply. On April 3, 2025, the gold price reached a new all-time high of $3,167 per ounce, as it continued its rally towards the price targets of $3,140 and $3,190. However, this upward momentum was short-lived, as a strong wave of selling began shortly thereafter, driving the price down to critical support levels.
By April 4, the gold price had fallen to $3,037 per ounce in New York trading, and by April 7, it dipped further to $3,023 in trading in Shanghai and Hong Kong, marking a significant decline of $78 from the previous Friday. This downturn has raised alarms among investors, as gold mining stocks have suffered substantial losses, with some stocks plummeting by double digits.
According to market analysts, the recent decline can be attributed to a combination of factors, including a sell-off in the stock market that prompted investors to liquidate gold and silver holdings to offset losses. Everett Millman, an expert from Gainesville Coins, noted that this behavior is typical during periods of market stress and low liquidity.
As of April 6, the gold price was reported at $3,037.79, remaining stable compared to the previous day. Despite this brief stabilization, the overall trend has been downward, with many analysts predicting further declines. A fall below $2,998 could trigger a new wave of selling, pushing prices towards central support levels at $2,956 and $2,930.
Adding to the complexity of the situation is the ongoing uncertainty surrounding monetary policy. The Federal Reserve's upcoming decisions on interest rates and economic stimulus measures are keenly awaited by market participants. Chris Vecchio, chief strategist at Tastylive.com, emphasized that the factors driving gold prices above $3,000 are still in play, suggesting that the current price may represent a good long-term investment opportunity.
In the context of global economic pressures, the gold market remains sensitive to external influences. The recent announcement by central banks to ease monetary policy has led to a reevaluation of gold price targets, with some analysts raising their projections to between $2,800 and $3,000 per ounce. This shift indicates a growing concern over the potential for a global recession and its impact on demand for gold and other commodities.
On April 7, the domestic gold prices in Vietnam remained stable, with SJC gold bars listed at 97.1-100.1 million VND per tael, unchanged from the previous day. However, compared to the previous week, the price had decreased by 1.3 million VND per tael for buying and 600,000 VND for selling. The difference between buying and selling prices at the DOJI Group and Saigon Jewelry Company was noted at 3 million VND per tael.
Despite the stability in domestic prices, the global gold price is still struggling, currently at $3,035.92 per ounce, which is $54.94 lower than the previous week. This decline has ended a five-week streak of rising prices, reflecting a broader trend in commodity markets.
Market sentiment among investors appears mixed. A recent Kitco News survey revealed that only five out of 16 experts expect an increase in gold prices next week, while eight anticipate further declines. Among individual investors, however, the outlook remains relatively optimistic, with 61% expecting an increase in gold prices.
As the market grapples with these fluctuations, analysts are closely monitoring key economic indicators, including the consumer price index and producer price index, scheduled for release in the coming days. These data points will provide further insights into inflation trends and the overall economic landscape, which are critical for the gold market.
In summary, the gold market is navigating a challenging environment marked by price volatility and uncertainty. Investors are advised to stay informed and consider the potential implications of upcoming economic data and policy decisions on gold prices.
