On April 23, 2025, domestic gold prices saw a significant decrease, mirroring a sharp drop in global gold prices. Early in the morning, at 9:10 AM, major gold brands in Vietnam, including SJC, DOJI, and PNJ, listed gold bar prices between 120 to 122 million VND per tael, reflecting a decline of 2 million VND per tael compared to the previous day's closing figures.
Notably, Bao Tin Minh Chau made a more substantial cut, reducing its gold bar prices to 117 to 120 million VND per tael, with the purchase price down by 3 million VND and the selling price by 2 million VND from the end of the previous session. In terms of gold rings, Bao Tin Minh Chau listed prices at 116 to 119 million VND per tael, while PNJ set their prices at 114.2 to 117.5 million VND per tael. SJC and DOJI offered gold rings at 114 to 117 million VND and 114.2 to 116.8 million VND per tael, respectively, both showing a decrease of approximately 2 million VND compared to the previous day.
As for global gold prices, by 9:20 AM Vietnam time, they had plummeted to around 3,370 USD per ounce, marking a drop of 120 USD, or 3.4%, from the peak observed in the early afternoon of the previous day. In fact, early this morning, the world gold price dipped even lower to 3,328 USD per ounce.
According to Kitco News, the gold market is experiencing a strong wave of profit-taking as the North American stock market opens, with no new safe-haven demand emerging despite the International Monetary Fund (IMF) significantly lowering its GDP growth forecast for the U.S. this year. In its latest World Economic Outlook report released on Tuesday, IMF analysts projected U.S. GDP growth at 1.8% for this year, down 0.9% from their January forecast. Concurrently, the IMF also downgraded its economic growth forecast for Europe to 0.8%, a reduction of 0.2% from previous estimates. The total global GDP is expected to increase by 2.8%, a decrease of 0.5% from the January forecast.
The analysts highlighted that "increasing negative risks are dominating the economic outlook." They warned that escalating trade wars and heightened trade policy uncertainty could further dampen growth in both the short and long term. They also emphasized the need for clarity and coordination among nations to foster a stable and predictable trading environment, support debt restructuring, and address common challenges. Additionally, countries must tackle domestic policy and structural imbalances to ensure internal economic stability, balancing inflation and growth while rebuilding safety nets and restoring medium-term growth prospects.
Alongside the weak growth forecast, the IMF adjusted its U.S. inflation forecast to 3%, an increase of 1 percentage point from its initial estimate in January. Despite these disappointing economic forecasts, the gold market displayed little reaction as traders focused on the strong upward price momentum. During the overnight trading session, gold prices tested the resistance level at a new historical peak of 3,500 USD per ounce.
While gold is generally viewed as a crucial safe-haven asset, some analysts noted that during economic downturns, the precious metal may initially struggle as investors are forced to liquidate profitable positions to cover losses in the stock market. However, they also pointed out that history shows gold often outperforms the stock market during economic decline.
As the day progressed, by 1:30 PM Vietnam time, the world gold price had fallen further to 3,322 USD per ounce, down 55 USD from earlier in the day. In line with this trend, domestic gold prices were also adjusted downwards. SJC's gold price was lowered by an additional 2 million VND per tael in both buying and selling directions, settling at 118 to 120.5 million VND per tael.
By 2:03 PM, SJC's gold price saw another reduction of 500 VND per tael in both buying and selling directions, dropping to 117.5 to 120 million VND per tael. Later, at 2:53 PM, the price decreased further by 1 million VND per tael in the buying direction and by 500 VND in the selling direction, reaching 116.5 to 119.5 million VND per tael.
Gold ring prices were also adjusted downwards by various brands. In the early morning hours, SJC listed gold rings at 114 to 117 million VND per tael, reflecting a drop of 2 million VND per tael compared to the previous day's closing levels. DOJI traded 9999 gold rings at 114.2 to 116.8 million VND per tael, down 3 million VND in the buying direction and 2.2 million VND in the selling direction compared to the previous session's close.
Despite the recent declines in gold prices, JPMorgan remains optimistic, predicting that prices will continue to rise, potentially exceeding 4,000 USD per ounce next year. This forecast is based on increasing recession risks, higher U.S. tariffs, and ongoing U.S.-China trade tensions. Currently, traders are awaiting speeches from several Federal Reserve officials later this week, hoping to gain insights into future monetary policy amid concerns about the independence of the central bank.
In summary, the gold market is experiencing volatility, driven by a combination of profit-taking, economic forecasts, and geopolitical tensions. While prices have seen significant fluctuations, the long-term outlook remains cautiously optimistic among some analysts. As the situation evolves, investors will continue to monitor both domestic and international developments closely.
