On May 4, 2025, the price of gold remained unchanged due to market holidays both domestically and internationally. The closing price for domestic gold was 121.3 million VND per tael. As of 4:30 AM on May 4, 2025, SJC gold in Hanoi was listed by DOJI Group at 119.3 million VND per tael (buying) and 121.3 million VND per tael (selling), unchanged from the previous day. Saigon SJC kept prices steady at 119.3 million VND per tael (buying) and 121.3 million VND per tael (selling). Mi Hong listed SJC gold at 118.0 million VND per tael (buying) and 120.0 million VND per tael (selling), also unchanged. PNJ traded SJC gold at 118.5 million VND per tael (buying) and 121.3 million VND per tael (selling), with no change. Bao Tin Minh Chau listed gold at 118.3 million VND per tael (buying) and 121.0 million VND per tael (selling), also unchanged.
As of 4:30 AM on May 4, 2025, 9999 gold rings at DOJI were listed at 114-116.5 million VND per tael (buying-selling), unchanged. Bao Tin Minh Chau listed gold rings at 116.6-119.7 million VND per tael (buying-selling), also unchanged. At 4:00 AM Vietnam time on May 4, 2025, spot gold was recorded by Kitco at $3,239.27 per ounce. Converted at the free market USD rate (26,180 VND/USD), the world gold price is approximately 102.39 million VND per tael (excluding taxes and fees). SJC gold is currently about 18.9 million VND higher than the international gold price.
On May 4, 2025, the world gold market increased due to buying demand ahead of the US non-farm payrolls report. At 4:00 AM Vietnam time, spot gold increased by 0.24% to $3,239.27 per ounce. For the week up to May 4, 2025, gold has lost 1.8% in value. Reuters survey expects non-farm payrolls to have increased by 130,000 in April, after increasing by 228,000 in March. Silver increased slightly by 0.1% to $32.42 per ounce, platinum increased by 0.8% to $966.40, while palladium decreased by 0.2% to $939.
In the context of the gold market being on the weekend, gold prices today, May 4, 2025, are predicted to not have significant fluctuations. Both domestic and world gold prices remain unchanged, reflecting the cautious sentiment of investors as the market takes a breather. According to Kitco News' weekly gold survey, only a few experts predict gold prices will rise next week, while 50% of retail traders still hold an optimistic view on gold's outlook.
Adrian Day, President of Adrian Day Asset Management, noted that gold has fallen more than 7% from its high less than two weeks ago. He believes concerns about a US economic recession and the potential easing of tariff tensions between the US and China could dampen gold demand in the short term. In contrast, Darin Newsom, an analyst at Barchart.com, predicts that the short-term trend for gold is declining. The Fed meeting could lead to a short-term price increase for the USD, which would put pressure on gold prices. However, Rich Checkan, President of Asset Strategies International, remains more optimistic, arguing that the current price drop is excessive and recent poor economic data from the US will cause the Fed to worry, potentially pushing gold prices slightly higher in the future.
Fawad Razaqzada, an analyst at StoneX Bullion, also suggested that if optimism about trade agreements continues, gold prices could drop to $3,000. He emphasized that this optimism is causing investors to flock to stocks, reducing demand for gold as a safe-haven asset. In the coming week, analysts at CPM Group recommend that investors who have not entered the market should stand aside and observe. However, if they have already bought gold, they should hold their position and prepare to buy more when the price drops to $3,150-$3,000 in the next two weeks. These analysts also highlight that the current price drop may only be temporary and that fundamental economic and political issues will continue to support gold in the long run.
With this information, gold prices today, May 4, 2025, may not change, but the outlook for the future remains volatile, prompting investors to cautiously monitor the situation. On the global stage, gold prices have seen significant fluctuations, at one point exceeding $3,350 per ounce but then continuously falling deeply to around $3,210 per ounce due to profit-taking by investors and new developments indicating a de-escalation of trade tensions between the US and China. For the week ending May 4, 2025, the global gold price decreased by 2.27% compared to the previous week.
According to Suki Cooper, a banking expert at Standard Chartered, the flow of money from central banks is slowing, while concerns about tariffs and economic recession are no longer as pressing, prompting many investors to sell gold to shift into other financial markets. Regarding tariffs, the Chinese Ministry of Commerce announced that the US has repeatedly expressed a desire to resume negotiations. President Trump also expressed optimism that the likelihood of an agreement between the US and China is very high, a positive signal that boosts risk appetite among investors.
Despite the global downward trend, domestic gold prices remain high due to limited supply, as SJC gold is exclusively produced by the state and cannot be freely imported, creating relative scarcity and driving prices up. Cấn Văn Lực, chief economist at BIDV, also noted that the large price difference is a result of Vietnam lacking a transparent gold market and lacking connectivity with the international market. Furthermore, the demand for holding SJC gold among the public, viewed as a safe asset in the face of inflation and global financial risks, also contributes to maintaining high prices.
In conclusion, gold prices in Vietnam, especially SJC gold, continue to hold at a high level despite the global market's downward trend. This reflects the unique operational mechanism of gold in Vietnam, where supply constraints, brand exclusivity, and the public's tendency to hoard gold play a significant role. In a globally volatile market, individual investors need to closely monitor the Fed's decisions, inflation trends, and exchange rate policies to make appropriate investment decisions, especially as the current buy-sell spread remains high.
