As of April 21, 2025, the global gold market is experiencing notable fluctuations, with prices reflecting significant movements. At 14:03:45, the spot gold price on Kitco reached $3,389.83 per ounce, marking an increase of $74.71, or 2.25%, over the past 24 hours. This surge has prompted various reactions in the domestic markets, where gold prices are also on the rise.
According to the current exchange rates at Vietcombank, the world gold price converts to approximately 105.116 million VND per tael. This conversion showcases the disparity between international gold prices and domestic valuations, particularly in Vietnam.
In Vietnam, at 13:55 on the same day, the SJC gold price was listed at 116 million VND per tael for buying and 118 million VND per tael for selling. This represents an increase of 4 million VND per tael for both buying and selling. Similarly, the DOJI gold price in both Hanoi and Ho Chi Minh City matched these figures, indicating a unified market response across major regions.
The PNJ gold price, on the other hand, was recorded at 113.5 million VND per tael for buying (up 4 million VND) and 116.9 million VND per tael for selling (up 3.4 million VND). Additionally, the SJC gold bars at Bao Tin Minh Chau Company were traded at the same prices as the DOJI listings, further solidifying the trend of rising prices.
Moreover, the price of plain round gold rings has also seen an uptick, with buying prices at 114.5 million VND per tael (up 3.7 million VND) and selling prices at 118 million VND per tael (up 4 million VND). Phu Quy SJC gold has similarly increased by 3.5 million VND per tael, trading at 115 million VND per tael for buying and 117.5 million VND per tael for selling.
As the gold market continues to thrive, the oil market is facing a different narrative. Starting the new trading week, global oil prices have unexpectedly dropped by more than 1%. At 5:30 AM on April 21, Brent and WTI oil prices fell due to easing concerns about supply shortages, attributed to advancements in nuclear negotiations between the US and Iran.
The ongoing discussions between the US and Iran are pivotal, as they could lead to a potential nuclear agreement. Following the US's withdrawal from the 2015 nuclear deal, tensions have remained high, but recent dialogues suggest a possible thawing of relations. According to reports, these negotiations will continue throughout the week, potentially impacting oil supply dynamics.
Despite the recent decline, oil prices had previously enjoyed a robust week, supported by a series of factors including increased sanctions on Iranian oil exports and OPEC's announcements regarding production cuts. These developments, alongside a weaker US dollar and trade deal expectations between the US and the EU, had previously bolstered oil prices, allowing them to recover significantly from recent lows.
In light of these fluctuations, market analysts are keeping a close watch on upcoming data releases, including the Purchasing Managers Index (PMI) for the manufacturing and services sectors in the US, as well as weekly unemployment claims. These indicators will provide insight into the Federal Reserve's potential decisions regarding interest rates in the near future.
As the oil market reacts to geopolitical developments, the gold market remains a safe haven for investors amid rising uncertainties. The recent trends indicate that gold is still viewed as a reliable asset, especially in light of ongoing economic instability and potential interest rate cuts.
Looking forward, Alex Kuptsikevich, a senior market analyst at FxPro, expressed optimism regarding gold prices, suggesting that they may rise above $3,500 per ounce. This projection is based on the current bullish momentum, which has persisted since gold prices rebounded from their 50-day moving average earlier in the week.
Despite the optimistic outlook for gold, there are signs that a correction may be on the horizon. Tai Wong, an independent trader, noted that after a strong price increase in the past week, a short-term adjustment could be expected. The anticipation of a new US-Japan trade agreement could also temper gold buying demand temporarily.
In Vietnam, the domestic fuel prices remain stable, with E5 RON 92 capped at 18,498 VND per liter and RON 95-III at 18,856 VND per liter. Diesel oil is priced at 17,037 VND per liter, while kerosene and mazut oil are set at 17,184 VND per liter and 15,960 VND per kilogram, respectively. These prices reflect the government's efforts to control fuel costs amidst fluctuating global oil prices.
The interplay between gold and oil prices continues to illustrate the complexities of global markets, where geopolitical tensions, economic policies, and investor sentiment converge to shape financial landscapes. As traders navigate these waters, the coming weeks will be crucial in determining the trajectories of both commodities.
