Gold price today 5/4: USD spiked, gold still escalated

Gold price today on April 5 in the international market decreased slightly at the beginning of the second quarter but is turning to increase again and is forecasted to soon return to the historical peak of 74 million dong/tael.

Domestic gold price

End of session 4/4, gold price 9999 The domestic market is listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 68.30 million VND/tael – 69.02 million VND/tael

SJC HCMC: 68.30 million VND/tael – 69.00 million VND/tael

Doji Hanoi: 68.15 million VND/tael – 68.85 million VND/tael

Doji Ho Chi Minh City: 68.10 million VND/tael – 68.90 million VND/tael

International gold price

On the night of April 4 (Vietnam time), the world spot gold price stood around the threshold of 1,926 USD/ounce. Gold for June delivery on the Comex New York exchange was at $1,929 an ounce.

The world gold price on the night of April 4 was about 1.6% higher (31 USD/ounce) than in early 2021. World gold converted to bank dollars was priced at 54.0 million dong/tael, excluding tax. and fees, about 14.9 million dong/tael lower than the domestic gold price as of late afternoon session 4/4.

Gold price today April 5: USD skyrocketed, gold still escalated, soon surpassing the peak of 74 million VND/tael

Gold price in the international market decreased slightly at the beginning of the second quarter but is turning to increase again and is forecasted to soon return to the historical peak of 74 million dong/tael.

Gold fell in early April as US bond yields hit a two-year high and the commodity closely related to gold, oil, fell.

The world financial markets are closely watching US bond yields and there are many forecasts about a reversal when the possibility of a recession in the US economy is mentioned more and more.

In the first quarter of 2022, the gold market performed positively with an increase of more than 6%. This trend is forecast to continue in the second quarter, with a target of $2,000/ounce. Currently, gold is at 1,925 USD/ounce and the domestic gold price is at 69 million VND/tael. If the world gold reaches 2,000 USD/ounce, it is likely that the domestic price of SJC gold bars will break the historical peak of over 74 million VND/tael.

Gold price forecast

However, according to RJO Futures, gold needs a period of time to consolidate before rising in price. The market is bouncing up at the price range of 1,900-1,925 USD/ounce. If gold approaches or surpasses the range of $1,950-1,975 USD/ounce, it will quickly reach the threshold of 2,000 USD/ounce.

Although the uptrend is still strong, it is possible that gold will experience more selling.

Some forecasts suggest that the gold price may fall further to the range of $1,880-1,900/ounce in the near future, when Russia-Ukraine conflict there are more positive signals in the negotiation.

A stronger dollar also makes gold less attractive to holders of other currencies. The US unemployment rate has touched a two-year low, at 3.6% in March 2022, which may prompt the US Federal Reserve (Fed) to raise interest rates sharply to cool down inflation.

Many forecasts suggest that the Fed is likely to raise interest rates by 50 basis points next month.

V. Minh