World gold prices recorded a downward trend in recent times, although the tense geopolitical context and economic instability are often seen as factors supporting the precious metal. Experts believe that this development goes against traditional market expectations.
According to analysts Willem Sels and Lucia Ku of HSBC, gold fell about 15% in March, while the strengthening USD and expectations of interest rate hikes created significant pressure. World spot gold price at 10:50 AM on April 3rd Vietnam time was at 4,676.43 USD/ounce, down 2.28% and could not yet surpass the resistance level of 4,800 USD/ounce.
US economic data shows that the labor market remains stable, with the number of initial jobless claims falling to 202,000, lower than forecast. This contributes to reinforcing the view that the US Federal Reserve will maintain its current monetary policy, increasing the opportunity cost of holding gold - an unprofitable asset.
Experts believe that gold is trending to move like risky assets in 2026, instead of playing a safe haven role as before. The increase in individual investors and leverage capital flows makes gold prices prone to strong fluctuations during market tensions.
However, HSBC still maintains a positive view on gold in the medium and long term. Analysts believe that the benefits of diversifying gold's investment portfolio are increasingly clear as the correlation between asset classes increases. Demand from central banks and the downward trend depending on the USD continue to support the metal's outlook.
Mr. James Steel, head of precious metals analysis at HSBC, said that volatility will be a prominent feature of the gold market in 2026. He also noted that the traditional relationship between gold and real interest rates has weakened in recent years, making trend forecasting more complicated.
Although gold prices have not reacted strongly to factors such as bond yields or economic data, experts believe that the fundamental foundation is still solid. Gold continues to be seen as an effective diversification tool in the context of geopolitical instability and global financial markets.
Regarding domestic gold prices in the Vietnamese market, opening the trading session on April 3, in the gold bar segment, brands such as DOJI, SJC, PNJ and Phu Quy Jewelry Group simultaneously lowered listed prices, bringing the common trading level back to around 170 - 173.5 million VND/tael (buying - selling).
SJC gold bar price traded at 171 - 174.5 million VND/tael (buying - selling) at 9 am on April 3.
