Gold price update morning of April 4: Gold rings and gold bars simultaneously surge

SJC gold bar price

As of 7:00 AM, SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 171-174.5 million VND/tael (buying - selling), an increase of 1.2 million VND/tael on the buying side and an increase of 1 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 171-174.5 million VND/tael (buying - selling), an increase of 1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.5 million VND/tael.

9999 gold ring price

As of 7:00 AM, Bao Tin Minh Chau listed the price of gold rings at the threshold of 169.5-172.5 million VND/tael (buying - selling), an increase of 700,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 171-174 million VND/tael (buying - selling), an increase of 1.2 million VND/tael on the buying side and an increase of 1 million VND/tael on the selling side. The difference between buying and selling prices is at 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 7:00 AM, world gold prices were listed around the threshold of 4,676 USD/ounce, down 17 USD compared to the previous day.

Gold price forecast

World gold prices closed the trading week with an increase of about 3%, fluctuating above the 4,600 USD/ounce mark. However, this precious metal has not yet been able to conquer the 4,800 USD/ounce mark after many unsuccessful attempts.

This development shows that the market is in a state of strong tug-of-war, when investors simultaneously have to consider safe-haven demand and pressure from the prospect of high interest rates being maintained.

The supporting factor for gold in recent times comes from geopolitical tensions in the Middle East, especially the risk of prolonged conflicts disrupting the global supply chain, pushing energy prices to escalate.

Oil prices hovering above $100/barrel are increasing concerns about inflation returning, thereby directly affecting the monetary policy expectations of central banks.

However, in the opposite direction, the US jobs data released recently created more pressure on gold. The non-farm payroll report showed that the US economy created 178,000 jobs in March, much higher than forecast. The unemployment rate fell to 4.3%, while hourly wage growth was lower than expected.

These data show that the US labor market is still quite solid, thereby helping the US Federal Reserve (FED) have more room to maintain a neutral policy stance in the context of high inflation risks. This is a factor that may put pressure on gold when it reopens in the Asian market.

Mr. Alex Kuptsikevich - Market Analysis Director of FxPro - said that geopolitical incertitude continues to be a significant drag on gold's rally, as the market is still assessing the impact of the Middle East conflict and the risk of rising oil prices leading to policy responses from central banks.

According to him, the 4,200 USD/ounce mark is an important price range in the medium term; if gold holds this range, the long-term uptrend has not been broken.

Meanwhile, Mr. Nick Cawley - market analyst at Solomon Global - said that gold is still in a relatively solid recovery phase after the previous sell-off. According to him, the 5,000 USD/ounce mark will be a noteworthy psychological milestone for the market in the near future.

In addition, gold buying pressure from central banks is still an important support for prices. The latest report from the World Gold Council shows that many central banks continued to increase reserves in February, showing that gold still plays a strategic role in the context of a volatile global economy.