According to Reuters, world gold prices fell on Monday as active trade talks between the US and China helped ease concerns about tariffs. Many investors have withdrawn from safe-haven assets such as gold to switch to more risky investment channels.
At 11:23 (Vietnam time), spot gold prices fell to $3,247.7/ounce.
The US and China ended their important trade talks on Sunday with positive results. The US side said the two sides had reached a agreement to reduce trade deficits, while the Chinese side said the two sides had reached an essential consensus. Chinese Deputy Prime Minister He Lap Phong announced a joint statement in Geneva on Monday.
The two countries have previously imposed mutual retaliatory tariffs, causing trade tensions and raising concerns about the risk of a global recession.
According to many current and former advisers of Donald Trump interviewed by Reuters, the US will still face higher tariffs after the trade negotiations end.
Gold is often seen as a safe haven in the context of economic and political instability, and tends to increase in price when interest rates are low.
Reliance Securities senior commodity analyst Jigar Trivedi said: The US dollar index is rising as the Trump administration continuously released positive signals from trade talks with China over the weekend in Switzerland, which has put pressure on gold prices.
In the short term, gold prices could continue to fall as the US dollar appreciates and geopolitical risks are easing, weakening demand for shelter, Trivedi added. Therefore, gold may fall to $3,200/ounce in the near term.
Ms. Beth Hammack - Chairman of the Fed Cleveland Branch - said the Fed needs more time to assess the impact of policies, including Mr. Trump's tariffs, before giving appropriate responses.
Traders are also waiting for the US Consumer Price Index (CPI) report to be released on Tuesday to predict the Fed's monetary policy orientation.
Meanwhile, spot silver prices rose 0.7% to 32.94 USD/ounce, platinum prices rose 0.5% to 999.64 USD and palladium prices rose 0.5% to 980.69 USD/ounce.
Update on domestic gold prices
As of 2:30 p.m., the price of SJC gold bars was listed by Saigon Jewelry Company SJC, DOJI Group, and Bao Tin Minh Chau at 119-121 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2 million VND/tael.
Phu Quy Gold and Stone Group listed the price of SJC gold bars at 118-121 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 3 million VND/tael.
At the same time, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 113.5-116 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.5 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 116-119 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 114-117 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.
