Afternoon of April 15: SJC gold price and plain gold ring prices decline

Current selling prices for SJC gold bars are commonly quoted at 173.5–174.0 million VND per tael. Prices for SJC gold bars from PNJ, SJC and Bao Tin Minh Hai are quoted at 170.5–174.0 million per tael. Gold ring prices at DOJI, PNJ and Bao Tin Minh Hai are at 170.5–173.5 million per tael. SJC also lists this type of gold at 170.2–173.7 million per tael.

On the international market, spot gold prices fell toward the 4,800 USD per ounce mark.

Domestic gold: prices drop, spreads widen, then rebound

Latest updates show domestic gold prices fell again by about 1.5–2.5 million VND per tael compared with this morning. The buy–sell spread widened from 2.5 million to 3.5 million VND per tael.

At 9:00, prices rose sharply by 2.5 million VND per tael. SJC gold and plain rings rose to 173.0–175.5 million VND and 172.7–175.2 million VND per tael, respectively. PNJ adjusted to 173.0–175.5 million VND for SJC gold, with rings at 172.2–175.2 million VND per tael. Bao Tin Minh Hai quoted 172.5 million VND (buy) and 175.5 million VND (sell).

Early trading range (15 April)

Early this morning on 15 April, SJC gold commonly ranged 170.5–173.0 million VND per tael. Some firms offered lower levels, including Bao Tin Minh Hai at 170.0–173.0 million VND. DOJI rings were quoted at 170.0–173.0 million VND, while PNJ and Bao Tin Minh Hai were at 169.7–172.7 million VND. SJC was quoted at 170.2–172.7 million VND.

International market: spot gold tests $4,800

On the world market, gold prices closed near $4,839 per ounce. Kitco News said the market is testing initial resistance around $4,800 as geopolitical tensions ease and inflation runs cooler than expected, which pressures the USD. Some analysts, however, warned that risks remain.

USD outlook and gold positioning

XS.com analyst Simon-Peter Massabni said the USD index has fallen to six-week lows and is testing key support around 98. He explained that the greenback faces selling pressure as expectations grow that the US and Iran may reach a long-term peace agreement, though talks remain challenging.

Massabni said the decline is not only a temporary correction, but also reflects a shift in market sentiment. Improving risk appetite and easing geopolitical tensions reduce demand for the USD as a safe-haven asset. In the short term, he expects the USD to continue weakening or move sideways on a downtrend. In the medium term, the direction will depend mainly on US–Iran developments and US monetary policy. He added that significant political progress alongside weaker data could push the USD lower further, while renewed tensions or higher-than-expected data could trigger a rebound.

Although gold is supported by USD weakness, Massabni said it remains unclear whether the metal is ready to break out. He described gold as being in a consolidation phase, balancing its safe-haven role against pressure from high interest rates and a strong USD. He said geopolitical risks support gold, but policy uncertainty and the US–Iran dynamic will remain key in the near term.

Fed policy expectations and inflation data

Beyond easing geopolitical tensions, gold and the USD are also reacting to possible shifts in Federal Reserve policy. Since the Iran conflict began, markets have quickly priced out rate cuts for the year and even begun pricing in a potential rate hike due to supply disruptions in oil, higher energy costs and inflation concerns.

While inflation rose strongly last month, the increase was not as large as forecast. The US Department of Labor reported the Producer Price Index (PPI) rose 0.5%, well below the 1.1% forecast.

Analyst view: downside limited while inflation expectations stay in check

In the latest gold report, Carsten Fritsch, commodity analyst at Commerzbank, said gold remains well supported as long as inflation expectations stay in check. He added that gold’s downside is limited because the market no longer anticipates Fed relief cuts through year-end, and that without a real sign of Fed easing, gold is unlikely to fall much further. He also noted that although gold is consolidating, investors are taking advantage of cheaper prices to re-enter the market.