April 15 afternoon: SJC gold price and plain gold ring prices fall

Domestic gold prices moved lower earlier, before rebounding later in the morning, with SJC bullion and gold rings tracking changes across major retailers. Internationally, spot gold eased toward the 4,800 USD/ounce level before recovering to around 4,839 USD/ounce.

Domestic prices: declines followed by a rebound

Most recently, domestic gold prices declined by about 1–1.5 million VND per tael. At SJC, bullion fell by 1.5 million VND per tael on the bid side and 1 million VND per tael on the ask side, to 171.5–174.5 million VND per tael. Gold rings also dropped to 171.2–174.2 million VND per tael.

DOJI reduced bullion by 1 million VND per tael on the bid side and 0.5 million VND per tael on the ask side, to 172.0–175.0 million VND per tael.

By 9:00 AM, prices rose sharply

At 9:00 AM, SJC and plain gold rings rose by 2.5 million VND per tael. At SJC, bullion was quoted at 173.0–175.5 million VND per tael, up 2.5 million VND per tael on both bid and ask. Plain gold rings rose to 172.7–175.2 million VND per tael.

PNJ also increased bullion to 173.0–175.5 million VND per tael, while plain gold rings were quoted at 172.2–175.2 million VND per tael.

At Bao Tin Minh Hai, the buy price for bullion was 172.5 million VND per tael, and the selling price was 175.5 million VND per tael. Plain gold rings were quoted at 172.2–175.2 million VND per tael.

Earlier market range across firms

Earlier on April 15, the SJC price on the market commonly stood at 170.5–173.0 million VND per tael. Some firms bought at lower levels, such as Bao Tin Minh Hai at 170.0–173.0 million VND per tael.

Gold ring prices varied slightly by brand. DOJI listed the range at 170.0–173.0 million VND per tael, while PNJ and Bao Tin Minh Hai quoted 169.7–172.7 million VND per tael. SJC traded at 170.2–172.7 million VND per tael.

International gold: tests around 4,800 USD/ounce

On the international market, spot gold prices fell toward the 4,800 USD/ounce level before rising to around 4,839 USD/ounce.

Market drivers: USD, geopolitics, and inflation data

According to Kitco News, the gold market is testing initial resistance above 4,800 USD as geopolitical tensions ease and inflation undershoots expectations, which puts pressure on the USD as a safe-haven asset. Some analysts, however, said headwinds remain risks for gold in the near term.

One analyst said the USD index is at a “crucial turning point.” In the short term, the analyst expected the USD to weaken or move sideways with a downward tilt due to improving risk appetite and easing geopolitical concerns. In the medium term, the trend would depend mainly on developments in US–Iran relations and US monetary policy: progress on politics and weaker-than-expected inflation could push the USD lower, while renewed tensions or stronger data could strengthen it quickly.

Massabni added that it remains unclear whether gold is ready to break out, noting that gold is in a consolidation phase between its safe-haven role and pressure from a high-rate environment and a strong USD. He said uncertainty around monetary policy and the US–Iran conflict would remain key near-term drivers.

Fed expectations and US inflation indicators

Gold and the USD are also reacting to potential shifts in the Federal Reserve’s policy stance. Since the Iran conflict erupted, markets have quickly reduced expectations for rate cuts this year and even started pricing in rate hikes, as the conflict disrupts oil supply chains, pushes energy prices up, and raises inflation fears.

Although inflation rose strongly in the last month, the increase was not as high as forecast. The US Labor Department reported that the Producer Price Index (PPI) rose unexpectedly at a slower pace, with overall inflation up 0.5%, compared with the 1.1% forecast.

Analyst view: downside limited while inflation expectations hold

In a Commerzbank report cited in the article, Carsten Fritsch said gold prices remain well supported as long as inflation expectations stay in check. He argued that downside risk is limited because the market is no longer expecting Fed cuts into year-end. As long as the market does not price in a Fed rate hike—and there is no sign of that yet—gold prices are unlikely to fall much further.

Fritsch also noted that while gold is consolidating, investors are taking advantage of lower prices to return to the market.