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Domestic gold prices continued to decline, falling by nearly 1 million dong per tael on both the buy and sell sides. Gold bars at SJC, DOJI, Bao Tin Minh Chau, Bao Tin Mạnh Hải and Phú Quý were quoted at 166.7–169.2 million dong per tael, down 800,000 dong per tael on both bid and ask from the morning level of 167.5–170 million dong per tael.
In the jewelry segment, SJC decreased 800,000 dong per tael on both sides to 166.5–169 million dong per tael. Bao Tin Minh Chau, DOJI and Phú Quý also fell 800,000 dong per tael on both buy and sell to 166.2–169.2 million dong per tael. Bao Tin Mạnh Hải declined 800,000 dong per tael on the buy side and 700,000 dong per tael on the sell side to 166.2–168.9 million dong per tael.
According to Bao Tin Mạnh Hải’s latest update early in the morning of 23/4, domestic gold prices were flat compared with the end of the previous day. Gold bars at SJC, DOJI, BT Minh Chau, BT Mạnh Hải and Phú Quý were quoted at 167.5–170 million dong per tael, while Mi Hồng traded at 168.5–170 million dong per tael.
In the jewelry segment, SJC quoted 167.3–169.8 million dong per tael. BT Minh Chau, DOJI and Phú Quý were at 167–170 million dong per tael, while Bao Tin Mạnh Hải traded at 167–169.6 million dong per tael.
During the 22/4 session, gold prices generally trended downward. They briefly fell by up to 900,000 dong per tael versus the previous session, before recovering by about 300,000 dong per tael late in the day. Overall, bullion and jewelry prices fell about 400,000–600,000 dong per tael compared with 21/4.
World gold prices rose in Wednesday’s session after hitting a low of more than a week in the prior session. The rebound was supported by dip buying as investors awaited potential resumption of peace talks between the US and Iran. Spot gold traded up to around 4,720.70 USD/ounce.
Earlier on Tuesday, gold recorded its largest daily decline since March 26. Jim Wyckoff, senior technical analyst at Kitco Metals, said dip buying after Tuesday’s drop was appearing across precious metals, including gold and silver.
On the geopolitical front, Iran seized two ships in the Hormuz Strait on Wednesday. US President Donald Trump said the blockade of Iran would continue, and a source indicated there was no timetable for a ceasefire. At the same time, the ceasefire between Israel and Lebanon remained under pressure, with at least three people killed in Israeli drone attacks in Lebanon.
Bart Melek, Global Commodities Strategist at TD Securities, said gold was supported partly by expectations that tensions in the Hormuz Strait could be resolved after Trump’s remarks, though the outlook remains fragile and uncertain. Gold has fallen about 11% since the US-Israel-Iran conflict began on Feb 28, as oil prices surged and raised inflation fears. While gold is often viewed as an inflation hedge, high interest rates reduce the appeal of non-yielding assets.
Separately, US Federal Reserve Chair candidate Kevin Warsh said he would not commit to rate cuts with Trump and would operate independently from the White House if confirmed, pursuing broader reforms.
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