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Global gold prices fell sharply on May 1, trading well below the $4,630 per ounce level seen earlier in the morning. By the evening of May 1, gold was around $4,561 per ounce, down a total of $70 from the morning session, after having risen above $4,630.
Gold dropped quickly even as the U.S. dollar also weakened. The U.S. Dollar Index (DXY) moved below 98, trading at 97.9, the lowest level in about two months.
Silver and the U.S. dollar also moved lower alongside gold. Crude oil cooled to around $110 per barrel, about $5 lower than the previous day.
In the latest precious metals report, Bart Melek, head of commodity strategy at TD Securities, said gold is being influenced by a supply shock in oil tied to the Middle East conflict. This dynamic can raise inflation fears, potentially pushing central banks toward a tougher monetary policy stance.
Melek also highlighted that higher oil prices remain the biggest risk. If oil rises to $150 per barrel, gold could fall toward its 200-day moving average near $4,250 per ounce. He added that if interest rates remain high, institutional investors, ETFs and central banks may reduce inflows into gold.
Looking further ahead, Melek forecast that gold could end 2026 above $5,000 per ounce as oil cools and the Middle East conflict eases.
On the domestic market, by the end of May 1, SJC bullion was around 163 million VND per tael for buying and 166 million VND per tael for selling, unchanged from the previous day because the market was closed for the holiday.
Gold jewelry prices (99.99%) also remained unchanged, commonly quoted at 162.5 million VND per tael for buying and 165.5 million VND per tael for selling.
In the free market, some stores reduced SJC buy and sell prices by 500,000 VND per tael to 163.5 million VND and 165.5 million VND, respectively.
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