Gold prices fall across SJC, PNJ, DOJI and Bao Tin Minh Chau on April 6

Domestic gold prices opened the new week on April 6 with declines across major brands compared with the previous week’s close, after global gold fell as positive U.S. jobs data increased expectations that the Federal Reserve would keep interest rates high for longer.

Domestic gold prices at 1:45 p.m. April 6

At 1:45 p.m. on April 6, domestic gold bars at SJC, PNJ, DOJI, Bao Tin Minh Chau and Bao Tin Manh Hai were quoted at 170.1–173.1 million VND per tael, down 1.4 million VND per tael on both buy and sell sides from the previous session.

For gold jewelry, SJC quoted 169.9–172.9 million VND per tael, down 1.4 million; PNJ 169–172 million; DOJI 170.1–173.1 million; BTMC 168.1–171.1 million; Bao Tin Manh Hai 168.1–171.1 million. All were down by 1.4 million VND per tael.

At 1:45 p.m., prices were unchanged from the morning snapshot, and remained lower than the previous week’s close.

International gold

Internationally, gold traded at 4,624 USD per ounce as of 9:00 a.m. local time, down 1.1% from the previous week’s close.

U.S. jobs data drives expectations for higher-for-longer rates

The stronger-than-expected U.S. jobs data released on Friday showed non-farm payrolls rose by 178,000 in March, well above the roughly 65,000 consensus estimate. Gains were led by healthcare, construction, transportation and warehousing, while government employment fell.

The unemployment rate declined to 4.3% from 4.4%, against expectations, indicating continued labor-market resilience.

Because the gold market was closed for the long Easter holiday from April 3, the positive data did not immediately feed into prices. When trading resumed, selling pressure increased as investors priced in a path for monetary policy.

Market impact and outlook

Many analysts said the robust labor market gives the Federal Reserve room to maintain a neutral stance or tighten policy for longer to control inflation, which reduces gold’s appeal as a non-yielding asset.

Geopolitical tensions, including conflict involving Iran, were also cited as weighing on markets by disrupting global supply chains, especially in energy, pushing oil above 100 USD per barrel and heightening inflation risk. In this context, many central banks are inclined to delay easing policy.

Analysts noted that gold would regain its safe-haven role only if economic data weaken meaningfully, increasing concerns about a stagflation scenario and prompting central banks to cut rates.

Expert comment

Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, said that most employment data were collected before recent U.S.-Israel strikes against Iran, but that the data still reflect some resilience in the U.S. economy. “To some extent, this reduces the Fed’s urgency to cut rates and supports consumer spending—a key pillar of the economy,” he said.