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Last week, the gold market saw a clear correction early in the week, followed by a cooling phase and sideways movement at low levels. By week’s end, domestic gold prices fell by nearly 3 million dong per tael, while global gold prices also weakened by about 2% amid pressure from high interest rates and ongoing inflation concerns.
In the domestic market, bullion prices at SJC, PNJ, DOJI, Bao Tin Minh Chau and Bao Tin Manh Hai were generally quoted at 163–166 million dong per tael (buy–sell).
In the bullion ring segment, SJC was quoted at 162.5–165.5 million dong per tael (buy–sell), PNJ at 162.6–165.6, while DOJI, Bao Tin Minh Chau and Bao Tin Manh Hai were quoted around 163–166 million dong per tael.
Since 27/4, domestic gold prices faced downward pressure as world gold prices weakened, reflecting USD strength and expectations of higher rates. However, the decline became clearer only on 28/4, when firms adjusted their price tables.
During that session, bullion and ring gold fell at times by 1.3–3.4 million dong per tael, representing one of the strongest corrections in weeks. The downtrend continued into the morning of 29/4, when major brands including SJC, PNJ, DOJI, Bao Tin Minh Chau and Bao Tin Manh Hai lowered prices by about 1.5–2 million dong per tael, bringing the price level back to around 163–166 million dong per tael.
After successive declines, the market stabilized from 30/4. Domestic prices nearly moved sideways as firms did not continue adjusting pricing, while global prices were at their lowest in about a month.
On 1/5, due to the holiday, the domestic gold market largely froze, with bullion around 163–166 million dong per tael and rings around 162.5–165.6 million dong per tael. On 2/5, the trend continued with no significant changes.
For the week, bullion SJC saw the buying price fall by about 3.3 million dong per tael, while the selling price declined by about 2.8 million dong per tael.
In the ring segment, the decline was similar, down about 2.8 million dong per tael in both directions.
World gold prices were negative in the first half of the week, then rebounded late in the week as the USD weakened and inflation concerns eased with prospects of diplomatic progress related to the Iran conflict. Despite the late rebound, the overall downtrend persisted.
Early in the week, gold fell below 4,600 USD/ounce due to USD strength and expectations of high rates. The decline continued midweek as markets reassessed policy expectations after the Fed kept rates unchanged and signaled caution on inflation.
In addition, oil remained high amid Middle East tensions, keeping inflation concerns elevated and reducing gold’s appeal as a non-yielding asset.
Gold’s late-week rebound was mainly technical, driven by USD weakness and growing hopes for diplomatic progress related to the Iran conflict. However, the gains were not enough to reverse the broader trend.
For the week as a whole, world gold prices fell by more than 2%, indicating that pressure from high rates and inflation risk remained the dominant factor shaping the market.
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