Gold prices hold steady in morning trading as US ISM Services PMI declines

Domestic gold prices opened the morning of April 7 nearly unchanged from the previous session, while global gold prices edged slightly higher after US economic data came in weaker than expected.

Domestic market: prices steady across major brands

At the start of the session, bullion prices at SJC, PNJ, DOJI, Bao Tin Minh Chau and Bao Tin Manh Hai were quoted at 170.1–173.1 million VND per tael (buy – sell), indicating stable price levels with no meaningful differentiation among brands.

In more detail, SJC was quoted at 169.6–172.6 million VND per tael; PNJ at 169–172; DOJI at 170–173; while Bao Tin Minh Chau and Bao Tin Manh Hai remained at the lower end, at 168.1–171.1 million VND per tael.

Global market: gold rises slightly after weaker US data

On the global market, world gold price as of 6:45 a.m. stood at 4,655 USD per ounce, up 0.16% from the previous close.

Gold prices recovered after the US ISM Services Purchasing Managers’ Index (PMI) fell to 54 in March, a move that added to volatility amid concerns about economic slowdown.

US ISM services PMI and labor market data

According to the Institute for Supply Management (ISM), the US services sector fell unexpectedly in March as concerns about the impact of higher energy prices on the supply chain mounted.

Last Monday, ISM reported the Services PMI at 54 in March, down from 56.1 in February and below economists’ expectations of 55.

Earlier, gold had declined in Monday’s session after data showed the US labor market continued to strengthen in the previous month.

Non-farm payrolls rose by 178,000 jobs in March, exceeding analysts’ expectations of around 65,000 jobs. Growth momentum came mainly from healthcare, construction, transportation and storage, while federal government employment continued to fall.

The unemployment rate also fell to 4.3% from 4.4% in the previous month, against expectations of no change, suggesting the labor market remained steady.

Impact and outlook: policy expectations and geopolitical risks

Many analysts say a robust labor market could give the Fed room to maintain a neutral policy stance or tighten longer to keep inflation in check, which reduces the appeal of gold—an asset that does not yield interest.

Gold also faced pressure from a complex geopolitical backdrop. The Iran conflict disrupted the global supply chain, particularly in the energy sector, pushing oil above $100 per barrel and increasing inflation risks. In this context, many central banks tend to delay monetary easing.