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Global gold prices struggled to stay above $4,800 per ounce on Thursday, April 16, as crude oil pushed toward $100 a barrel and the U.S. dollar strengthened after several sessions of declines. Spot gold ended New York trading at $4,791.3 per ounce, down $0.70 from the prior session close, according to Kitco data.
Spot silver fell by $0.56, or about 0.7%, to $78.55 per ounce. On the COMEX futures market, June 2026 gold futures were down 0.3% to $4,808.3 per ounce.
During the session, spot gold briefly traded near $4,840 per ounce but failed to hold the psychologically important $4,800 level into the close.
The weakness in gold was linked to a rise in crude oil toward $100 and a rebound in the U.S. dollar. Brent crude for June delivery in London rose nearly 5% to $99.39 per barrel, while U.S. WTI futures climbed about 4% to $94.69 per barrel.
Oil prices rose as traffic through the Hormuz Strait remained constrained, with shipping firms cautious about transiting the area amid concerns of attacks by Iran, despite U.S. forces being present there.
In remarks to reporters on Thursday, U.S. President Donald Trump said U.S. and Iranian officials “may” meet next week for the next round of peace talks, though no specific schedule was announced. A two-week ceasefire between the United States and Iran is expected to end on Tuesday, April 21.
In recent weeks, oil rallies have pressured gold lower, with higher oil prices feeding inflation expectations and potentially keeping central bank rates higher for longer. At the same time, the U.S. dollar has recently tended to move in tandem with oil, reflecting its role as a safe haven during the Gulf crisis and the United States’ position as a net energy exporter.
The Dollar Index rose 0.13% on Thursday to close at 98.18.
Analysts said gold is likely to remain influenced by developments in the U.S.-Iran conflict, with investors watching what happens after the ceasefire expires and when negotiations resume. A positive development for risk sentiment came after Trump posted that Israel and Lebanon had agreed to a 10-day ceasefire.
The SPDR Gold Trust, the world’s largest gold ETF, remained a net buyer. It purchased 1.1 tonnes on Thursday, lifting holdings to 1,052.9 tonnes. Net buying over three consecutive sessions added 5.7 tonnes after selling 5.2 tonnes on Monday.
David Meger, a trader at High Ridge Futures, said that if tensions between the United States and Iran ease or the war ends, the odds of a Fed rate cut would rise, which could support gold. The market currently prices in only a 32% chance of a Fed cut this year.
In early Asian trading, both gold and silver rose modestly. At 6:20 a.m. Vietnam time, spot gold was up more than 0.1% to around $4,798 per ounce, while spot silver rose more than 0.5% to around $79 per ounce.
The quoted gold price translates to about VND 152.4 million per lượng when converted at Vietcombank’s USD selling rate. Vietcombank’s USD rate stood at 26,097 VND (buy) and 26,357 VND (sell), down 11 and 1 VND respectively from yesterday morning.
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