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Gold prices rebounded strongly in Thursday trading (April 30), reclaiming the 4,600 USD/oz level as Brent crude oil fell and the US dollar weakened sharply. Despite the rally, the SPDR Gold Trust— the world’s largest gold-backed ETF—continued to record net outflows, and gold still ended the month with a second consecutive monthly decline.
At the close, spot gold on the New York market settled at 4,623.4 USD/oz, up 78.5 USD/oz from the previous session close, equivalent to a 1.7% gain. Spot silver rose to 73.88 USD/oz, up 2.43 USD/oz or 3.4%.
On the COMEX futures market, gold futures rose 1.5%, settling at 4,629.6 USD/oz.
Before the rebound, gold had briefly slipped toward 4,500 USD/oz on Wednesday, the lowest level in about a month. Analysts pointed to two main factors that helped push prices back above 4,600 on Thursday: a retreat in oil and a weaker US dollar.
During the session, Brent crude futures in London surged to as high as 126 USD per barrel, the highest in four years, after Axios cited a source saying CENTCOM was preparing to brief President Donald Trump on potential military action against Iran. Oil later reversed course. By the close, Brent was down more than 3% from the previous session, trading above 114 USD per barrel.
The US Dollar Index, which measures the dollar’s strength against a basket of six major currencies, closed at 98.06, down 0.92. The decline followed Japan’s intervention to support the yen, marking the first intervention by Japanese authorities in nearly two years.
The late-month rally did not prevent a monthly decline for gold. In April, spot gold fell 1%, marking the second straight monthly decline.
Analysts said bullion fund exposure remains under pressure from ongoing US-Iran tensions, still-high oil prices, and persistent global inflation. They added that these factors make it more likely major central banks will keep policy rates higher for longer to counter price risks.
This week, the four major central banks—the US Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England—held rates steady while awaiting a clearer view of the Gulf conflict’s impact on the economy.
US Commerce Department data showed the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, rose 0.7% in March from February. The increase was the strongest monthly gain since June 2022 and matched economists’ expectations.
SPDR Gold Trust continued to sell net gold, extending its recent selling streak. Net selling of 3.4 tonnes brought holdings to 1,035.8 tonnes. For April, the fund sold 11.5 tonnes, after selling 54 tonnes in March.
A Citi report projected short-term downside pressure on gold due to Middle East tensions, while maintaining a bullish longer-term view. It set a three-month price target of 4,300 USD/oz and a six- to twelve-month target of 5,000 USD/oz.
In early Asia trading, gold and silver were little changed from the US close. At 8:20 am Vietnam time, spot gold was down 0.1% at 4,619 USD/oz, while silver rose 0.55% to 74.29 USD/oz.
That level of spot gold translates to roughly 146.7 million VND per lượng when converted using Vietcombank’s USD selling rate. Around the same time, Vietcombank quoted USD at 26,108 VND (buy) and 26,368 VND (sell), unchanged from the previous morning.
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