Gold prices slide as Iran news unfolds; SPDR Gold Trust registers net purchases

Gold prices fell in trading on Monday (April 6) as investors awaited fresh information on the US-Iran conflict and the deadline set by President Donald Trump for Iran to open the Hormuz Strait. The SPDR Gold Trust, the world’s largest gold ETF, continued to record net inflows since the start of the month after heavy outflows in March.

Spot and futures performance

At the close in New York, spot gold was at 4,649.50 USD per ounce, down 28.50 USD/oz from the previous session, a decline of 0.6%, according to data from the Kitco exchange.

Silver futures settled at 72.90 USD/oz, down 0.25 USD/oz (about -0.4%).

On the COMEX futures market, June 2026 gold rose 0.1%, closing at 4,684.7 USD/oz.

Key drivers: Hormuz deadline and investor caution

Market sentiment remained cautious as investors weighed potential actions by the US and Iran following Trump’s ultimatum issued last weekend. Trump warned he would strike Iran’s energy and transportation infrastructure if Iran does not open the Hormuz Strait by 8 p.m. Tuesday (April 7) Eastern Time, which is early Wednesday (April 8) Vietnam time.

Speaking to reporters at the White House on Monday, Trump said Iran had proposed a ceasefire, but he characterized it as insufficient. “They have proposed it. It is an important proposal, a significant step. That proposal isn’t good enough but it is a very important step. They are negotiating... Let’s wait and see what happens,” he said.

Iran’s proposal and what it includes

Iran said it aims for a durable end to its war with the US and Israel rather than a temporary ceasefire. Iran sent Pakistan, the intermediary in talks between Washington and Tehran, an official 10-point proposal. The proposal includes “a protocol for safe navigation through the Hormuz Strait, reconstruction, and the lifting of sanctions,” according to Iranian state media.

Rates outlook and gold’s risk factors

TD Securities’ chief strategist Bart Melek said investors’ greatest concern remains the war situation and the outlook for interest rates. If the conflict continues, he noted, oil prices could rise further due to tight supply, increasing inflation pressures. That could reduce central banks’ ability to ease policy and may even lead to rate hikes if energy prices remain elevated—an outcome he said would be detrimental for gold.

Early session movement in Asia and Vietnam FX conversion

Gold prices rose slightly as the Asian market opened on Monday morning. Spot gold traded above 4,659 USD/oz at 6:20 a.m. Vietnam time, while silver traded near 73.2 USD/oz.

At that level, the price equated to about 148 million dong per tael when converted using Vietcombank’s USD selling rate. Vietcombank’s USD rates were 26,111 dong (buy) and 26,361 dong (sell).