ANTD.VN - World gold prices plummeted, losing the 2,900 USD mark, causing domestic gold prices to also drop sharply in today's session.
In the trading session last night, early this morning Vietnam time, world gold plummeted. The April futures contract closed at 2,887.80 USD/ounce, down nearly 44 USD, equivalent to a decrease of 1.50%.
Spot gold prices also fell sharply and are currently trading around $2,876/ounce, down more than $40 since the beginning of the session. From the new historical peak set at the beginning of the week, spot gold has dropped by $100.
Along with the decline in the world market, the domestic market has also weakened in recent sessions. After decreasing by about VND500,000 per tael in yesterday's session, domestic gold businesses continued to adjust the price of SJC gold down by about VND300,000 per tael. As of 9:30 a.m., the price of SJC gold was listed at around VND88.90 - 90.90 million per tael.
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World gold prices fall sharply from historic peak set at the beginning of the week |
Plain round rings recorded a similar decrease. Accordingly, SJC 999.9 rings were listed at VND88.90 - 90.80 million/tael; Bao Tin Minh Chau round rings VND89.95 - 91.40 million/tael; Phu Quy rings VND89.90 - 91.40 million/tael; DOJI rings VND89.90 - 90.90 million/tael...
The strengthening of the US dollar in the international market contributed significantly to the decline in gold prices, with the dollar index rising 0.74% to 107.22 in the same session. Analysts noted that nearly half of today's decline in gold prices could be attributed to the strengthening dollar, with the rest due to direct selling pressure in the gold market.
The sell-off followed a surprise tariff announcement by US President Donald Trump, which had a mixed market reaction. The US president had initially said he would delay the imposition of tariffs on both Canada and Mexico until April 2. However, yesterday he announced that a 25% tariff on imports from Canada and Mexico would take effect next Tuesday, joining the 10% tariff on imports from China that went into effect earlier this month.
Both Mexico and Canada have said they will impose reciprocal tariffs on US imports if Mr Trump follows through on his threat. Economists warn that these escalating trade tensions could lead to slower economic growth and potentially higher inflation in all three North American countries.
Investors have recently been allocating capital to safe-haven assets like gold to hedge against uncertainty surrounding the impact of tariffs on global trade flows. However, as gold prices surged to new records and the dollar strengthened, many decided to take profits.
In addition, market attention is also focused on the US Personal Consumption Expenditures (PCE) Price Index report tomorrow. Inflation is estimated to be much higher than expected by US Federal Reserve officials and investors. It may force the Fed to maintain its policy interest rate at current levels instead of cutting interest rates as many expected. However, gold has performed well in a high interest rate environment over the past period.
Source: https://www.anninhthudo.vn/gia-vang-lao-doc-lui-sau-khoi-moc-2900-usdounce-post604689.antd
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