Gold prices plunge after Trump says he will 'substantially reduce tariffs' on China

Gold prices plummeted after Mr. Trump said he would significantly reduce tariffs for China - Photo: THANH HIEP

Yesterday, the world gold price increased rapidly, at one point reaching 3,492 USD/ounce. However, since last night, the world gold price has started to fall sharply and at one point dropped to 3,319 USD/ounce this morning, equivalent to a decrease of 173 USD/ounce (5.45 million VND/tael).

A series of negative news for gold prices

At 9:00 a.m. this morning, the world gold price recovered slightly to 3,385 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 106.7 million VND/tael.

World gold prices plummeted after Donald Trump "changed his tone". At a press conference at the White House, Trump said the high tariffs the US imposed on Chinese goods would be significantly reduced, but would never go to 0%.

US President Donald Trump also appeared to back off his threat to fire Mr Powell, after days of criticising the Fed chairman for not cutting interest rates.

"I have no intention of firing him. I want to see him be more aggressive in lowering interest rates," Mr. Trump told reporters in the Oval Office on April 22.

In addition, Russian President Vladimir Putin has lowered many conditions for a ceasefire and peace with Ukraine. The proposal was made at a meeting between the Russian president and Mr. Steve Witkoff, special envoy of US President Donald Trump, in the middle of the month.

This is the first time Mr Putin has formally suggested lowering his demands since the early stages of the war with Ukraine.

Previously, the Russia-Ukraine conflict and tariff tensions pushed gold prices up beyond all forecasts. Domestically, since the beginning of 2025, the price of SJC gold bars has increased by 52.38%, bringing the price of gold from VND84 million/tael to VND124 million/tael.

Domestic gold price decreased by 2 million VND/tael

World gold prices have turned sharply down after a series of negative news - Screenshot

This morning, SJC Company reduced the selling price of SJC gold bars by 2 million VND/tael, to 122 million VND/tael, the buying price is at 120 million VND/tael.

Price of 9999 gold ring is 117 million VND/tael, buy 114 million VND/tael.

At PNJ Company, the buying and selling price of SJC gold bars also decreased to the same price as at SJC Company, while the selling price of 9999 gold rings this morning was at 117.5 million VND/tael, buying at 114.2 million VND/tael.

At Bao Tin Minh Chau Company, the selling price of 9999 gold rings this morning dropped rapidly to 119 million VND/tael, buying price 116 million VND/tael, equivalent to a decrease of 3 million VND/tael compared to last night.

Compared to the converted world gold price, the price of SJC gold bars is 15.3 million VND/tael higher while the price of gold rings is 10.3 million VND/tael higher.

Please follow the domestic gold price developments here.

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Source: https://tuoitre.vn/gia-vang-lao-doc-sau-khi-ong-trump-noi-se-giam-thue-dang-ke-cho-trung-quoc-20250423093214532.htm