Gold Price Today May 4: Continues to Fall, Experts Predict Limited Upside

The gold price today continues to retreat from its record peak. While investors remain optimistic, many experts predict that gold is unlikely to see significant gains in the coming days.

1. Slight Fluctuations in SJC Gold Bar Prices

As of the weekend on May 4, SJC gold bar prices were commonly listed around 119.3 million VND/tael (buying) and 121.3 million VND/tael (selling), up by 300,000 VND per tael compared to the previous weekend.

However, there are notable differences among businesses. For instance, Bao Tin Minh Chau sold SJC gold bars at 121 million VND/tael, while Mi Hong Company offered them at 119 million VND/tael.

2. Differences in Gold Ring and 99.99% Jewelry Prices

Gold ring and 99.99% jewelry prices also varied across different retailers. Mi Hong Company listed gold rings at 114 million VND/tael (buying) and 115 million VND/tael (selling), remaining stable compared to the previous day. Meanwhile, some other retailers sold gold rings at higher prices, around 116.5 million VND/tael.

During the 30-4 holiday period, gold bar and gold ring prices have been moving within a narrow range as many businesses remain closed.

3. International Gold Prices Decline Sharply

On the global market, gold prices closed the week at 3,239 USD/ounce, down about 80 USD/ounce from the previous weekend (equivalent to a drop of roughly 2.5 million VND/tael). The decline was driven by profit-taking pressures, a rapid rebound of the US dollar, and more positive developments in US-China trade negotiations.

4. Gold Price Outlook for Next Week

According to a Kitco survey, there is a divergence in opinions between analysts and investors regarding gold’s trend next week. On Wall Street, 18 analysts participated: 28% forecast gold will rise, 50% expect it to fall, and 22% predict it will move sideways. Notably, experts have now forecast for two consecutive weeks that gold is unlikely to rebound strongly in the short term.

In contrast, a Main Street online survey with 273 investors showed 52% expect gold prices to increase, 29% predict a decline, and 19% believe prices will remain flat.

5. US Dollar and Interest Rates Pose Challenges for Gold

Some analysts noted that although gold had held above 3,200 USD and briefly rose to 3,270 USD/ounce, it failed to sustain the upward momentum and fell back. The strong recovery of the US dollar and the possibility of further interest rate hikes are creating headwinds for gold in the coming days.

Currently, the global gold price converted at the listed exchange rate is about 102.3 million VND/tael, which is approximately 18 million VND/tael lower than SJC gold bars and 13 million VND/tael lower than gold rings.

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