Gold Prices Drop Sharply (23/4): Key Factors Affecting and Future Forecast

This afternoon (April 23), domestic gold prices in Vietnam recorded a significant downturn. Several major gold brands dropped by 3 to 4 million VND per tael, surprising investors after a prolonged period of price surges.

1. Latest Gold Price Update – April 23 Afternoon

Here are the updated gold prices at top brands:

🔹 SJC (Hanoi & Da Nang)

Buying: 118 million VND/tael (down 4 million VND)

Selling: 120.5 million VND/tael (down 3.5 million VND)

🔹 SJC Phu Quy

Buying: 117 million VND/tael (down 3 million VND)

Selling: 120 million VND/tael (down 3 million VND)

🔹 DOJI (Hanoi & Ho Chi Minh City)

Buying: 118 million VND/tael (down 4 million VND)

Selling: 120.5 million VND/tael (down 3.5 million VND)

🔹 PNJ (Ho Chi Minh City)

Buying: 113.2 million VND/tael (down 3.8 million VND)

Selling: 116.3 million VND/tael (down 3.7 million VND)

🔹 Bao Tin Minh Chau

Buying: 115.5 million VND/tael

Selling: 115.85 million VND/tael

2. Global Gold Prices Plunge Nearly $200/oz

On the global market, gold experienced a sharp correction today (April 23), plunging from its all-time high of $3,499/oz to approximately $3,300/oz, down by nearly 5.7%.

📉 This steep drop followed a shift in investor sentiment from safe-haven assets like gold toward equities. The US dollar also strengthened significantly, adding pressure on gold.

📣 Additionally, remarks from US Treasury Secretary Scott Bessent suggesting that US-China trade tensions may ease further fueled the decline in gold demand.

3. Gold Price Outlook: Still Positive in the Long Run

Despite the steep decline, analysts remain optimistic about gold’s long-term potential:

💬 JPMorgan forecasts that gold prices could exceed $4,000/oz amid mounting recession risks, US tariff hikes, and prolonged global trade uncertainties.

💬 Alexander Zumpfe of Heraeus Metals Germany commented:

“Political instability and concerns over global monetary policy will continue to support gold prices in the coming months.”

Currently, key technical support levels are at $3,450/oz and $3,400/oz, with the next upside target set at $3,600/oz if momentum rebounds.

4. Conclusion

👉 Gold prices in both domestic and global markets took a sharp hit this afternoon (April 23), but macroeconomic fundamentals still point toward a promising recovery trajectory. Investors are advised to closely monitor market updates and remain agile in their investment strategies.