Global gold prices rose during last night’s trading session in the US and this morning (April 25) in the Asian market as the simmering heat of the global trade war continued to drive risk aversion among investors. The depreciation of the US dollar also supported the upward trend in the precious metal market.
At over 8 am Vietnam time, the spot gold price in the Asian market rose by $9.8/oz compared to the previous New York session, equivalent to a 0.29% increase, trading at $3,360.6/oz – according to data from the Kitco exchange. Converted at Vietcombank’s USD selling rate, this price is equivalent to VND 106 million/là o, unchanged from yesterday morning.
At the same time, Vietcombank quoted the USD at VND 25,805 (buying) and VND 26,195 (selling), up VND 21 at each price threshold compared to yesterday.
On Thursday, in the New York market, spot gold closed at $3,350.8/oz, up $60.8/oz from the previous session’s close, equivalent to a 1.84% increase. Prior to this recovery, gold prices fell nearly 3% on Wednesday.
The global financial market is still following the new developments in the trade war initiated by US President Donald Trump, especially the tariff conflict between the US and China. Currently, the US is negotiating trade deals with several partners, including Japan, South Korea, and India, but no agreements have been reached. Meanwhile, tensions between the US and China have temporarily ceased to escalate, but neither side has taken steps to advance negotiations.
On April 24, China said there are currently no trade negotiations between Beijing and Washington. He Yadong, spokesperson for the Chinese Ministry of Commerce, said that all information about the progress of bilateral trade negotiations at this point should be rejected and called on the US to lift unilateral tariffs.
China’s statements came after Trump declared earlier this week that he would take a softer approach to trade talks with Beijing. On April 23, Bessent said the US has a “chance to reach a big deal” on trade with China.
In this context, global risk aversion remains high, and gold is a safe-haven asset chosen by many investors.
Gold futures on the COMEX in New York closed Thursday’s session with a 1.7% increase, reaching $3,348.6/oz. On Tuesday, both spot and futures gold prices surpassed the $3,500/oz mark for the first time in history.
“The market’s biggest concern now is tariffs,” said Tai Wong, a precious metals trader in New York, to Reuters. “The move to $3,500/oz was too fast, and the market needs to digest it. Gold may fluctuate in the next few sessions, but we are still in a bull market, and every sharp decline will surely be seen as a buying opportunity.”
In addition, gold prices are also being supported by the depreciation of the US dollar as investors doubt American assets due to the country’s tariff policies.
The Dollar Index, which measures the strength of the USD against a basket of six other major currencies, closed Thursday’s session with a decline of nearly 0.5%, at 99.38 points. The index has fallen more than 8% since the beginning of the year – according to data from MarketWatch. The Dollar Index is currently near its lowest level in more than three years, set in April.
However, the holdings of the world’s largest gold ETF, SPDR Gold Trust, reflect the caution of some investors. The fund sold more than it bought this week, continuing the previous week’s net selling trend.
On Thursday, the fund sold a net 0.6 tons of gold, reducing its holdings to nearly 948.6 tons.
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