Gold Price Development
- Record High: On April 22, 2025, the gold price reached over $3,500 per ounce for the first time, marking a new record. This increase was triggered by political tensions between US President Donald Trump and Federal Reserve Chairman Jerome Powell.
- Current Price: On April 24, 2025, the gold price stood at approximately $3,334 per ounce, reflecting a slight increase.
- Domestic Gold Price in Vietnam: On April 23, 2025, the price of SJC gold in Vietnam was around 120-122 million VND per tael, showing a decline compared to previous days.
Influencing Factors
- Political Tensions: The tensions between Trump and Powell have led to uncertainties that pushed the gold price higher. Trump’s calls for interest rate cuts and his public attacks on Powell have raised doubts about the independence of the Federal Reserve.
- Economic Uncertainty: The increased demand for gold as a safe haven during periods of economic uncertainty and rising inflation has also contributed to the rise in the gold price.
- Central Banks and ETFs: Purchases by central banks and the demand for gold-backed ETFs have further supported the gold price.
Forecasts
- Long-Term Forecasts: Goldman Sachs expects the gold price could rise to $4,000 by mid-2026, indicating continued demand for safe assets.
- Overbought Condition: The Relative Strength Index (RSI) for gold recently reached values above 79, which suggests a potential overbought condition that could lead to a decline.
Overall, the gold price remains highly dependent on political and economic factors and could continue to be volatile in the future.