Gold prices fell sharply on optimism about stocks and the US dollar recovered after comments from US Treasury Secretary Scott Bessent hinted that US-China trade tensions would cool down.

A sell-off was triggered by comments from the US Treasury Secretary hinting at a possible thaw in the trade war, according to RJO Futures senior market strategist Bob Haberkorn.

On Tuesday, Mr. Bessent said he expected “a de-escalation” in the U.S.-China tariff war in the “very near future.” Shortly afterward, U.S. stocks rose more than 2% and the dollar rebounded. The U.S. Dollar Index rose 0.7%, making bullion more expensive for holders of other currencies.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on April 23, the price of gold bars at Doji and SJC was listed at 122 - 124 million VND/tael (buy - sell), an increase of 6 million VND/tael compared to early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 117.2 - 119 million VND/tael (buy - sell), an increase of 2 million VND/tael compared to early this morning.

+ International gold price

The world gold price listed on Kitco is at 3,324 USD/ounce, down 108 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,325 USD/ounce.

Gold Price Forecast

Despite the sharp decline in gold, JPMorgan remains optimistic that the rally will continue, forecasting gold prices to surpass $4,000 an ounce amid rising recession risks, rising US tariffs and persistent US-China trade tensions.

Gold prices are likely to remain well supported amid continued political uncertainty and concerns over the direction of monetary policy, according to Alexander Zumpfe, an expert at Heraeus Metals Germany. Key technical support levels are currently at $3,450/ounce and $3,400/ounce, while the next upside target is $3,600/ounce.

Traders are now awaiting speeches from several US Federal Reserve (Fed) officials later this week, hoping to gain insight into future monetary policy amid concerns about the central bank's independence.