Market Highlight 24506.2026

Global gold prices fell below 4.000 USD/ounce for the first time since November, as the prospect of higher interest rates and a stronger USD suggested that the precious metal’s three-year rally may have come to an end. Silver prices also fell below 60 USD/ounce, while the USD Index has risen nearly 1% this week to 101,8. Gold had posted double-digit gains for three consecutive years, more than doubling in value as Central Banks, investment funds, and individual investors all bought the metal for accumulation. The rally stalled in late January 2026, shortly after the precious metal reached a record high of nearly 5.600 USD/ounce. Since then, gold prices have fallen by more than 20% from the recent peak, marking a signal that the market has entered a weakening cycle.

The key factor weighing negatively on gold price movements has been the outbreak of the war between the U.S and Iran. Higher energy prices have fueled inflation and increased the likelihood of rate hikes, making physical gold less attractive than other investment assets. Although oil prices have now cooled as the U.S and Iran negotiate a long-term peace agreement, new Federal Reserve Chair Kevin Warsh surprised the market last week when he signaled a tighter monetary policy stance to contain inflation at his first meeting. This added further pressure on gold, causing prices to fall by more than 5% since the meeting ended. One positive factor for the precious metal is that demand from Central Banks remains strong, with the pace of purchases in Q1/2026 reaching the fastest level in one year.

Domestically, interbank USD/VND edged up by around VND 10 on Wednesday, affected by the strengthening of the USD in global markets. The effective daily ceiling continued to rise by a further VND 3.

Please contact the nearest Asia Commercial Joint Stock Bank's branch to receive information and consultancy if you are in need of making any foreign exchange and derivatives transactions.

Asia Commercial Joint Stock Bank assumes no responsibility or liability for any purpose of reference or using the information provided by this newsletter.

Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn