World gold prices have just experienced their strongest week of growth since the beginning of the year. Prices have continuously set new records, at times surpassing $2,900/ounce.

Many experts predict that the increase in gold prices in the next 10 days will not stop due to the need to find a safe haven in the face of economic and political instability happening around the world.

Most analysts believe that gold will soon hit $3,000 an ounce and that $2,900 an ounce is no longer a major barrier. Alex Kuptsikevich, chief market analyst at FxPro, said that the gold rally has only just begun and that $3,000 an ounce is only a matter of time.

In comments to Kitco News, Jesse Colombo, independent precious metals analyst and creator of the BubbleBubble Report, said the recent rally shows that gold still has plenty of room to run. He predicts gold will hit $3,000 an ounce and stay there for a long time.

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Domestic gold fluctuates strongly during the God of Wealth's day. Photo: Nam Khanh

However, Jesse Colombo noted that if gold prices do not reach $2,900/ounce in the next 10 days, there is a risk that they will fall again.

Ole Hansen, head of commodity strategy at Saxo Bank, said gold is on a solid upward trajectory and heading towards $3,000 an ounce. The expert analyzed that geopolitical and global economic uncertainty is supporting gold as a safe-haven asset even as the US Federal Reserve (Fed) is expected to maintain current interest rates at least through the first half of the year.

Naeem Aslam, chief investment officer at Zaye Capital Markets, expects gold prices to continue to climb as investors fear inflation will continue to rise. He said the Fed’s war on inflation is not over yet and the precious metal is acting as a perfect hedge against inflation. This fact has been a strong support for the precious metal for a long time.

Additionally, Naeem Aslam noted that President Trump’s tariff threats remain highly uncertain, so gold prices have plenty of room to grow and prices will continue to climb higher.

Gold investors should brace for some volatility over the next 10 days as President Trump reacts to China's retaliatory tariffs and Fed Chairman Jerome Powell reacts to the latest US inflation report, according to Lukman Otunuga, chief market analyst at FXTM.

Lukman Otunuga believes that growing concerns about the US-China trade war and investors betting on lower US interest rates could push gold to new record highs.

However, Mr. Lukman Otunuga warned that if Trump's tariff threat is eased by the US leader and the Fed chairman has a hawkish bias in the interest rate cut cycle, gold prices will quickly plummet.

In the domestic market, the price of SJC gold rings and gold bars also experienced a week of strong fluctuations when it exceeded 90 million VND/tael, in the context of the market entering the God of Wealth day.

In the next 10 days, domestic gold prices are forecast to decrease as demand for buying gold for luck and fortune at the beginning of the year cools down.

Gold price today February 9, 2025: Escalating tensions, gold benefits Gold price today February 9, 2025, the world gold market continues to increase in the context of escalating trade tensions and increasing demand for shelter. Domestic gold price is stable above 90 million VND/tael.