Gold price today March 7, 2025: World gold prices increased sharply at the beginning of the week and then suddenly "turned around" and plummeted. Domestic gold prices were also swept up by the world market, continuously increasing to the highest level ever, breaking all previous records, and then decreasing at the end of the day. What is happening?
| 1. PNJ - Updated: 01/01/1970 08:00 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 91,500 ▼200K | 92,900 |
| HCMC - SJC | 90,700 | 92,700 |
| Hanoi - PNJ | 91,500 ▼200K | 92,900 |
| Hanoi - SJC | 90,700 | 92,700 |
| Da Nang - PNJ | 91,500 ▼200K | 92,900 |
| Da Nang - SJC | 90,700 | 92,700 |
| Western Region - PNJ | 91,500 ▼200K | 92,900 |
| Western Region - SJC | 90,700 | 92,700 |
| Jewelry gold price - PNJ | 91,500 ▼200K | 92,900 |
| Jewelry gold price - SJC | 90,700 | 92,700 |
| Jewelry gold price - Southeast | PNJ | 91,500 ▼200K |
| Jewelry gold price - SJC | 90,700 | 92,700 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 91,500 ▼200K |
| Jewelry gold price - Jewelry gold 999.9 | 90,400 ▲100K | 92,900 ▲100K |
| Jewelry gold price - Jewelry gold 999 | 90,310 ▲100K | 92,810 ▲100K |
| Jewelry gold price - Jewelry gold 99 | 89,570 ▲100K | 92,070 ▲100K |
| Jewelry gold price - 916 gold (22K) | 82,700 ▲90K | 85,200 ▲90K |
| Jewelry gold price - 750 gold (18K) | 67,330 ▲80K | 69,830 ▲80K |
| Jewelry gold price - 680 gold (16.3K) | 60,820 ▲70K | 63,320 ▲70K |
| Jewelry gold price - 650 gold (15.6K) | 58,040 ▲70K | 60,540 ▲70K |
| Jewelry gold price - 610 gold (14.6K) | 54,320 ▲60K | 56,820 ▲60K |
| Jewelry gold price - 585 gold (14K) | 52,000 ▲60K | 54,500 ▲60K |
| Jewelry gold price - 416 gold (10K) | 36,300 ▲40K | 38,800 ▲40K |
| Jewelry gold price - 375 gold (9K) | 32,490 ▲40K | 34,990 ▲40K |
| Jewelry gold price - 333 gold (8K) | 28,310 ▲40K | 30,810 ▲40K |
World gold prices increased strongly again after a shallow adjustment.
The world gold price broke out strongly at the beginning of the week, then adjusted back to near the threshold of 2,900 USD. During the day, the gold price fluctuated strongly, at times falling to the lowest level in the past 2 weeks. Some modest profit-taking pressure after the high price at the beginning of this week gave way to bullish speculators joining in buying when the market saw some declines.
According to the World and Vietnam Newspaper at 9:00 p.m. on March 6 (Hanoi time), the world gold price listed on the Kitco electronic floor was at 2,904.80 USD/ounce, down 14.9 USD/ounce compared to the previous trading session. The most recent April gold price increased by 9.30 USD to trade at 2,930.00 USD/ounce.
Gold prices fell despite the US dollar index remaining at its lowest level since November last year, around 104.1 points. The gains in gold and silver were somewhat limited by the slump in crude oil futures. The key overseas markets saw the US dollar index fall sharply again, hitting a four-month low. Nymex crude oil futures fell sharply, trading around $65.50 a barrel. The yield on the 10-year US Treasury note is currently at 4.23%.
Safe-haven demand amid rising geopolitical tensions and a sharp decline in the US dollar index this week remains the primary bullish factor for the precious metal. Last week’s correction in gold prices proved to be short-lived as a sharp decline in US equities spurred renewed safe-haven demand for the precious metal.
Gold bulls also took some heat from a much weaker-than-expected US jobs report, which showed just 77,000 jobs added in February, compared to market expectations of nearly double that - 148,000.
Domestic gold prices skyrocketed, then suddenly fell.
Precious metals on the international market unexpectedly decreased at the end of the day, leading to a downward trend in domestic gold prices. Currently, the price of SJC gold bars at SJC, PNJ, and DOJI companies has simultaneously decreased to 90.7 - 92.7 million VND/tael (buy - sell), down 300,000 VND/tael compared to the beginning of the session.
The price of plain round gold rings of major brands and gold bars has exceeded 93 million VND/tael. In the days leading up to March 8, the price of gold has continuously increased to an unprecedented high, but at some major gold shops, many people still lined up to buy gold as gifts for their loved ones. On this occasion, a series of major brands have also launched many attractive promotional programs to thank and attract customers.
Bao Tin Minh Chau listed the price of plain round gold rings at 91.6 - 93.1 million VND/tael (buy - sell), down 400 thousand VND/tael for buying, down 300 thousand VND/tael for selling compared to the beginning of the session.
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| Gold price today March 7, 2025: Gold price fluctuates 'violently', speculators rush to buy, what is happening? (Source: Shutterstock) |
Summary of SJC gold bar prices and 9999 gold ring prices at major domestic trading brands at the closing time of the trading session on March 6:
Saigon Jewelry Company SJC: SJC gold bars 90.7 - 92.7 million VND/tael; SJC gold rings 90.7 - 92.7 million VND/tael.
DOJI Group: SJC gold bars 90.7 - 92.7 million VND/tael; 9999 round rings (Hung Thinh Vuong) 91.4 - 93 million VND/tael.
PNJ system: SJC gold bars 90.7 - 92.7 million VND/tael; PNJ 999.9 plain gold rings at 91.5 - 92.9 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 90.7 - 92.7 million VND/tael; round gold ring price is 91.6 - 93.1 million VND/tael.
Currently, the world gold price converted to USD exchange rate is about 89.8 million VND/tael, lower than SJC gold bars and gold rings by about 3 million VND/tael. The difference between domestic and world gold prices has begun to widen in the context of world gold prices fluctuating faster than SJC gold bars and gold rings in recent days.
Is the $3,000/ounce target coming back?
In the international market, the S&P 500 sell-off began on Monday after President Donald Trump announced that a 25% tariff on imports from Canada and Mexico would take effect at midnight on March 4. At the same time, Mr. Trump also extended tariffs on Chinese goods, pushing the US into a global trade war.
Tariff concerns have completely wiped out the stock market's gains after the US presidential election (11/2024).
Meanwhile, Ole Hansen, head of commodity strategy at Saxo Bank, said gold has room to move higher after a shallow correction. The expert said the $3,000 target is back in play.
"The outlook for gold remains supportive, especially given the relatively limited depth of the latest correction, signaling that demand remains strong despite selling pressure from technically focused traders. In addition to diversification and safe-haven demand, gold is likely to continue to benefit from central bank buying as concerns over fiscal debt persist," Hansen said in his latest precious metals market report.
Along with geopolitical uncertainty supporting gold’s safe-haven appeal, Saxo Hansen said the precious metal is benefiting from the greenback’s growing weakness as the dollar index tests key support at 106. At the same time, the expert noted, slowing economic activity is fueling expectations that the US Federal Reserve will be forced to cut interest rates this year, even as inflation remains high.
“While we are clearly aware that nothing is going to happen in a straight line—except perhaps a crypto pump and dump—we maintain our $3,300 target that we just issued,” Hansen said.
Regarding the potential of gold, the Saxo Bank expert noted that investment demand for gold-backed exchange-traded products has increased significantly in the past few weeks even as speculative interest rates remain bearish.
“While demand for bullion-backed ETFs has increased over the past month, total holdings at 85.8 million ounces remain well below the recent peak of 107 million ounces in 2022,” he added.
Source: https://baoquocte.vn/gia-vang-hom-nay-732025-gia-vang-dao-dong-du-doi-gioi-dau-co-voi-va-mua-vao-dieu-gi-dang-xay-ra-306575.html
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