After reaching a historic peak in the session on February 4 (early morning of February 5, Vietnam time), spot gold prices in the Asian and European markets continuously reached new peaks, surpassing the threshold of 2,850 USD/ounce, then 2,860 USD/ounce.

As of 4:50 p.m. on February 5 (Vietnam time), the world gold price reached 2,868 USD/ounce (equivalent to 88.5 million VND/tael).

Domestically, the price of SJC gold and gold rings both jumped to VND91 million/tael (selling price). This is a new record high for gold rings, while SJC gold bars are only slightly lower than the old record of VND92.5 million/tael recorded on May 10, 2024.

World gold prices have been hitting new record highs amid many supportive factors for the precious metal.

First, the US dollar has fallen sharply after a strong rally. The DXY index has fallen to 107.6 points from above 110 points recorded in mid-January. The falling US dollar has caused the prices of commodities denominated in this currency to fall.

Second, global investors are worried and shifting to a state of capital preservation in the context of too much instability in the world, from politics to economics. A series of policies of the Donald Trump administration has shaken the world.

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World gold price is forecast to soon exceed 2,900 USD and move towards 3,000 USD, gold rings can reach 100 million VND/tael. Photo: HH

Pressure from the Trump administration along with some negative information about the US economy has made many people believe that the US Federal Reserve (Fed) will soon return to its plan to lower interest rates to support the world's number 1 economy.

Meanwhile, the Middle East was rocked by President Trump’s announcement that the US would take over and possibly send troops to the Gaza Strip. Trump said the Palestinians “have no long-term future” there. It is not yet known how Trump will implement this statement and whether its impact will “bring great stability to the Gaza Strip, possibly the entire Middle East,” but the region has been rocked.

Investors were also concerned after Mr Trump warned that Iran would be wiped out if assassinated. Mr Trump has just signed an executive order to reimpose “maximum pressure” on Iran, including tightening sanctions on the Iranian government’s oil sales.

In Ukraine, the conflict shows no signs of abating.

Global gold prices were also supported by information from the World Gold Council (WGC) that central banks bought more than 1,000 tons of gold in 2024 - the third consecutive year of net buying. These banks accounted for 20% of total gold purchases last year.

Many supporting factors, gold will soon reach 3,000 USD/ounce

In an interview with Kitco News, Joseph Cavatoni, market strategist at the WGC, said that consumer data continues to show that gold has reasserted its position as an important global financial asset.

According to this expert, the reason why central banks of countries continue to increase their gold purchases is because the burden of government debt is increasing and the geopolitical context is changing significantly.

According to Cavatoni, the new geopolitical instability caused by the unpredictability of the Trump administration will create a basis for central banks to continue to increase gold purchases. Armed conflicts, trade conflicts and global economic conflicts can support the net buying trend of countries.

Besides, increasing volatility in the stock market, rising inflationary pressures and sluggish economic growth in many countries are expected to push investors back into the gold market through ETFs.

All things considered, Cavatoni sees gold demand remaining high through 2025, even as prices have risen.

Joy Yang - an expert from MarketVector - also has a similar forecast when he said that gold prices could increase higher due to the geopolitical instability that shows no signs of ending.

Although the US President recently delayed imposing tariffs on Mexico and Canada for 30 days, there could still be new pressures on these two countries and many others, including EU economies... Gold is still a safe haven asset.

China has also imposed tariffs on US imports and placed several companies, including Google, on a possible sanctions list, in retaliation for the US imposing a 10% tariff on Chinese goods.

Money flowing into the US artificial intelligence (AI) sector could decline after the shock of China's DeepSeek and Alibaba Qwen, and could also flow into gold.

Experts from Tastylive predict that the next important milestone for gold prices could be $3,000/ounce (VND93 million/tael). Previously, many organizations predicted that gold would reach this level, but in the second half of 2025.

Gold price today February 5, 2025 increased continuously to a new peak, SJC and rings exceeded 91 million. Gold price today February 5, 2025 continued to increase shockingly to a new peak, reaching 2,867 USD/ounce on the international market. Domestically, SJC gold bars and rings simultaneously skyrocketed to over 91 million VND, an increase of nearly 3 million VND in the past 3 days.