At the end of the session on February 28, the price of gold bars at SJC closed at 88.5-90.5 million VND/tael (buy - sell), down 400 thousand VND per tael for buying and 700 thousand VND per tael cheaper for selling compared to the previous trading session.

The price of SJC 1-5 chi gold rings is listed at 88.5-90.4 million VND/tael (buy - sell), also down 400 thousand VND per tael for buying and down 700 thousand VND per tael for selling compared to the previous day's closing price.

The price of 9999 gold rings at Doji closed the session at 90-91 million VND/tael, down 100,000 VND per tael in both directions compared to the previous day's closing price.

Today's gold price on Kitco at 8:00 p.m. (February 28, Vietnam time) was trading at $2,859/ounce, down 0.58% from the beginning of the session. Gold futures for April 2025 delivery on the Comex New York floor were trading at $2,872/ounce.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 107.34 points.

The sell-off in gold followed a surprise tariff announcement by US President Donald Trump, who had initially promised to delay the imposition of tariffs on both Canada and Mexico until April 2.

However, the US President has announced that a 25% tariff on goods imported from Canada and Mexico will take effect next Tuesday, joining the 10% tariff already imposed on imports from China earlier this month.

gold and silver, hcmc, T5-2024-7.jpg
Domestic gold prices decrease. Photo: Thach Thao

Both Mexico and Canada have said they will impose retaliatory tariffs on US imports if Trump follows through on his threats. Economists warn that these escalating trade tensions could lead to slower economic growth and potentially higher inflation in all three North American countries.

Investors have recently been allocating capital to safe-haven assets like gold to hedge against uncertainties surrounding the impact of tariffs on global trade flows.

The US Commerce Department announced that durable goods orders increased 3.1% in January, exceeding analysts' forecast of 1.3%, showing that demand in the US economy remains quite strong.

The US Bureau of Economic Analysis (BEA) released its second report on US GDP in the fourth quarter of 2024, with economic growth remaining at 2.3%, in line with forecasts.

Although the US Federal Reserve (Fed) has shifted to a neutral monetary policy stance as inflation risks remain high, analysts say rising geopolitical turmoil will continue to support gold prices.

Gold Price Forecast

The precious metal remains well supported, market analysts said, as rising inflationary pressures and turmoil around global trade wars raise the risk that government and central bank policies will impact global economic activity.

Central bank demand, China's broader role in the market are pushing gold prices higher.

Bart Melek, head of commodity strategy at TD Securities, said gold prices could potentially break above $3,000 an ounce in the next 30 to 60 days, largely depending on how the market reacts to the tariffs.