As of 8:00 p.m. on February 11 (Vietnam time), the spot gold price today on the world market was at $2,885/ounce. Gold for April 2025 delivery on the Comex New York floor was at $2,913/ounce.

The world gold price on the night of February 11 was about 39.8% higher (822 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 90.2 million VND/tael, including taxes and fees, about 300 thousand VND/tael lower than the domestic gold price as of the end of the afternoon session on February 11.

Gold prices in the world market plummeted after a series of days of strong increases and a historical high, above the threshold of 2,940 USD/ounce at noon on February 11 (Vietnam time). Profit-taking selling pressure sank gold. SJC and plain rings were sold heavily.

World gold prices plunged about $40 from their historic peak amid increased profit-taking pressure after the precious metal surged in recent sessions. Gold rose about $80 in less than 24 hours and up to $170 in seven days.

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World gold prices plummeted after reaching a historic peak of 2,930 USD/ounce. Photo: Kitco

Profit-taking is a common practice in any market. Many investors decide to sell to realize profits, creating downward pressure on prices.

The sharp drop in world gold prices has triggered profit-taking activities in the domestic market, thereby causing the price of SJC gold bars and gold rings to drop by 2-2.6 million VND in just a few hours on the afternoon of February 11.

In the domestic market, at noon on February 11, SJC gold reached a record high of VND93.1 million/tael (sold), while branded gold rings reached over VND91.5 million/tael. However, gold then turned around and fell sharply.

At the end of the trading session on February 11, the price of 9999 gold bars at SJC and Doji was listed at 88-90.5 million VND/tael (buy - sell), down 800,000 VND for selling compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 88-90.5 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 87.8-90.4 million VND/tael (buy - sell), down 800,000 VND/tael for selling compared to the previous session.

Gold Price Forecast

Despite the sharp drop, gold prices are still forecast to be on an upward trend. US President Donald Trump's tariff policies may soon cause gold prices to rise again.

On Kitco, President of House of Kahn Estate Jewelers - Tobina Kahn said that the spot gold price will soon reach 3,000 USD/ounce in the current world context, many people have even thought of the price of 4,000-6,000 USD/ounce.

Gold prices will eventually hit those highs, but it could take several years, according to Tobina Kahn.

There is little that can stop the gold rally this New Year, and geopolitical uncertainties and trade wars will continue to support prices through 2025, according to House of Kahn Estate Jewelers.

Mr. Trump also just warned that tariffs on steel and aluminum “could go higher” after imposing a 25% tax on these metals imported into the US.

Investors are now waiting for the speech of the Chairman of the US Federal Reserve (Fed) Jerome Powell before Congress on February 11-12 to analyze the signals of US monetary policy. If the Fed continues to lower interest rates, gold may increase rapidly again.

Gold is also supported by strong buying by central banks and gold ETFs whenever prices of this commodity fall.

Citigroup predicts gold prices will hit $3,000 next month.

Gold price surpasses 2,900 USD for the first time, sets new records: About to reach 95 million VND Gold price on the international market has been increasing continuously, continuously setting new records in the context of escalating trade tensions and inflation showing signs of increasing again. Gold rings have reached a new peak, while SJC bars may soon reach 95 million VND.