Last week, domestic gold prices increased sharply following the world trend. Gold prices continuously reached new peaks, with some brands raising the price of gold rings to 95 million VND/tael for sale, the highest level ever.

Since the beginning of the year, the price of plain gold rings at SJC has increased by VND8.8 million/tael for buying and VND9 million/tael more expensive for selling. Meanwhile, the price of plain gold rings at Doji has increased by VND9.05 million/tael for buying and VND9.4 million/tael more expensive for selling.

At the end of the session on March 15, the price of gold bars at SJC closed at 94.3-95.8 million VND/tael (buy - sell). The price of 1-5 chi gold rings at SJC was listed at 94.2-95.7 million VND/tael (buy - sell). Meanwhile, the price of 9999 gold rings at Doji closed at 94.9-96.3 million VND/tael.

Today's gold price on Kitco closed the trading week at $2,984/ounce. Gold futures for April 2025 delivery on the Comex New York floor traded at $3,001/ounce.

Last week, the world gold price hit a new record high of 3,005.04 USD/ounce. This is a price that surprised many investors and analysts.

In October 2024, at the London Bullion Market Association's annual precious metals conference, experts predicted that the price of gold would increase to $2,941/ounce by October 2025. Very few opinions said that the price of gold would reach $3,000/ounce.

Less than a month later, gold prices surged, especially after President Donald Trump’s victory in the US election. Uncertainties surrounding tariffs and the global trade war prompted investors to seek safe havens, with gold being the top choice.

World gold prices have increased by 300 USD, equivalent to an increase of 13% since the beginning of the year.

Investors’ optimism has led to gold being bought in every time the price drops. The resistance levels are $2,700/ounce and $2,800/ounce respectively. Analysts believe that gold prices may continue to rise in the near future.

The reason analysts remain bullish on gold, even at high levels, is not only because of the technical momentum, but also because there is no major FOMO (fear of missing out) in the gold market yet, investors are just starting to enter the market.

In an interview with Kitco News, George Milling-Stanley, head of gold strategy at State Street Global Advisors, said that with economic uncertainty and geopolitical turmoil increasing, investors are turning to gold as a safe haven and inflation hedge.

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Positive outlook for gold prices. Photo: Thach Thao

Some analysts note that the complete shift to gold has not even begun, and the stock market continues to fluctuate in correction territory.

Gold Price Forecast

Fifteen analysts participated in the Kitco News Gold Survey last week. 60% said gold prices would rise, 20% said they expected prices to fall, and 10% said they would see prices moving sideways.

According to the online survey results, 67% predicted that gold prices will increase above 3,000 USD/ounce, 18% predicted that gold prices will trade lower, and 15% said that gold prices will tend to move sideways in the coming days.

In a report last week, commodities analysts at Macquarie raised their gold price forecast to $3,500 an ounce by the third quarter of this year, up from their original target of $3,000 an ounce by mid-year.

Adrian Day, chairman of Adrian Day Asset Management, said that strong central bank buying will continue and gold will rise above $3,000 an ounce. This price is not a barrier for foreign central banks.

Any dip is a buying opportunity, according to Bart Melek, head of commodity strategy at TD Securities, who expects gold to establish a new trading range above $3,000 an ounce this year.

Gold prices are expected to move higher on expectations of lower interest rates, with a potential target of $3,190 an ounce and a further $3,400 an ounce, said Alex Kuptsikevich, senior market analyst at FxPro.

Record money poured into gold in China, gold price soared above 3,000 USD/ounce. Money poured into gold in China reached a record high. The world gold price rose above 3,000 USD/ounce for the first time in history on March 14.