On February 1, the price of gold bars at SJC was listed at 86.8-88.8 million VND/tael (buy - sell). Doji announced the price of gold bars at 86.9-88.9 million VND/tael (buy - sell).

The price of 1-5 chi SJC gold rings is listed at 86.3-88 million VND/tael (buy - sell). The price of 9999 gold rings at Doji closed the session at 86.6-88.1 million VND/tael.

The spot gold price on the world market closed the week at 2,799 USD/ounce. The gold futures price for April 2025 on the Comex New York floor was at 2,835 USD/ounce.

Financial market instability and geopolitical tensions pushed gold prices to a new record high above $2,800 an ounce this week.

Bob Haberkorn, senior market strategist at RJO Futures, said the market is reacting to the uncertainty surrounding trade and the global economy, with many traders taking a wait-and-see attitude for geopolitical moves related to tariffs.

David Morrison, market analyst at Trade Nation, said bullion banks and market participants are preparing for the possibility of U.S. tariffs on Mexico and Canada under President Donald Trump, two of the world's largest silver producers.

Commodity analysts at BMO Capital Markets cited Swiss gold export data showing that 64.2 tonnes of gold were sold to the Comex Treasury in New York (USA) in December last year, up 19.5 times from 3.3 tonnes in December 2023. This is the largest amount of gold sold from Switzerland to the US since March 2022.

A new report from the Financial Times also revealed that traders have withdrawn $82 billion in gold from the Bank of England's vaults to New York's Comex exchange and private US vaults.

After keeping interest rates unchanged, Federal Reserve Chairman Jerome Powell said the central bank is in no rush to cut rates due to persistent inflation pressures and a recovering labor market.

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World gold prices increase sharply. Photo: Chi Hieu

The US core personal consumption expenditures (PCE) index is expected to rise 2.8% in December 2024. While inflation remains steady, analysts warn that tariffs and a trade war could quickly push prices higher.

January's cold snap could weigh on job growth, potentially fueling market expectations for Fed easing, according to Comerica Bank economist Bill Adams.

Gold Price Forecast

While gold prices have hit record highs, investor demand for gold and silver-backed exchange-traded funds has been muted, suggesting that gold has upside potential. It’s only a matter of time before investors turn to gold as a safe haven, said Robert Minter, director of ETF strategy at Abrdn.

According to Paul Williams, CEO at Solomon Global, the gold price rally to record highs is not only due to the impact of the US President's controversial policies but also due to the fact that global geopolitical uncertainty remains high.

“The rally is not temporary or just a Trump boost, but a reflection of geopolitical uncertainty and deep instability in the global economy. The world order is increasingly unstable, making gold an attractive option for hedging and protecting assets,” he said.

Analysts say gold prices remain well supported in the near term. Michele Schneider, chief strategist at MarketGauge, predicts that gold prices could easily reach $3,000 an ounce.