At the end of the session on March 1, the price of gold bars at SJC closed at 88.5-90.5 million VND/tael (buy - sell), unchanged from the previous trading session.

The price of 1-5 chi SJC gold rings is listed at 88.5-90.4 million VND/tael (buy - sell), unchanged from the previous day's closing price.

The price of 9999 gold rings at Doji closed the session at 90-91 million VND/tael, equal to the previous day's closing price.

Today's gold price on Kitco closed the trading week at $2,857/ounce. Gold futures for April 2025 delivery on the Comex New York floor traded at $2,862/ounce.

Gold markets had a historic week, setting a new all-time record before plummeting. April gold futures hit an all-time high of $2,968.90 an ounce on Monday.

The precious metal's eight-week winning streak came to an abrupt end amid a stronger dollar and shifting sentiment around US President Donald Trump's tariffs.

Gold prices fell $86.8 per ounce on a weekly basis, breaking an impressive streak of consecutive weekly gains that began in late December. However, on a monthly basis, gold prices rose $30.3 per ounce (1.07%) in February.

The US Dollar Index (DXY), which measures the greenback's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 107.55 points, up 0.94% for the week. The performance of the USD played an important role in putting pressure on gold prices.

The market is interested in the information that the US President officially confirmed the implementation of 25% tariffs on Mexico and Canada from March 4, and at the same time imposed an additional 10% tax on Chinese goods.

Mr. Trump had previously postponed tariffs on Canada and Mexico in early February, after the two countries pledged to strengthen border security.

China's Ministry of Commerce on February 28 announced its opposition to the US President's threat to impose additional tariffs on Chinese goods, and warned that it would take retaliatory action if necessary.

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Gold prices ended the week down. Photo: Chi Hieu

Tariffs are a core part of Mr Trump’s second-term agenda, and investors are turning cautious as trade tensions spread across emerging economies.

In the US, a series of economic data released showed weakness, the world's largest economy may be stagnating despite inflation remaining high, making investors worried.

Data from the US Commerce Department showed that the personal consumption expenditures (PCE) price index rose 0.3% in January, the same as in December; of which goods prices rose 0.5% and services prices rose 0.2%. Compared to the same period last year, the PCE rose 2.5%, down slightly from the 2.6% increase in December.

The figures are unlikely to change the Federal Reserve's stance on interest rates, with most analysts expecting them to remain unchanged for most of the year.

Investors are turning to safe-haven assets like gold to hedge against uncertainty surrounding the impact of tariffs on global trade. Markets are concerned about the potential inflationary impact of expanding tariffs, fueling the rally in gold.

Gold Price Forecast

Adrian Day, chairman of Adrian Day Asset Management, said the correction in gold prices could be prolonged. However, gold prices are down less than 4% from their peak after rising 12% this year.

He believes that at some point, the price difference between New York and London will disappear and gold prices could fall sharply. The factors that have driven gold buying over the past two years are still in place, and he predicts that gold prices could fall as low as $2,600 an ounce, but relatively short-term.

This is a pullback after a series of increases, which is completely normal, according to Jess Colombo, an independent precious metals analyst. Gold prices could test the support level of $ 2,800 / ounce.

Kelvin Wong, senior market analyst at Oanda, said gold prices will maintain a solid long-term uptrend even if there is a short-term correction.