At the end of the session on February 21, the price of gold bars at SJC closed at 89.4-91.7 million VND/tael (buy - sell), down 600 thousand VND per tael for both buying and selling compared to the end of the previous trading session.

At the end of the session, the price of SJC gold rings of 1-5 chi was listed at 89.3-91.4 million VND/tael (buy - sell), down 600 thousand VND per tael in both directions compared to the previous session's closing price.

The price of 9999 gold rings at Doji closed the session at 90-91.7 million VND/tael, down 900 thousand VND per tael for buying and 600 thousand VND per tael cheaper for selling compared to the previous day's closing price.

Today's gold price on Kitco at 7:30 p.m. on February 21 (Vietnam time) was trading at $2,932/ounce, down 0.21% from the beginning of the session. Gold futures for April 2025 delivery on the Comex New York floor were trading at $2,942/ounce.

However, gold continued to show strength as it traded steadily above $2,900 an ounce, while the US dollar faced increasing pressure. In the trading session on February 20, the world gold price continued to set a record as concerns about the global trade war prompted investors to seek safe havens.

The US Dollar Index (DXY), which measures the greenback's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 106.63 points.

The demand for safe haven gold has increased amid recent US trade tariff threats and rising tensions between the US and Europe. With an “America First” policy and a strong tariff policy, the Trump administration has threatened to impose tariffs on goods imported from the European Union (EU).

The US president began imposing 25% tariffs on all imported steel and aluminum products, while revoking previous exemptions for Canada, Mexico, the European Union (EU) and other trading partners.

The US Federal Reserve's accommodative monetary policy stance remains a significant headwind for gold. Minutes of the Fed's January monetary policy meeting showed the central bank was in no rush to cut interest rates as inflation risks remained high.

The market does not expect the Fed to cut interest rates before its July meeting. According to Metals Focus, the Fed's monetary policy and the strength of the US dollar no longer have a strong impact on gold prices; instead, economic and political uncertainty related to the new administration's policies, especially tax policy, are the factors.

Gold jewelry (27).jpg
World gold prices fluctuate strongly. Photo: Thach Thao

New York gold and silver vaults are filling up as banks and investors hedge their bets, creating significant liquidity problems in London’s over-the-counter market, according to Metals Focus. Solid demand for gold is providing short-term upside momentum.

Gold prices have surged to an all-time high as institutional and central bank demand continues to rise. According to analyst Peter Grandich, physical gold is now determining market prices. Physical demand and the physical gold market have surpassed the paper market.

Gold Price Forecast

Gold is considered a safe haven against geopolitical risks and inflation. Commodity analysts at Metals Focus expect gold prices to hit a high of $3,000 an ounce in the second quarter of this year, but there are risks of profit-taking in the short term.

Gold prices hit a new record on continued momentum and safe-haven demand in response to Trump’s surprise move, with the market heading towards the next major psychological level of $3,000 an ounce, Saxo Bank analysts said.

Citigroup forecast in early February that gold prices were expected to reach $3,000 an ounce within the next three months, as geopolitical tensions and the U.S.-led trade war boosted demand for safe-haven assets.

Goldman Sachs sees the potential for gold to surge to $3,300 an ounce by year-end due to persistent speculative positions.