At the end of the session on February 22, the price of gold bars at SJC closed at 89.4-91.7 million VND/tael (buy - sell), unchanged from the previous trading session.

The price of SJC 1-5 chi gold rings is listed at 89.3-91.4 million VND/tael (buy - sell), unchanged from the previous session's closing price.

The price of 9999 gold rings at Doji closed the session at 90-91.7 million VND/tael, unchanged from the previous day's closing price.

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World gold prices increase sharply. Photo: Chi Hieu

World gold prices marked their eighth consecutive week of increase. Last week, world gold prices set a new historical peak amid increasing global instability and strong buying activities by central banks.

Today's gold price on Kitco closed the trading week at $2,935/ounce. Gold futures for April 2025 delivery on the Comex New York floor traded at $2,942/ounce.

The world gold price continues to demonstrate its strength with an impressive increase of about 300 USD/ounce since December 30, 2024. In the most recent trading session, the world gold price reached a new record high of 2,954.69 USD/ounce, the 10th time the gold price has set a record this year.

The rally has been particularly notable, with gold prices holding near record levels as safe-haven demand has increased, fueled by geopolitical tensions and policy uncertainty.

Philip Newman, CEO at consultancy Metals Focus, said safe-haven demand was high due to President Trump's tariff strategy and recent developments in Ukraine.

Market concerns have increased following Trump's controversial statements regarding Ukrainian President Volodymyr Zelensky and the conflict between Ukraine and Russia, straining relations between the US and some European countries.

Additionally, while the tariffs Trump threatened to impose on Canada and Mexico have been temporarily suspended following agreements in early February, the broader implications of his trade policies continue to weigh on market sentiment.

In the US, concerns were reflected in a decline in consumer confidence, as measured by the University of Michigan's consumer sentiment index in February. Americans are increasingly worried about the potential impact of tariffs on consumer prices.

Gold Price Forecast

Ole Hansen, an expert at Saxo Bank, said the combination of central bank demand, strong interest from institutional investors and persistent geopolitical uncertainties, suggests that gold's appeal as a safe-haven asset is likely to increase further.

More money is pouring into exchange-traded funds backed by gold bullion. The world's largest gold ETF has recorded a big weekly gain since 2023, adding more than 20 tonnes in just three trading days.

Swiss gold exports to the US rose to a 13-year high in January, latest figures from Swiss customs show.

Gold prices have plenty of room to rise, according to Lukman Otunuga, chief market analyst at FXTM. Demand for gold-backed exchange-traded funds has increased in recent weeks amid ongoing geopolitical uncertainty.

He added that renewed geopolitical uncertainty in Europe will continue to boost safe-haven demand for gold next week.