At the end of the session on March 22, the price of gold bars at SJC closed at 94.4-97.4 million VND/tael (buy - sell), down 300 thousand VND per tael in both buying and selling compared to the previous trading session.

The price of SJC 1-5 chi gold rings is listed at 94.3-97 million VND/tael (buy - sell), also down 300 thousand VND per tael in both buying and selling compared to the previous day's closing price.

The price of 9999 gold rings at Doji closed the session at 95.6-98.2 million VND/tael, down 300,000 VND per tael in both directions compared to the previous day's closing price.

Gold price today on Kitco closed the trading week at 3,023 USD/ounce. Gold futures price for April 2025 delivery on Comex New York traded at 3,021 USD/ounce.

The world gold price is holding above the support level of 3,000 USD/ounce. The market recorded strong profit-taking activities in the last session of the week, causing the gold price to be unable to hold above 3,057 USD/ounce.

The market sentiment is changing, no one is ready to sell the precious metal at this time. Central banks will continue to buy gold and diversify their portfolios away from the US dollar. Meanwhile, global investors will continue to see gold as an important safe haven asset in the context of the world facing economic uncertainty and rising inflationary pressures.

gold (50).jpg
Domestic gold prices decrease. Photo: Thach Thao

In an interview with Kitco News, expert George Milling-Stanley commented that ETFs will be the main driver of investment demand for the rest of this year.

Data from SPDR Gold Shares (GLD), the world's largest gold-backed ETF, increased its holdings by more than 37 tonnes to 910 tonnes.

Inflation is the biggest reason investors are turning to gold, analysts say. President Donald Trump's trade war is starting to have an impact, as consumers see higher costs. Real yields are starting to fall.

The escalating trade war is weighing on economic growth and investors are looking for alternative assets to diversify their portfolios.

Inflation concerns may be holding back gold prices, said Thu Lan Nguyen, head of research at Commerzbank. After leaving interest rates unchanged, the Federal Reserve updated its inflation expectations. Consumer prices are expected to rise 2.8% this year, up from December's estimate of 2.5%.

In addition, the Fed also forecasts slower economic growth and higher inflation due to uncertainty surrounding the impacts of the US government's tariff policies.

Even though Fed Chairman Jerome Powell has downplayed the threat of inflation, Nguyen said investors remain cautious. Nguyen added that any pullback in gold is still seen as a buying opportunity.

During the week, the Bank of England (BOE) and Sweden's Riksbank kept their interest rates unchanged at 4.5% and 2.25%, respectively. The Swiss National Bank cut its interest rate by another 25 basis points to 0.25%.

Gold Price Forecast

George Milling-Stanley, chief gold strategist at State Street Global Advisors, predicts that gold prices could trade around $3,000 an ounce for several months. He believes that gold prices will be sustainable above that level and does not expect new record highs in the near term. At the same time, he does not see any resistance to cause gold prices to fall significantly.

Gold could easily fall $100 without significantly impacting the current bullish trend, said Ole Hansen, head of commodity strategy at Saxo Bank.

Hansen said the support level he is watching is at $2,955 an ounce, the high last month before the breakout last week.

David Morrison, senior market analyst at Trade Nation, said he would be watching to see if gold could hold $3,000 an ounce.

“Gold has come down from its highs, but not significantly. Longer term, gold could benefit from a pullback to a level where another rally could begin. Gold could certainly go higher from here. But a test of $3,000 an ounce cannot be ruled out,” he said.