The price of gold on the Kitco floor at 9:00 p.m. (February 27, Vietnam time) was trading at $2,887.8/ounce, down 0.97% from the beginning of the session. The price of gold futures for April 2025 delivery on the Comex New York floor was trading at $2,902/ounce.

At the beginning of the trading session on February 27 (US time), the world gold price plummeted under pressure from the recently released US GDP report for the fourth quarter of 2024. The report showed that the GDP for the fourth quarter of 2024 remained unchanged at 2.3% and noted that inflationary pressures continued to increase.

Investors are awaiting inflation data due later in the week and the latest developments on US President Donald Trump's tariff plans.

Gold’s bullish trend is still in place, according to David Meger, director of metals trading at High Ridge Futures. The precious metal’s price is steady ahead of a likely rise in U.S. inflation data. Gold’s strength is dominating investment channels.

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World gold prices plummet, losing the $2,900/ounce mark. Photo: NH

Higher-than-expected inflation could strengthen the case for the US central bank to delay further rate cuts, said David Meger, adding that gold would gain more as a hedge against inflation.

The US central bank cut interest rates three times last year, by a total of 75 basis points. Money markets are now pricing in another rate cut by the Federal Reserve by the end of the year.

In the domestic market, at the end of the session on February 27, the price of 9999 gold bars at SJC was VND88.9 million/tael (buy) and VND91.2 million/tael (sell). Doji listed it at VND88.9 million/tael (buy) and VND91.2 million/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 88.9-91 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 90.1-91.2 million VND/tael (buy - sell).

Gold Price Forecast

The rally that has pushed gold closer to $3,000 an ounce appears to have stalled, with some traders taking the opportunity to take profits, according to Frank Watson, a market analyst at Kinesis Money. Central bank behavior will be key to gold’s growth and has been a key driver of demand in recent years.

Peter Grant, vice president and senior precious metals strategist at Zaner Metals, predicts that the gold market is being affected by many uncertainties related to tariffs and trade policies in general. The recent declines in gold prices are considered buying opportunities.