At the opening of the trading session last week (February 24), SJC's 9999 gold price was listed at VND89.2-91.5 million/tael (buy - sell). Doji traded 9999 gold rings at VND89.8-91.5 million/tael (buy - sell). SJC listed the price of gold rings of type 1-5 at only VND89.1-91.2 million/tael (buy - sell).

After reaching 92 million VND/tael, on February 25, the domestic price of SJC gold and plain rings increased to 92.3 million VND/tael, then decreased slightly.

By the session of February 26, the price of SJC gold bars and plain rings continued to fall sharply, evaporating 700,000 VND per tael, down to 91 million VND/tael.

On February 27, the price of SJC gold and plain rings suddenly decreased, the purchase price of Doji gold rings was 1.2 million VND more expensive than gold bars.

On February 28, the price of Doji plain gold rings remained at 91 million VND/tael (selling price) despite the sharp drop in domestic gold prices, 500,000 VND/tael more expensive than SJC gold bars.

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). The price of 1-5 chi gold rings at SJC was listed at 88.5-90.4 million VND/tael (buy - sell). The price of 9999 gold rings at Doji closed at 90-91 million VND/tael.

Weekly, the price of SJC gold bars decreased by 1 million VND/tael. Meanwhile, the price of SJC and Doji gold rings decreased by 800 thousand VND/tael and 500 thousand VND/tael, respectively.

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.

US President Donald Trump’s tariff policies have caused market volatility. US President Donald Trump signed an executive order on March 1 to launch a national security investigation into imported lumber into the US under Section 232 of the Trade Expansion Act of 1962. With this move, President Trump has triggered three new tariff investigations in just the past 10 days.

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Gold prices are expected to decrease. Photo: Chi Hieu

Earlier, the US President said he would keep his plan to impose a 25% tax on Canada and Mexico, while adding a 10% tax on goods from China. Experts fear that Mr. Trump's tax plan will cause a tariff confrontation, as countries may retaliate.

Preliminary economic data shows the US economy is heading for negative growth in the first quarter of 2025, according to the Federal Reserve Bank of Atlanta. Markets are increasingly convinced that the Fed will respond to the recession with multiple rate cuts this year.

This week, markets will be focused on a number of notable economic releases, including the February non-farm payrolls report, the Eurozone CPI, the US manufacturing PMI, the ADP jobs report and weekly jobless claims data. The other big event is the European Central Bank's monetary policy decision on Thursday, with economists expecting another rate cut.

According to the Kitco News Gold Survey, 21% expect gold prices to rise, 64% predict the precious metal's price will fall, and 14% choose gold prices to stay flat.

Meanwhile, the results of Kitco's online poll showed that only 45% expected gold prices to increase, 28% chose gold to decrease, and 28% predicted gold prices to remain stable.

Gold Price Forecast

Daniel Pavilonis, senior commodities broker at RJO Futures, attributes the recent decline in gold prices to economic data and market pullback.

He said that tariffs are clearly causing some inflation. Gold prices have fallen along with stocks, which is more of a risk-off situation in the short term. However, as gold prices fall, investors start buying gold, which is supportive of gold.

Gold is expected to surpass $3,000 an ounce in the near future, according to Everett Millman, a market analyst at Gainesville Coins. He believes that gold is likely to turn this level into support.