As of 8:00 p.m. on March 4 (Vietnam time), the spot gold price today on the international market was at $2,925/ounce. Gold for April 2025 delivery on the Comex New York floor was at $2,948/ounce.

The world gold price on the night of March 4 was about 41.8% higher (862 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 91.7 million VND/tael, including taxes and fees, about 1 million VND/tael lower than the domestic gold price as of the end of the afternoon session on March 4.

Gold prices on the international market increased sharply again after a sharp decline at the end of last week due to bottom-fishing demand and global trade tensions. SJC gold jumped, while gold rings set a new record.

At the beginning of the trading session on March 4 on the New York market (March 4 evening Vietnam time), the spot gold price increased sharply, quickly surpassing the $2,900/ounce mark after a sharp decline at the end of last week. The increase started when the gold price surpassed the resistance level of $2,850/ounce, triggering technical buy orders and attracting cash flow back to the precious metals market.

The main reason for this recovery is due to concerns about global trade tensions after US President Donald Trump decided to keep imposing 25% tariffs on imports from Mexico and Canada, while doubling the tariff rate to 20% on Chinese goods from March 4.

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SJC gold and ring prices increase sharply again. Photo: NH

In response, China imposed additional tariffs of 10%-15% on a range of agricultural and food products from the US, along with placing 25 US companies under export and investment restrictions. These moves have raised concerns about inflation and economic recession, causing investors to seek safe haven gold.

In addition, the weakening of the USD due to concerns about slowing US economic growth also contributed to supporting gold prices.

In the session on March 4, the DXY index - measuring the fluctuations of the USD compared to a basket of 6 major currencies - decreased by 0.8% to 105.91 points. The decrease in US government bond yields also stimulated the demand for safe havens, causing investors to return to gold as an asset to preserve value.

Domestically, by the end of the trading session on March 4, the price of 9999 gold bars at SJC and Doji was listed at 90.7-92.7 million VND/tael (buy - sell), an increase of 1.7 million VND/tael compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 90.7-92.6 million VND/tael (buy - sell), an increase of 800,000 VND for buying and 1.7 million VND for selling compared to the previous session. Doji listed the price of 9999 smooth round gold rings at 91.6-92.7 million VND/tael (buy - sell), an increase of 1 million and 1.2 million VND/tael respectively compared to the previous session.

The difference between buying and selling gold prices at businesses has narrowed to 2 million VND/tael, even gold rings at some units only have a difference of 1.1 million VND.

Gold Price Forecast

It can be seen that the gold market continues to be in a period of unpredictable fluctuations in the short term, sometimes falling sharply and then soaring upwards.

In the short term, gold prices are expected to fluctuate around $2,880-2,920 per ounce in the remaining sessions of the week if the USD is weak. If political instability continues to increase, gold could test the $2,950 per ounce threshold.

On the contrary, if the USD recovers or there is a hawkish signal from the US Federal Reserve (Fed), gold prices may adjust to 2,850-2,860 USD/ounce.

In the long term, most organizations believe that the upward trend of gold will continue thanks to geopolitical and macroeconomic factors. JPMorgan maintains an optimistic view on gold in the long term, predicting that prices could approach $3,000/ounce by the end of 2025.

Investors are awaiting the ADP jobs report and the US non-farm payrolls report for further clues on the Fed's interest rate direction.

Gold prices plummeted from their historic peak, what will happen next for SJC and gold rings? Gold prices unexpectedly plummeted last week, losing many important support levels despite the world facing many risks and still being forecast by many organizations to increase further. What will happen next for SJC and plain gold rings?