(NLDO) – Gold prices heated up today as the USD continued to fall in value, and US stocks were in the red.
Last night, the world gold price increased from 2,881 USD/ounce to 2,928 USD/ounce.
Last night, the US officially imposed a 25% tariff on products imported from Mexico and Canada, adding a 10% tariff on goods imported from China.
In response to this information, financial markets are concerned that global trade tensions could escalate, inflation in the US could rise, and global economic growth could slow down.
Accordingly, on Wall Street, US stocks were in the red due to the sell-off. Many people shifted their capital into precious metals to shelter their capital, causing the price of gold to increase sharply.
On the other hand, the USD Index fell sharply to 105 points, causing the value of the USD to fall deeply. Gold became attractive to investors holding other currencies.
Meanwhile, the World Gold Council (WGC) said that the demand for gold of countries has not stopped, when global gold reserves increased by 18 tons in the first month of 2025. This has encouraged speculators to increase their purchasing power with the expectation that gold prices will continue to increase in the future.
Market developments show that when the gold price dropped to 2,881 USD/ounce, money poured into the market. The world gold price at one point increased to 2,928 USD/ounce.
At 6:00 a.m. on March 5, the price of gold slightly decreased to 2,917 USD/ounce but still increased 23 USD compared to the same time the previous day at 2,894 USD/ounce.
Previously, in Vietnam, at the end of March 4, the selling price of SJC gold also jumped to 92.7 million VND/tael. The price of gold rings was 92.6 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-5-3-tang-rat-manh-196250305065114131.htm
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