As of 8:00 p.m. on February 5 (Vietnam time), the spot gold price on the world market was at $2,871/ounce. This is a new historical peak. Gold for April 2025 delivery on the Comex New York floor was at $2,895/ounce.

The world gold price on the night of February 5 was about 39.2% higher (808 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 88.6 million/tael, including taxes and fees, about VND 2.4 million/tael lower than the domestic gold price as of the end of the afternoon session on February 5.

Gold prices on the international market have been increasing continuously, continuously reaching new historical peaks due to the decrease of the USD and the strong increase in demand for gold as a safe haven. The price of SJC gold bars and gold rings increased by 3 million VND in 3 days.

Gold prices rose as the US postponed tariffs on Mexico and Canada but continued its trade war with China with a 10% tariff effective from February 4. China immediately retaliated with a 10-15% tariff on some US goods, while warning of a trade war after the US tariffs.

China also imposed export controls on items related to tungsten, tellurium, ruthenium, molybdenum and ruthenium to "safeguard national security interests".

During the 2024 election campaign, Mr. Trump vowed to impose high tariffs of up to 60% on Chinese goods.

In a recent move, the United States Postal Service (USPS) - a unit specializing in providing express delivery for individuals - has ended its parcel delivery service from China and Hong Kong (China), only delivering express documents.

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Gold ring price sets new record, gold bars up to 91 million VND. Photo: HH

The move complies with the Trump administration's decision to restrict duty-free shipping.

The White House has accused Chinese corporations of using the service to transport a variety of drugs.

China has also put several companies, including tech giants like Google, on alert for possible sanctions. Beijing has launched an antitrust investigation into Google.

In the domestic market, at the end of the trading session on February 5, the price of 9999 gold bars at SJC and Doji was listed at VND88-91 million/tael (buy - sell), an increase of VND900,000 for the selling price compared to the previous session. In the first 3 days of the new year, SJC gold increased by nearly VND3 million/tael compared to before the Tet holiday.

The price of gold rings on February 5 continued to set a new record high, reaching 91 million VND/tael for the first time in history - equal to the price of gold bars, when the market was in the week of God of Wealth.

Specifically, SJC announced the price of gold rings of type 1-5 at only 88-90.5 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 88.2-91 million VND/tael (buy - sell), an increase of 1 million VND/tael for selling compared to the previous session. Bao Tin Minh Chau also listed at the same price.

Gold Price Forecast

The US-China trade war has become tense and the two countries may fall into a spiral of retaliation, which could affect the economies of these two countries and the global economy.

This is the reason why money is fleeing from many investment channels and seeking safety in gold.

In previous years, China has increased its gold purchases, and together with expectations of lower interest rates, as well as increased geopolitical tensions... are factors that have pushed gold to skyrocket in 2024, with an increase of more than 27% and many times setting new high records.

In 2025, gold is still expected to continue to rise and the $2,900/ounce mark is no longer a strong barrier for this commodity. Interest rates are still expected to continue to decline, while inflation increases and economic tensions between the US and other countries escalate. Geopolitical tensions may ease, but in the short term, they are still hot.

Many forecasts say that China may continue to buy gold for its reserves if the trade war escalates. The Trump administration may not be as lenient with Beijing as it was in his first term.

The next key milestone for gold prices could be $3,000 an ounce.

Gold price today February 5, 2025 increased continuously to a new peak, SJC and rings exceeded 91 million. Gold price today February 5, 2025 continued to increase shockingly to a new peak, reaching 2,867 USD/ounce on the international market. Domestically, SJC gold bars and rings simultaneously skyrocketed to over 91 million VND, an increase of nearly 3 million VND in the past 3 days.