As of 8:00 p.m. on February 7 (Vietnam time), the spot gold price today on the world market was at 2,866 USD/ounce. Gold for April 2025 delivery on the Comex New York floor was at 2,888 USD/ounce.

The world gold price on the night of February 7 was about 38.9% higher (803 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 88.4 million/tael, including taxes and fees, about VND 2.5 million/tael lower than the domestic gold price as of the end of the afternoon session on February 7.

Gold prices on the international market are high, while SJC gold bars and gold rings are at risk of plummeting after the God of Wealth holiday. However, the difference between international and domestic prices is currently quite low, only about 2.5 million VND per tael.

Besides, the demand for gold in the world is still very large when instability escalates, from global trade tensions, monetary policy to geopolitical issues...

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The price of SJC gold bars and plain rings is still around 90 million VND/tael. Photo: Pham Hai

Donald Trump's decision to impose a 10% tariff on Chinese goods and Beijing's retaliation are opening up a new trade war between the two economic powerhouses.

In addition, trade tensions between the US and partners such as Canada and Mexico remain. Washington has only temporarily postponed imposing high tariffs on these countries for 30 days.

Investors also turned to gold as they saw uncertainty in the US Federal Reserve’s interest rate management. Previously, Mr. Trump had put pressure on Fed Chairman Jerome Powell, wanting to speed up the process of lowering interest rates.

Domestically, gold prices were also supported by strong purchasing power during the God of Wealth week and the lack of attractive investment channels.

In the domestic market, at the end of the trading session on February 7, the price of 9999 gold bars at SJC and Doji was listed at 86.8-90.3 million VND/tael (buy - sell), an increase of 700,000 VND in the selling price compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 86.8-89.8 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 86.6-90.3 million VND/tael (buy - sell), an increase of 700,000 VND/tael for selling compared to the previous session.

Gold Price Forecast

Although it has cooled down a bit after reaching a historic peak of $2,882/ounce on February 5, gold prices are still forecast to rise and soon surpass $2,900/ounce before reaching $3,000 this year.

Investors fear that inflation will rise again in many countries around the world as instability increases, trade wars break out and supply chains are disrupted. Mr. Trump’s use of tariffs as a way to bring benefits to the US could cause commodity prices to escalate while energy prices have not yet fallen fast enough.

The market is also closely watching the possibility that the US Treasury Department will revalue the country’s gold reserves, which are currently much lower than market prices, thereby allowing a corresponding supply of US dollars. If that is the case, the demand for more bonds will decrease, reducing yields, thereby pushing gold prices higher.

Increasing money supply can lead to inflation concerns, causing investors to seek gold as a store of value.

Safe-haven demand from geopolitical risks, including conflicts in the Middle East and Ukraine, also supported the metal.

Gold prices hit new peaks, the threshold of 100 million VND/tael is not far away. World gold prices hit new peaks in the session of February 5 due to the high risk of trade war, the Middle East heat and the central banks of countries continuously buying net. SJC gold bars and gold rings are not far from the threshold of 100 million VND/tael.