At the end of the session on February 8, the price of gold bars at SJC closed at 86.8-90.3 million VND/tael (buy - sell), unchanged from the previous trading session.

The price of SJC 1-5 chi gold rings is listed at 86.8-89.8 million VND/tael (buy - sell), unchanged from the previous trading session.

The price of 9999 gold rings at Doji closed the session at 86.6-90.3 million VND/tael, unchanged from the previous trading session.

Spot gold closed the trading week at $2,860 an ounce. Gold futures for April 2025 on the Comex New York floor were at $2,887 an ounce.

Global gold prices have increased sharply recently amid persistent geopolitical tensions, rising inflation concerns, policies from global central banks and strong physical demand for gold. Market sentiment has been particularly influenced by recent US policy developments, especially regarding international trade relations.

Last weekend, Mr. Trump signed a new tariff order targeting three major U.S. trading partners: Canada, Mexico, and China. A few days later, Mr. Trump announced a 30-day delay in imposing tariffs on Mexico and Canada. Meanwhile, new tariffs on Chinese goods will still be implemented from February 4.

President Trump also announced that the US would take over the Gaza Strip after a press conference with Israeli Prime Minister Benjamin Netanyahu.

In the US, according to the Bureau of Labor Statistics' January jobs report, nonfarm payrolls increased by 143,000 jobs after increasing by a revised 307,000 jobs in December 2024. The US labor market remains strong. The unemployment rate is at 4.0%, the lowest since May last year.

The recovery of the US labor market has allowed the US Federal Reserve (Fed) to pause interest rate cuts. Fed officials are concerned that the fiscal, trade and immigration policies of the Trump administration will cause inflation. Donald Trump's new policies on tariffs have caused many worries for the global economy and trade.

According to CME's FedWatch Tool, the market is pricing in the Fed keeping rates unchanged until at least June, with a 50% chance of a second rate cut.

Gold Price Forecast

Joe Cavatoni, Americas market strategist at the World Gold Council, said gold prices respond to political tensions and become a hedge against risk and uncertainty. Gold has a dual role as both a strategic and tactical investment.

Markets continue to monitor global trade developments, particularly with regard to international tariff policies and their potential economic impact. Despite the temporary suspension of tariffs, broader concerns about global trade tensions persist.

Investors remain focused on potential inflationary pressures and their implications for monetary policy, factors that could continue to support gold's upward trajectory.

David Meger, director of metals trading at High Ridge Futures, said the main focus of the gold market right now remains uncertainty surrounding President Trump's tariff policies.

Goldman Sachs Bank believes that gold prices are likely to continue to reach $3,000/ounce due to instability from US policies and investors' need to hedge against risks.