At the end of the session on March 8, the price of SJC gold bars closed at 90.9-92.9 million VND/tael (buy - sell). The price of SJC gold rings of 1-5 chi was listed at 90.9-92.8 million VND/tael (buy - sell). The price of 9999 gold rings at Doji closed the session at 91.6-93.2 million VND/tael.

Domestic gold prices have been increasing continuously. At times, the price of gold rings has surpassed that of SJC gold bars, reaching a peak of 93 million VND/tael.

Since the beginning of the year, the price of plain gold rings at SJC has increased by 6.7 million VND/tael for buying and is 7.3 million VND/tael more expensive for selling. Meanwhile, the price of plain gold rings at Doji has increased by 6.85 million VND/tael for buying and is 7.5 million VND/tael more expensive for selling.

Weekly, the price of SJC gold bars increased by 1.9 million VND/tael. SJC gold rings of type 1-5 increased by only 1.9 million VND/tael, Doji gold rings increased by 1.7 million VND/tael.

Gold prices on the Kitco floor closed the trading week at $2,910/ounce. Gold futures for April 2025 delivery on the Comex New York floor traded at $2,914/ounce.

Global uncertainty due to US President Donald Trump's "on-again, off-again" tariffs and the global trade war is supporting gold prices, analysts say.

President Donald Trump’s tariff policies could be a double-edged sword and, if left unchecked, could have dire consequences for the US economy. A survey by the University of Michigan in February showed that US consumer spending fell the most in four years in January, with consumer sentiment down nearly 10%.

Meanwhile, food prices have continued to rise in recent months in the United States. American businesses are also in a state of confusion due to unpredictable and constantly changing tariff policies.

Federal Reserve Chairman Jerome Powell said he may have to wait and see how President Donald Trump’s aggressive policy moves play out before making any further moves on interest rates. Powell continued to call for patience on monetary policy.

Some analysts are also watching how new spending programs in Europe will impact gold prices. The European Union has announced a 1 trillion euro fund that countries can tap to increase military spending.

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Gold prices are expected to increase. Photo: Minh Hien

The renewed focus on Europe has prompted fresh capital flows into the euro, pushing the dollar index to its lowest level since Trump won the presidency.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), closed the week at 103.91 points.

Lukman Otunuga, chief market analyst at FXTM, said the jobs data changed market expectations, with the odds of a rate cut in May dropping below 50%. That change could weigh on gold in the near term.

This week, US CPI data, Trump tariff drama and a potential US government shutdown could cause more volatility for gold.

Gold Price Forecast

Although the US economy is expected to contract in the first quarter of the year, he expects the economy to avoid a technical recession, according to Paul Ashworth, chief North America economist at Capital Economics.

“I don’t expect the US economy to go into recession. But stranger things have happened, aside from consumers being concerned about tariffs, we have yet to see the impact of Elon Musk’s DOGE efforts,” he said.

In the short term, many analysts remain bullish on gold and say they would view any dip as a buying opportunity.

Naeem Aslam, chief investment officer at Zaye Capital Markets, predicts a 20-25% chance of a recession this year due to persistent inflation and potential mistakes from the Fed.

“Consumer sentiment is volatile and looming uncertainties like Trump’s tariffs could still tip the balance,” he said. In this context, gold has the potential to surge past $3,000 an ounce, with a 28% upside from 2024 and strong central bank demand.

Technically, the price is trading between the support level of $2,890/ounce and the resistance level of $2,930/ounce. A rise above $2,930/ounce could push the price to $2,950/ounce and the psychological level of $3,000/ounce. Below $2,890/ounce, gold could test $2,860/ounce and $2,835/ounce.