At the end of the session on March 8, the price of gold bars at SJC closed at 90.9-92.9 million VND/tael (buy - sell), down 400 thousand VND per tael for buying and down 200 thousand VND per tael for selling compared to the previous trading session.

At the end of the session, the price of 1-5 chi SJC gold rings was listed at 90.9-92.8 million VND/tael (buy - sell), down 200 thousand VND per tael in both buying and selling compared to the previous day's closing price.

The price of 9999 gold rings at Doji closed the session at 91.6-93.2 million VND/tael, also down 200,000 VND per tael in both buying and selling compared to the previous day's closing price.

Today's gold price on Kitco 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.

At a summit on March 6, the European Union (EU) affirmed its commitment to long-term support for Ukraine after the US withdrew aid. Despite receiving support from the remaining 26 members, the Hungarian Prime Minister's objections delayed the plan to support Kiev. The final decision on the aid package for Ukraine was postponed until the next EU summit, scheduled for March 20.

The European Commission has previously proposed giving the region financial flexibility over defense spending and jointly borrowing up to $160 billion to fund military spending.

This means that deficits will continue to increase, leading to higher inflation and lower growth, which is the perfect environment for gold.

Markets got more turmoil from North America as President Donald Trump launched a trade war. Trump officially confirmed that 25% tariffs on imports from Mexico and Canada will take effect on March 4. The US president also imposed an additional 10% tariff on China, which could trigger strong retaliation from those countries.

Stock markets spooked, with the S&P 500 recovering from its lows but ending the week down 3%, its biggest drop since September.

Investors are also worried that the European Union is next, with Mr Trump imposing 25% tariffs on cars and other imports from the EU last week.

Concerns about inflation have made the US Federal Reserve (Fed) more cautious about cutting interest rates. Mr. Jerome Powell, Chairman of the Fed, said that there is no rush to cut interest rates because the US economy and labor market are still strong, while inflation still has many risks.

In a decision, the European Central Bank (ECB) cut interest rates as expected and signaled further easing as inflation is kept in check, even as a trade war with the United States and plans to increase military spending spurred the most upheaval in European economic policy in decades.

Gold Price Forecast

The chaos surrounding the U.S. government’s tariffs on imported goods is weighing on investor and business sentiment, economists say. President Donald Trump’s shifting stance on tariffs is creating significant volatility, making it difficult for businesses to plan and make long-term investment decisions.

Economists have been warning for months that tariffs and global trade wars will push prices higher and hurt growth, creating a positive environment for gold, making it an attractive safe-haven hedge.

Gold prices ended the week above $2,900 an ounce, up 1.6% from last Friday. However, some analysts believe a new catalyst is needed to push prices above $3,000 an ounce.

Kelvin Wong, senior market analyst at Oanda, predicts that gold prices will maintain a solid long-term uptrend even if prices correct in the short term. The main support level to watch is $2,716 an ounce.

The outlook for gold remains supportive, with strong demand despite selling pressure from centralized traders, said Ole Hansen, head of commodity strategy at Saxo Bank. In addition, gold could continue to benefit from central bank buying as concerns over fiscal debt persist.

He believes that gold prices are likely to rise higher after a slight correction. The target of $3,000/ounce has returned.