In the early morning of February 11 (Vietnam time), the spot gold price on the international market set a new record of 2,922 USD/ounce (equivalent to nearly 91 million VND/tael). Thus, after only 24 hours, the gold price has increased continuously and quickly conquered the milestones of 2,900-2,910-2,920 and 2,930 USD/ounce (at 8:25 this morning Vietnam time).

Spot gold prices easily surpassed the psychological barrier of $2,900/ounce.

Gold for April delivery, as of 7 a.m. on February 11, was up to $2,946 an ounce.

Domestic SJC gold bars on the afternoon of February 10 increased to 91.3 million VND/tael, while the price of gold rings set a new record of 91.2 million VND/tael.

Some forecast that the world gold price will reach 3,000 USD/ounce (equivalent to 93.3 million VND/tael) in the first quarter. If the difference is calculated at about 3-4 million VND, the gold price will soon exceed 95 million VND/tael.

World gold prices have been increasing continuously and reaching new peaks in the context of escalating world trade tensions after US President Donald Trump announced that he would impose taxes on steel and aluminum imports into the US.

Precious metals rose despite a stronger dollar. The dollar index hit its highest level in nearly a week as the Japanese yen and Canadian dollar fell.

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The price of gold rings on the afternoon of February 10 set a new record of 91.2 million VND/tael and today it may reach a new peak. Photo: HH

Trump’s new move shows that Washington will impose heavy taxes on goods imported into the US to protect domestic production. Trump’s commitments in the race to the White House are gradually being implemented.

Trump had previously suspended a 25% tariff on imports from Canada and Mexico for a month, but imposed a 10% tariff on goods from China. Trump has promised that the tariff could rise to 60% on Chinese goods.

So the recent US tariff moves may just be the beginning. The trade war could spread globally. After China, Mr. Trump is likely to turn to neighboring countries and plan to impose tariffs on the European Union (EU). Other allies may not be exempt.

Sharing on Kitco, expert Kelvin Wong from OANDA said that he does not see the possibility of gold adjusting at the present time because global trade tensions are still strong.

Trump’s plan to impose tariffs on steel and aluminum has caused tension in the world’s financial and commodity markets, while investors are still nervous about another important event: Fed Chairman Jerome Powell’s semi-annual testimony before Congress.

Fed officials have been cautious about easing monetary policy recently, while Trump has been pressuring Powell to lower borrowing costs further to boost economic growth. US non-farm payrolls data has slowed recently.

Inflation showed signs of picking up as prices of some commodities, including natural gas, rose due to cold weather in Europe.

On the other hand, some experts expect that Mr. Trump's tax announcements will only be a negotiating tool and the results will not be too bad. The trade wars will not be too tense. The price of gold will then decrease.

Investors are awaiting a number of economic data and events. The January CPI report is due on February 12. The weekly initial jobless claims and the PPI are due on February 13. Fed Chairman Powell will speak before the US Congress on the morning of February 11 (the same evening Vietnam time).

Mr. Trump's new attack, gold price reaches historic peak . World gold price jumps to historic peak, nearly reaching 2,900 USD/ounce. Domestically, SJC gold price climbs, while gold ring breaks record, reaching 91.2 million VND/tael. Gold price increases even though God of Wealth's day has passed.