DNVN - World gold prices continued to rise strongly, surpassing the important milestone of 2,900 USD/ounce for the first time. Domestically, SJC jumped impressively, reaching 91.3 million VND/tael.
SJC gold increased unexpectedly
On February 10, the domestic gold bar price recorded a significant increase. Currently, the buying price of gold bars of various brands reached 88.3 million VND/tael, while the selling price reached 91.3 million VND/tael.
The same situation also happened with gold rings when many brands adjusted their prices to increase sharply. The price of SJC 9999 gold rings is currently listed at 88 million VND/tael for buying and 90.7 million VND/tael for selling, recording an increase of 1.2 million VND for buying and 900,000 VND for selling.
DOJI, PNJ, Bao Tin Minh Chau and Phu Quy SJC gold all increased
In Hanoi and Ho Chi Minh City markets, DOJI gold prices increased sharply. Specifically, the buying price increased by VND2.6 million to VND89.2 million/tael, while the selling price increased by VND900,000 to VND91.2 million/tael.
Meanwhile, PNJ brand gold rings also recorded a significant increase, with the buying price reaching 88.3 million VND/tael and the selling price at 91.1 million VND/tael, up 1.6 million VND and 1 million VND respectively.
Bao Tin Minh Chau adjusted the price of plain round gold rings to VND88.85 million/tael for buying and VND91.25 million/tael for selling, an increase of VND2.05 million and VND1 million respectively for both trading directions.
Phu Quy SJC is also not out of the trend, currently listing the price of gold rings at 88.4 million VND/tael for buying and 91.2 million VND/tael for selling, recording an increase of 1.7 million VND and 1 million VND in each direction.
World gold price developments
According to Kitco, at 5 a.m. this morning, Vietnam time, the world spot gold price was at 2,905.96 USD/ounce, unchanged from the previous day. When converted at the free USD exchange rate (25,670 VND/USD), the world gold price is currently around 90 million VND/tael (excluding taxes and fees). Thus, SJC gold bars are still about 1.3 million VND/tael higher than the international gold price.
Gold prices continued to rally strongly in the first session of the week, surpassing the $2,900 mark for the first time. This upward trend was fueled by safe-haven demand as US President Donald Trump's new tax plans raised concerns about trade wars and rising inflation.
Spot gold rose 1.6% to $2,905.24 an ounce as of 1:45 p.m. ET (1845 GMT), after hitting a record high of $2,911.30 in early trading. U.S. gold futures also rose 1.6% to $2,934.40 an ounce.
“Clearly the tariff war is behind this increase; it just reflects more uncertainty and tension in the global trade situation,” said analyst Edward Meir at Marex.
US tariff policy affects gold prices
President Trump announced plans on Sunday to impose an additional 25% tariff on all steel and aluminum imports. He said he would announce reciprocal tariffs this week, based on tariffs imposed by other countries, that would take effect immediately.
The tariffs could worsen inflation in the US, especially as investors await US Consumer Price Index (CPI) and Producer Price Index (PPI) data due later in the week.
Meir said that if CPI and PPI data unexpectedly decline, this could put pressure on the USD, thereby pushing gold prices higher. Conversely, if the data shows a sharp increase, this could push US bond yields higher, putting pressure on gold prices. However, the impact would not be too large because the gold market is still strongly supported by safe-haven demand.
US Federal Reserve Chairman Jerome Powell is also scheduled to testify before Congress on Tuesday and Wednesday.
Bullion has hit a record high for the seventh time this year, with the Trump administration's tariff threats adding to uncertainty about global growth, trade wars and inflation, prompting investors to seek gold as a safe-haven asset.
Phillip Streible, chief market strategist at Blue Line Futures, said that the continuous upward trend of gold prices since December is creating a "self-fulfilling prophecy" effect, which could cause gold prices to continue to surge to the threshold of $3,250 or even $3,500 in the near future.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-11-2-2025-vang-the-gioi-va-trong-nuoc-tang-manh-thiet-lap-ky-luc-moi/20250211082153985
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