DNVN - World gold prices on March 11, 2025 recorded a downward trend due to the continued strengthening of the USD. Meanwhile, domestic gold prices, although affected, remained high, no longer clinging to the peak of VND93.1 million/tael as before.
Domestic gold continues to rise
Currently, the domestic gold bar price remains stable. Major brands list the buying price at 90.9 million VND/tael, while the selling price is 92.9 million VND/tael. In particular, the Phu Quy SJC gold brand is priced about 200,000 VND/tael higher than other units in both buying and selling directions.
In addition, gold rings of major brands were also adjusted up slightly. In Hanoi and Ho Chi Minh City, DOJI brand increased by 300,000 VND/tael for buying price and 200,000 VND/tael for selling price, equivalent to 91.9 million VND/tael for buying and 93.4 million VND/tael for selling.
SJC 9999 gold ring remains at 90.9 million VND/tael when buying and 92.8 million VND/tael when selling.
PNJ brand gold rings remain at the same price as the previous morning, buying at 91.7 million VND/tael and selling at 93.2 million VND/tael. However, compared to yesterday, the buying price has increased by 100,000 VND, while the selling price has increased by 150,000 VND/tael.
Meanwhile, Bao Tin Minh Chau brand listed the price of plain round gold rings at 91.9 million VND/tael for buying and 93.5 million VND/tael for selling, increasing by 200,000 VND each way.
Phu Quy SJC also adjusted up 200,000 VND/tael for both prices, with the current purchase price reaching 91.8 million VND/tael and the selling price being 93.8 million VND/tael.
World gold developments
Kitco recorded the world gold price at 5am this morning Vietnam time at 2,908.01 USD/ounce. Compared to the previous trading session, this price has decreased by 0.12%. When converted according to the USD exchange rate on the free market (25,754 VND/USD), international gold is currently priced at about 90.2 million VND/tael (excluding taxes and fees). Thus, the domestic price of SJC gold bars is still about 2.7 million VND/tael higher than the world gold price.
Gold prices fell as investors booked profits despite rising demand for safe havens amid geopolitical uncertainty, Reuters reported. Analysts are also focusing on US inflation data.
Spot gold fell 0.3% to $2,902.04 an ounce at 13:28 GMT, after rising 2% last week. US gold futures also fell 0.2% to $2,908.00 an ounce.
"Gold prices have been a little bit muted due to some light profit-taking and weaker equity markets. However, we can see the value in this safe-haven demand," said Jim Wyckoff, senior analyst at Kitco Metals.
US stock futures fell as investors worried that new tariffs could hit the world's largest economy.
President Donald Trump refused to predict a US recession as financial markets were hit by his tax policies.
Last week, Mr. Trump announced a new 25% tariff on imports from Mexico and Canada, as well as additional tariffs on goods from China. However, two days later, he decided to temporarily exempt some imports from Mexico and Canada for a month.
"Uncertainty around trade wars and a global recession are both positive for gold, with prices likely to hit record highs again. Weaker-than-expected data will be positive for gold," Wyckoff said.
Investors are now awaiting U.S. consumer price index data due on Wednesday and producer price index updates on Thursday. Traders are also pricing in the possibility of a Federal Reserve rate cut in June.
Fed Chairman Jerome Powell has stressed that it remains to be seen whether the Trump administration’s tariffs will have an impact on inflation. Low interest rates typically increase the appeal of bullion, which does not offer a yield like other assets.
Spot silver prices fell 0.3% to $32.44 an ounce.
"Silver investment is expected to show modest improvement... However, broader economic concerns, particularly regarding the Chinese economy, could dampen investor enthusiasm," said Edward Meir, a consultant at Marex. Economic data showed China's imports unexpectedly fell in January-February, while consumer prices recorded their biggest drop in 13 months in February.
Platinum recorded a 0.5% increase to $967.85 an ounce, while palladium also inched up 0.6% to $954.00 an ounce.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-11-3-2025-vang-the-gioi-giam-vang-trong-nuoc-van-duy-tri-da-tang/20250311083019377
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