DNVN - Gold prices on March 13, 2025 recorded a slight increase in the international market due to lower-than-expected US CPI data. This adjustment led to a sharp increase in domestic gold prices, setting a record high for both gold bars and gold rings.
Domestic gold price skyrocketed
The price of domestic gold bars has increased sharply. Currently, the buying price of the brands is at 91.8 million VND/tael, while the selling price is 93.5 million VND/tael. In particular, Phu Quy SJC and Bao Tin Minh Chau gold have buying prices 200,000 VND higher than other brands.
Similarly, the price of gold rings of various brands also increased sharply. Specifically, SJC 9999 gold rings recorded an increase of VND800,000 for buying and VND500,000 for selling, bringing the price to VND91.8 million/tael for buying and VND93.4 million/tael for selling.
At the DOJI system, gold rings in Hanoi and Ho Chi Minh City continued to increase by 500,000 VND in buying price and 600,000 VND in selling price, raising the price to 92.6 million VND/tael for buying and 94 million VND/tael for selling.
PNJ listed the price of gold rings at 92.3 million VND/tael for buying and 93.9 million VND/tael for selling, up 300,000 VND and 700,000 VND respectively.
Bao Tin Minh Chau is currently offering to buy plain round gold rings at VND92.55 million/tael and sell at VND94.1 million/tael, recording an increase of VND550,000 in the buying price and VND600,000 in the selling price.
Phu Quy SJC is trading gold rings at 92.6 million VND/tael for buying and 94.1 million VND/tael for selling, corresponding to an increase of 800,000 VND and 700,000 VND compared to the previous session.
World gold price developments
According to Kitco, at 5 a.m. this morning, Vietnam time, the spot gold price reached 2,924.02 USD/ounce, up 0.45% compared to the previous session. If converted according to the USD exchange rate on the free market (25,776 VND/USD), the world gold price is currently equivalent to about 90.8 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is about 2.4 million VND/tael higher than the world gold price.
"Gold has recovered but has been range-bound in recent weeks; whether gold can move higher after this CPI report will be a key signal. In the medium term, uncertainty will support gold so any sharp dips will be bought into," said Tai Wong, an independent metals trader.
Spot gold rose 0.1% to $2,917.93 an ounce at 12:58 GMT. Meanwhile, US gold futures edged up 0.1% to $2,923.80. The latest data showed that the US consumer price index rose 0.2% last month, after recording a 0.5% increase in January. However, the situation may be temporary as heavy tariffs on imports are expected to cause further price increases in the coming period.
Impact of trade policy
On the policy front, President Donald Trump’s new tariffs on all steel and aluminum imports into the United States took effect on Wednesday. The move is aimed at reshaping global trade in the United States’ favor, and has prompted retaliatory measures from Europe. The Federal Reserve has cut interest rates by a total of 100 basis points over the past year. Investors expect the Fed to cut rates again in June after pausing in January, citing a weak economic outlook.
In a low interest rate environment, gold - a non-yielding asset - tends to grow strongly and is considered a safe investment channel during times of economic and geopolitical volatility.
Investors are now watching US producer price index (PPI) data along with weekly jobless claims, due out next Thursday.
Price developments of other precious metals
Spot silver prices are currently up 0.7% at $33.16 an ounce.
“In our base case scenario of a modest recovery in manufacturing activity, silver would outperform gold, although a sharper slowdown in US growth is a key risk,” UBS said in its latest report.
Meanwhile, platinum recorded a 1.5% increase to $990.00/ounce, while palladium also inched up 0.7% to $952.23/ounce.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-13-3-2025-vang-the-gioi-va-trong-nuoc-dong-loat-tang-manh-thiet-lap-muc-cao-moi/20250313081523696
Comment (0)