DNVN - In the trading session on February 14, 2025, domestic gold prices continued to increase strongly, surpassing the threshold of 90 million VND/tael.
Domestic gold price increased sharply
Illustration photo. Photo: Internet
After a series of downward adjustments, the domestic gold bar price has turned around and increased significantly. At present, gold bars of major brands are being bought at 87.7 million VND/tael and sold at 90.7 million VND/tael.
In addition, the price of gold rings of many brands also recorded a significant increase. Specifically, SJC 9999 gold rings are currently listed at a buying price of 87.7 million VND/tael and a selling price of 90.5 million VND/tael, an increase of 1 million VND for buying and 800,000 VND for selling.
DOJI system in both Hanoi and Ho Chi Minh City also adjusted the buying price up by 300,000 VND and the selling price up by 500,000 VND, bringing the listed price to 89 million VND/tael for buying and 90.7 million VND/tael for selling.
PNJ gold ring price is currently listed at 89 million VND/tael for buying and 90.65 million VND/tael for selling, an increase of 1.1 million VND for buying and 550,000 VND for selling.
At Bao Tin Minh Chau, the price of plain round gold rings is listed at 89.1 million VND/tael for buying and 90.7 million VND/tael for selling, an increase of 800,000 VND for buying and 550,000 VND for selling.
Meanwhile, Phu Quy SJC announced the buying price of gold rings at 89 million VND/tael and selling price at 90.2 million VND/tael, an increase of 800,000 VND and 500,000 VND compared to the previous trading session.
World gold price goes up
According to data from Kitco, the world gold price at 5:00 a.m. this morning, Vietnam time, is trading at 2,928.41 USD/ounce, up 0.88% compared to the previous day. When converted at the free USD exchange rate (25,606 VND/USD), the world gold price is currently equivalent to about 90.4 million VND/tael (excluding taxes and fees). Thus, the domestic SJC gold bar price is about 300,000 VND/tael higher than the world gold price.
Gold prices rose again on Thursday after U.S. President Donald Trump announced plans to impose reciprocal tariffs on countries that tax U.S. imports, adding to concerns about global trade.
Spot gold rose 0.4% to $2,915.76 an ounce at 1:41 p.m. ET (1841 GMT), nearing Tuesday's record high of $2,942.70. U.S. gold futures rose 0.6% to $2,945.40 an ounce.
On Thursday, Mr. Trump announced plans to impose reciprocal tariffs on any country that taxes U.S. imports. At the same time, U.S. producer prices rose sharply in January, reinforcing expectations that the Federal Reserve will delay interest-rate cuts until at least the second half of the year.
"The main factor is political uncertainty and the economic fallout... PPI is pretty neutral and doesn't really have much of an impact on gold, investors around the world are concerned about what Trump's policies will do to the economy in general," said Jeffrey Christian, managing partner at CPM Group.
Federal Reserve Chairman Jerome Powell, in his second congressional testimony this week, again stressed that the central bank is in no rush to cut interest rates.
Bob Haberkorn, senior market strategist at RJO Futures, said that while the latest PPI data raised concerns about a possible market sell-off, Powell’s speech and Trump’s statement on the possibility of peace between Russia and Ukraine created a positive momentum for safe-haven flows, countering the bearish signals in the market.
Gold bullion is seen as a hedge against inflation and economic uncertainty, but high interest rates could erode the appeal of the non-yielding asset.
The dollar index (.DXY) fell 0.5%, making greenback-priced gold more attractive to international investors.
Haberkorn also said gold prices are rising across all major currencies, with the slight decline in the US dollar today adding further momentum to the upward trend.
A sharp rise in global gold prices to record highs has hit demand for gold jewellery in India during the wedding season, while gold dealers in China are offering discounts to attract customers.
Spot silver fell 0.2% to $32.15 an ounce. Platinum, meanwhile, edged down 0.1% to $991.25 an ounce, while palladium jumped 1.6% to $989.50 an ounce.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-14-2-2025-vang-trong-nuoc-bat-tang-manh-truoc-them-le-tinh-nhan/20250214094144189
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