The world gold price today (February 20) continued to increase as safe-haven buying continued to support the precious metal this week, trading at 2,942 USD/ounce. Domestically, both gold bars and gold rings continued to increase in price. SJC gold bars were listed for sale at 92.1 million VND/tael; gold rings at 91.8 million VND/tael.
In today's trading session, gold price Domestic gold prices continue to increase. SJC gold bar prices exceed 92 million VND/tael, while Doji gold rings are as high as gold bars.
Specifically, at 11:00 a.m. on February 20, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at VND89.8-92.1 million/tael, an increase of VND200,000 per tael in both buying and selling compared to the previous session. The difference between buying and selling was VND2.3 million.
The price of SJC 9999 gold ring is 89.7 million VND/tael for buying and 91.8 million VND/tael for selling, an increase of 100 thousand VND/tael in both directions (buying and selling) compared to the previous session.
Meanwhile, DOJI gold bar prices in Hanoi and Ho Chi Minh City were bought at VND89.8 million/tael and sold at VND92.1 million/tael, up VND200,000 per tael in both buying and selling prices compared to the previous session.
This brand listed the price of Doji Hung Thinh Vuong 9999 gold ring, increasing by 300 thousand VND/tael for buying and 200 thousand VND/tael for selling, buying and selling transactions were 90.4-92.1 million VND/tael, respectively.
PNJ Gold listed the buying price at 90.3 million VND/tael and the selling price at 92 million VND/tael, an increase of 200,000 VND per tael for buying and 100,000 VND per tael for selling compared to the previous session.
As of 11:00 a.m. on February 20 (Vietnam time), world gold price increased slightly by 7.1 USD compared to the previous session to 2,942 USD/ounce.
According to analysts, the domestic and foreign gold markets are being strongly affected by developments of the US Federal Reserve (FED) and US trade policies.
US President Donald Trump on February 18 announced a 25% tariff on imported cars, semiconductors and pharmaceuticals, effective as early as April 2. This is part of a series of Trump's tax policies.
Previously, Mr. Trump ordered an investigation into the tax and tariff policies of the countries, paving the way for reciprocal tariffs from April 2.
A 25% tariff on imported cars into the US is a very high rate and could be a turning point for the global auto industry. Currently, the US imposes a tax of only 1/10th of that on cars from some markets.
Another factor that could influence the direction of gold is the Fed’s stance on interest rates. Currently, officials at the US central bank are still uncertain about the impact of tariffs on inflation.
Minutes of the US central bank's first policy meeting this year showed that the Fed is determined to wait for inflation to improve before considering cutting interest rates.
Gold prices also increased as investors continued to seek gold as a safe haven amid concerns that negotiations to end the conflict in Ukraine have not yielded positive results as expected.
Gold prices are expected to continue to rise sharply and soon set new high records as the world faces a lot of uncertainty under President Trump.
Goldman Sachs Bank has just raised its forecast for world gold prices by the end of this year to $3,100/ounce, possibly even $3,300.
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