DNVN - Gold prices on the international market are forecast to continue to rise, while domestic gold prices on the morning of March 3 increased sharply by 500,000 VND/tael.
Specifically, at 9:10 a.m., Saigon Jewelry Company (SJC) and DOJI Jewelry Group announced the selling price of SJC gold bars at VND89 - 91 million/tael (buy - sell), an increase of VND500,000/tael in both directions compared to the weekend session.
Bao Tin Minh Chau Company listed the price of gold bars and gold rings at around 90.1 - 91.7 million VND/tael (buy - sell), an increase of 400,000 VND/tael in both directions compared to the trading session at the end of last week.
Similarly, Saigon Jewelry Company (SJC) offered the price of gold rings at VND89 - 90.9 million/tael (buy - sell), an increase of VND500,000/tael compared to the closing price last weekend.
In the international market, although it has increased by more than 40% over the past year, gold prices are still expected to maintain an upward trend.
The SPDR Gold Shares (GLD) exchange-traded fund (ETF) - the world's largest gold-backed ETF - recorded a record inflow of $1.9 billion in just one day on February 21, 2025.
"We're seeing demand from a number of sources. Institutional investors are adding to or building long-term strategic positions, while retail investors are also taking similar action. There's also the fear of missing out (FOMO) that drives demand whenever gold prices rally," George Milling-Stanley, chief gold strategist at State Street Global Advisors, told FOX Business.
Strategist Milling-Stanley said there are three long-term factors that could continue to support gold prices this year. "We are seeing a strong wave of gold buying from central banks to replenish foreign exchange reserves. This trend has been going on for the past 15 years, contributing between 10% and 25% of total global gold demand each year. In particular, in 2022, the amount of gold purchased by central banks has doubled, surpassing the 1,000 ton mark," he explained.
In addition, gold continues to attract capital as investors weigh interest rate expectations against its role as a safe haven. Another driver is the significant increase in gold investment flows in emerging markets, especially China, India and some other regions, over the past 18 months. Not only that, demand for gold jewelry in these markets also recorded an explosion at the end of last year. At the same time, the West is also seeing capital flowing back to gold, mainly due to concerns related to the economic outlook in the US and Europe.
Although gold prices have corrected from a record high of $2,947 an ounce, strategists at Milling-Stanley still predict that the precious metal could fluctuate between $2,900 and $3,100 an ounce by the end of this year. However, inflation remains unpredictable. The US consumer price index (CPI) in January 2025 increased by 3%, higher than expected, with food and transportation costs remaining high. Meanwhile, the personal consumption expenditure (PCE) price index - the US Federal Reserve's preferred inflation measure - also recorded a 2.5% increase in January, in line with analysts' forecasts.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-3-3-2025-tang-manh-500-000-dong-luong/20250303094418486
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