DNVN - Although buying power increased significantly, the price of SJC gold suddenly decreased but still maintained the level of over 90 million VND/tael. Meanwhile, world gold continued to surpass the threshold of 2,830 USD/ounce, breaking the record of the previous session.
Domestic gold price
After a strong increase, the domestic gold market witnessed mixed fluctuations on February 4. Currently, the gold prices of the brands are listed as follows:
The current buying price of gold bars of many brands is 87.6 million VND/tael, while the selling price is 90.1 million VND/tael.
The price of gold rings also recorded similar developments. Specifically, SJC 9999 gold rings were listed at VND87.6 million/tael for buying and VND89.6 million/tael for selling, recording an increase of VND100,000 for buying and VND400,000 for selling compared to the previous morning.
DOJI system in Hanoi and Ho Chi Minh City adjusted the buying price down by VND100,000/tael to VND88 million/tael, while the selling price increased by VND500,000 to VND90 million/tael.
PNJ's gold ring price is currently VND88.3 million/tael for buying and VND89.9 million/tael for selling, up VND500,000 and VND400,000 respectively.
Bao Tin Minh Chau listed the price of plain round rings at 88.1 million VND/tael for buying and 90.05 million VND/tael for selling, increasing by 300,000 VND in both directions.
Meanwhile, Phu Quy SJC gold rings are currently being bought at 88 million VND/tael and sold at 90 million VND/tael, both up 300,000 VND.
World gold price
According to Kitco, at 5 a.m. this morning, Vietnam time, the world spot gold price reached 2,842.41 USD/ounce, up 0.99% compared to the previous day. If converted according to the free USD exchange rate (25,598 VND/USD), world gold is equivalent to about 87.7 million VND/tael (excluding taxes and fees). Currently, the price of SJC gold is about 2.4 million VND/tael higher than the international gold price.
Gold prices hit a record high again on Tuesday as investors stepped up risk-averse buying after China decided to impose retaliatory tariffs on the United States in response to President Donald Trump's tariffs.
Spot gold rose 1.1% to $2,844.56 an ounce by 1:40 p.m. ET (1840 GMT), after hitting a fresh peak of $2,845.14 earlier in the session.
US gold futures also recorded an increase of 0.7% to $2,875.80.
"The tariff news came out overnight; I think that's the biggest driver right now, overshadowing all the other economic data that was released today, (but) I think that's going to be overshadowed by the new tariff developments," said Bob Haberkorn, senior market strategist at RJO Futures.
“The dollar started the week on a strong note, but as the greenback weakened, that certainly added to the momentum for gold,” Haberkorn said. The dollar fell 0.9%, making gold more attractive to investors holding other currencies.
In a move escalating trade tensions, China imposed tariffs on US imports in response to Washington's recent tariff hikes, even as Mr Trump proposed delaying tariffs on Mexico and Canada.
Three Federal Reserve officials warned on Monday that the Trump administration's trade policies could pose inflation risks, with one noting that uncertainty about the price outlook requires interest rate cuts to be made more slowly than usual.
Recent data showed that the number of jobs in the US in December fell to 7.6 million, lower than the general forecast of 8 million, raising concerns about the possibility of an economic recession.
Gold has long been seen as a safe haven asset amid inflation and geopolitical uncertainty, but as interest rates rise, the appeal of the precious metal may be diminished.
Jim Wyckoff, senior analyst at Kitco Metals, assessed that with the current US administration's policy instability, combined with central banks' tendency to increase gold reserves to reduce dependence on the USD, gold prices are fully capable of reaching $3,000 this year.
Investors are now closely watching Wednesday's ADP jobs report, Friday's payroll data, and remarks from several Fed officials.
Spot silver rose 2.5% to $32.33 an ounce. Platinum edged up 0.4% to $967.94, while palladium fell 1.3% to $994.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-5-2-2025-vang-the-gioi-tiep-tuc-lap-dinh-sjc-quay-dau-giam/20250205092304023
Comment (0)