At the end of the trading week from February 17 to February 22, the price of SJC gold bars was listed by large enterprises at VND89.4-91.7 million/tael (buy - sell). Before closing the week, this item decreased by VND600,000/tael in each direction. The difference between the buying and selling prices was VND2.3 million/tael.
Compared to the first trading session of last week, each tael of gold bar has increased by 2.1 million VND in buying and 1.4 million VND/tael in selling.
The price of plain round gold rings at the end of the week was listed at 89.3-91.4 million VND/tael (buy - sell), also down 600,000 VND/tael each way in the last session of the week. Last week, gold rings set a record, listed at 89.9-92 million VND/tael (buy - sell).
In the world, the precious metal closed the week at 2,936 USD/ounce. Compared to the previous peak, this price is about 20 USD lower. Converted at the exchange rate excluding taxes and fees, the international gold price is equivalent to 90.9 million VND/tael. The domestic gold price is currently only about 800,000 VND/tael higher than the world price.
US President Donald Trump's tariff move, which could spark a global trade war, and developments surrounding negotiations to end the Russia-Ukraine conflict have had a strong impact on gold this past week.
Gold has shown remarkable strength since the beginning of the year, rising nearly $300 an ounce. The price increase has been largely driven by growing safe-haven demand due to concerns over geopolitical tensions and policy uncertainty.
Market concerns have been heightened by Trump’s controversial comments regarding the Russia-Ukraine conflict. In addition, while President Donald Trump has temporarily suspended tariffs on Canada and Mexico, the broader implications of his trade policies continue to weigh on market sentiment.
Gold bar purchase price increased by more than 2 million VND/tael after 1 week (Photo: Manh Quan).
Forex.com senior market strategist James Stanley does not expect gold to face any major resistance until it reaches $3,000 an ounce. He believes that whether gold can break above $3,000 an ounce will depend on the fiscal policy of the U.S. government and the monetary policy of the Federal Reserve.
Investors know the Fed won’t be able to raise interest rates much further, which has also helped support gold’s rally. Uncertainties surrounding the German election this week could also boost safe-haven demand for gold.
Beyond politics, the U.S. consumer spending report, due out next Friday, could influence the direction of gold. If the report shows a sharp decline in inflation, it will further strengthen the case for the Fed to cut interest rates further, which would be beneficial for gold.
Bank USD price slightly decreased
The USD-Index - a measure of the greenback's strength against a basket of major currencies - was at 106.64, up 0.25% from the previous day.
The central exchange rate is currently announced by the State Bank at 24,638 VND, down 5 VND after 4 consecutive increases. Applying a 5% band, the USD exchange rate that commercial banks are allowed to trade is from 23,406 VND to 25,870 VND.
USD prices at banks decreased by 20-30 VND each way, depending on the unit. Large banks listed the exchange rate at 25,290-25,680 VND (buy - sell). Joint stock banks traded USD at the price range of 25,320-25,720 VND (buy - sell).
On the free market, foreign exchange points are buying and selling the greenback around 25,650-25,750 VND (buy - sell), an increase of 35 VND compared to before.
Dantri.com.vn
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