(Dan Tri) - Domestic gold prices increased simultaneously with the international market while the exchange rate cooled down after a period at a high level.
Gold price increase
At the end of the trading session on February 14, the price of SJC gold bars was listed by large enterprises at VND88.3-91.3 million/tael (buy - sell). Yesterday's session, this item was adjusted up by VND600,000/tael in both buying and selling directions.
The price of plain round gold rings is listed at 88.3-91.1 million VND/tael (buy - sell). Gold rings were adjusted up 600,000 VND/tael for buying and up 400,000 VND/tael for selling in yesterday's session.
Domestic gold prices suddenly skyrocketed amid a recovery in world prices. Globally, the precious metal is trading at around 2,932 USD/ounce, up 5 USD compared to before. Converted at the exchange rate excluding taxes and fees, world gold is around 90.5 million VND/tael.
The precious metals market rallied after US President Donald Trump outlined a roadmap for reciprocal tariffs on all countries that impose tariffs on US goods, a move that is seen as potentially fueling the risk of a global trade war.
Despite some fluctuations, gold prices have maintained strong growth momentum in recent times, despite negative signals from the external market and unfavorable economic reports.
This shows that the safe-haven demand for this precious metal is still very large, from both central banks around the world and individual investors in the context of many geopolitical uncertainties and concerns about new tariffs that will slow economic growth.
World gold price is high (Photo: Manh Quan).
Last week, the world gold price also increased by more than 2%, marking the 6th consecutive week that the precious metal increased, due to escalating US-China trade tensions, causing investors to rush to buy gold as a safe haven.
This week, Citi Research raised its three-month gold price forecast from $2,800 to $3,000 an ounce. UBS also said the precious metal could hit $3,000 an ounce by the end of this year, while Goldman Sachs predicted that it would hit the second quarter of 2026.
USD fell across the board
While gold prices increased, exchange rates cooled down. The USD-Index - a measure of the greenback's strength against other major currencies - reached 106.8 points, down 0.4% from the previous level.
The State Bank of Vietnam ended this week posting the central exchange rate at VND24,562, down VND10 from the previous one. With the current 5% band, banks are allowed to trade USD in the range of VND23,334-25,789. Previously, the central exchange rate had 8 consecutive sessions of price increase.
Banks lowered the USD price by 40-60 VND each way. Large banks bought and sold USD at 25,210-25,600 VND (buy - sell). Joint stock banks traded USD at 25,190-25,620 VND. Compared to the beginning of the year, the exchange rate on the official market is still about 0.25% higher.
On the free market, the greenback was traded at 25,610-25,710 VND (buy - sell), down 40 VND in both directions compared to before.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-trong-nuoc-tang-vot-usd-lao-doc-20250214164739105.htm
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