Gold price soars to historic peak of 3,085 USD, SJC gold is about to leave behind 100 million VND

Continuously setting new records

At the end of the trading session on March 28 on the New York market (early morning of March 29, Vietnam time), the spot gold price, according to Kitco, jumped to an all-time high: 3,085.7 USD/ounce, an increase of 28.1 USD compared to the previous session.

This is the 18th time in 2025 that gold prices have set a new record, reflecting deep investor concerns about global economic and political fluctuations.

Gold surged to a new high amid continued money flows into the precious metal following US President Donald Trump's announcement of imposing a 25% tariff on imported cars and auto parts, effective from next week.

The policy not only targets countries like China, Canada, and Mexico, but also threatens to escalate global trade tensions. Major markets, such as Europe and Japan, immediately warned of possible retaliation, raising concerns about a new trade war.

In that context, gold - a traditional safe haven asset - has become the top choice for investors who want to preserve capital against economic risks.

Gold prices are forecast to continue to increase, and could reach $3,200/ounce by the end of 2025. Photo: KC

At the same time, the geopolitical situation in the Middle East continues to be a strong catalyst. The US has increased its military presence in the region and is showing signs of preparing for attacks on the Houthi forces in Yemen - a rebel group backed by Iran.

These developments raised concerns about disruptions in oil supplies and widespread instability, boosting demand for gold. The DXY index, which measures the strength of the US dollar, fell slightly by 0.3% to 104.01 points, also creating favorable conditions for gold - which is priced in USD - to break out.

In addition, strong buying power from gold ETFs also contributed to this increase.

Gold is expected to continue to increase, but there are risks.

Concerns that gold was being sold off sharply at $3,000 an ounce have dissipated after the commodity surged this week and headed closer to $3,100 an ounce.

The latest Kitco News weekly gold survey shows that industry experts are bullish on gold's potential.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is bullish on gold next week, saying that gold has broken out and the trend is strong technically amid global uncertainty.

However, according to Colin Cieszynski, there is still a possibility that gold will reverse sharply, especially on April 2, depending on whether President Donald Trump carries out his threat to impose tariffs on cars and reciprocal tariffs on countries as announced.

Meanwhile, Adrian Day Asset Management chairman Adrian Day said that gold will continue to rise as it has easily surpassed the $3,000/ounce threshold. According to this expert, the reasons to buy gold are still intact while the demand for gold from central banks, from Chinese consumers and from North American investors is still strong.

Asset Strategies International Chairman and CEO Rich Checkan shares the same view, saying that gold's easy move above $3,000 after recent profit-taking shows the strength of the uptrend.

Meanwhile, Darin Newsom, senior market analyst at Barchart, affirmed that the bullish trend remains if the geopolitical situation remains as it is.

It can be seen that gold is strongly supported by geopolitical instability, from the Trump administration's tax policy and the risk of escalating inflation. Mr. Trump is stepping up trade wars to bring production back to the US under the "America First" strategy.

The 25% tariff on imported cars may be just the first step in a plan to reduce the US trade deficit. Analysts predict that tariffs could also be applied to other items, such as consumer goods, from China to other countries, causing a chain reaction.

Bank of America believes that if trade tensions escalate, central banks will increase the diversification of reserves away from the US dollar and into gold - a trend that has been evident since early 2025.

Conflicts in Ukraine and the Middle East continue to be major drivers of gold prices.

Meanwhile, the US economy is facing pressure from tariff policies. Although the US Federal Reserve (Fed) kept interest rates unchanged at its most recent meeting, the Fed has hinted at the possibility of cutting interest rates this year if inflation rises due to tariffs.

The dollar, while still strong against many other currencies, is under pressure, which is supporting gold. The DXY index has fallen from a peak of 110 points at the beginning of the year to 104 points.

Central banks, especially those from BRICS countries (Brazil, Russia, India, China, South Africa...), continue to buy gold to reduce their dependence on the USD. At the same time, gold ETFs maintain stable inflows.

With current factors, gold prices are forecast to continue to fluctuate at high levels in the short term, possibly reaching $3,100-3,200/ounce by mid-April if trade and geopolitical tensions do not decrease.

However, we should also be wary of the possibility of strong volatility: gold prices could spike to $3,200/ounce, then correct sharply to $2,950-3,000/ounce if the Fed unexpectedly raises interest rates to curb inflation, or if conflicts in the Middle East or Ukraine cool down.

In the long term, Goldman Sachs forecasts gold prices could reach $3,300 an ounce by the end of 2025, thanks to sustained demand from central banks and ETFs.

Domestically, on the morning of March 29, the price of SJC gold bars jumped to VND98.4-100.7 million/tael (buy-sell). The price of gold rings in many places rose to VND100.8 million/tael. The difference with the world price remained at VND3-4 million/tael, reflecting strong domestic demand in the context of instability.

Gold price today March 31, 2025 increased to over 101 million, SJC and rings reached a historical record high. Gold price today March 31, 2025 in the world jumped to a new peak of nearly 3,100 USD/ounce. Domestic SJC gold bars and plain rings increased from 500,000-800,000 VND per tael, exceeding 101 million VND/tael.

Source: https://vietnamnet.vn/gia-vang-vot-len-dinh-lich-su-3-085-usd-vang-sjc-sap-bo-xa-100-trieu-dong-2385606.html