At the end of the session on February 14, the price of gold bars at SJC closed at 88.3-91.3 million VND/tael (buy - sell), an increase of 600,000 VND per tael in both buying and selling compared to the previous trading session.

The price of SJC 1-5 chi gold rings is listed at 88.3-91.1 million VND/tael (buy - sell), an increase of 600,000 VND per tael in both buying and selling compared to the previous session's close.

The price of 9999 gold rings at Doji closed the session at 89.3-91.1 million VND/tael, an increase of 300,000 VND per tael for buying and 400,000 VND per tael more expensive for selling compared to the previous day's closing price.

On the world market, the spot gold price at 9:54 p.m. (February 14, Vietnam time) was trading at $2,920/ounce, down 0.24% from the beginning of the session. The gold futures price for April 2025 on the Comex New York floor was at $2,940/ounce.

Markets are concerned about global trade tensions after US President Donald Trump announced new tariffs, amid higher-than-expected US inflation figures. The gold market recorded strong selling pressure.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 106.74 points.

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World gold prices fall. Photo: Pham Hai

The dollar weakened on tariff concerns and the US producer price index (PPI) report for January. Concerns continued to grow after US President Trump announced that he would impose reciprocal tariffs on countries that tax US imports.

President Donald Trump has signed an executive order imposing reciprocal tariffs on major exporters to the United States, but they will not take effect immediately, at least until April. "They tax or tariff us and we tax them," President Trump said at a press event in the Oval Office. President Trump said the United States needs a fairer trade policy to make American goods more attractive in the market.

The US producer price index (PPI) rose 3.5% year-on-year in January, up from a 3.3% increase in December and above market expectations of 3.2%.

Earlier, the Bureau of Labor Statistics released its consumer price index (CPI) report for January. Inflation rose 0.5%, beating December's 0.4% increase and forecasts of 0.3%.

US retail sales fell a sharp 0.9% last month, according to the US Commerce Department. Over the past 12 months, retail sales have risen 4.2%.

A sharp rise in producer prices in January provided further evidence that inflation was picking up again and reinforced financial markets' view that the US Federal Reserve will not cut interest rates before the second half of the year.

Markets were also feeling optimistic on signs that a peace deal between Russia and Ukraine could be nearing after phone calls between the US and Russia.

Gold Price Forecast

Gold continues to act as an important hedge amid trade uncertainty, said strategist Yeap Jun Rong. While the Fed’s rate hikes have weighed on gold, the overall trend remains positive as concerns over trade tensions continue to drive the market.

In addition, central bank gold purchases will continue to push gold prices higher, notably with the People's Bank of China increasing reserve purchases for the third consecutive month in January.

Kevin Grady, president of Phoenix Futures and Options, said the huge demand for physical gold in the US to avoid tariffs is continuing to distort the physical gold market.

This expert is optimistic about gold prices in the short and long term. He believes that gold prices could reach $3,000/ounce.