As of 8:00 p.m. on February 19 (Vietnam time), the spot gold price today on the international market was at $2,939/ounce. Gold for April 2025 delivery on the Comex New York floor was at $2,949/ounce.

The world gold price on the night of February 19 was about 42.5% higher (875 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 91.9 million VND/tael, including taxes and fees, equal to the domestic gold price as of the end of the afternoon session on February 19.

The price of gold on the international market at one point skyrocketed to a new historical peak of 2,945 USD/ounce (equivalent to 92.1 million VND/tael), then cooled down a bit to 2,939 USD.

The price of SJC gold bars increased rapidly to 92 million VND/tael, while round, smooth gold rings broke the old record.

Gold prices continued to rise and at times reached a new historical peak as investors continued to seek out precious metals, as the global trade war threatened to escalate.

US President Donald Trump on February 18 announced a 25% tariff on imported cars, semiconductors and pharmaceuticals, effective as early as April 2. This is part of a series of Trump's tax policies.

Previously, Mr. Trump ordered an investigation into the tax and tariff policies of the countries, paving the way for reciprocal tariffs from April 2.

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The price of gold rings skyrocketed to a new peak: 92 million VND/tael. Photo: NH

A 25% tariff on imported cars into the US is a very high rate and could be a turning point for the global auto industry. The US currently imposes a tax of only one-tenth that on cars from some markets.

Gold prices also increased because the conflict in Ukraine remained unpredictable after the meeting between the Russian and US foreign ministers in Saudi Arabia on February 18. Previously, US-European relations had cracked after the US vice president's criticism at the Munich Security Conference (held from February 16 to 18).

Domestically, the price of gold is lower than the converted international gold price for the third time in more than a week. In 2024, the domestic gold price is much more expensive than the world price, sometimes 18-20 million VND/tael higher.

By the end of the trading session on February 19, the price of 9999 gold bars at SJC and Doji was listed at VND89.6-91.9 million/tael (buy - sell), an increase of VND1 million/tael for buying and an increase of VND800,000 for selling compared to the previous session.

SJC announced the price of gold rings type 1-5 at only 89.6-91.7 million VND/tael (buy - sell), also increased by 1 million VND/tael for buying and increased by 800,000 VND for selling compared to the previous session.

Doji listed the price of 9999 plain round gold rings at 90.16-91.9 million VND/tael (buy - sell), an increase of 500,000 VND/tael for buying and an increase of 800,000 VND/tael for selling compared to the previous session's close.

The difference between buying and selling gold prices at businesses was narrowed to 2.3 million VND/tael, compared to 2.5 million VND in the previous session.

Gold Price Forecast

With new developments, gold prices are expected to increase sharply and soon set new high records as the world faces many uncertainties under Mr. Trump's presidency.

Washington is making very strong strategic shifts. The United States under Trump is carrying out a comprehensive revolution and restructuring of global power. The US's direct negotiations with Russia over Ukraine, Vice President JD Vance's criticism of European countries... are probably just the beginning of America's global strategy.

The US's thinking about partners, rivals, etc. seems to be changing. This new strategy can cause international relations to fluctuate, the world to be shaken, global supply chains to be strongly impacted, thereby affecting financial and commodity markets.

Volatility is a strong support factor for gold.

For now, the US is pushing to resolve the Ukraine issue, but that could be followed by cooperation with Russia and then a trade war with China and many other countries. Gold prices are expected to soon set a new record.

Goldman Sachs Bank has just raised its forecast for world gold prices by the end of this year to $3,100/ounce, possibly even $3,300.

Gold price forecast for the next 10 days: The more Trump 'throws punches', the more attractive gold becomes. President Trump's threats to the world through strong trade tariffs are creating global political and economic instability. Thereby making gold more and more attractive.