This morning, world gold prices are trending downwards. At 10:34 AM today (February 21st, Vietnam time), the spot price of gold was $2,929.1 per ounce, down $15.5 per ounce compared to earlier this morning.

Domestic gold ring prices were adjusted downwards this morning by several brands.

Saigon Jewelry Company (SJC) this morning listed the price of gold rings weighing 1-5 taels at 89.9-92 million VND/tael (buy - sell), unchanged from the closing price of yesterday's trading session.

At 10:14 AM, the price of SJC gold rings (1-5 tael) was adjusted down by 300,000 VND/tael for both buying and selling compared to the beginning of the morning, to 89.6-91.7 million VND/tael (buying - selling).

This morning, Doji Gold and Gemstone Group listed the price of 9999 gold rings at 90.6-92.3 million VND/ounce (buy - sell), down 300,000 VND per ounce in the buying price but unchanged in the selling price compared to yesterday's closing price.

Buying price (VND/ounce) Increase/Decrease Selling price (VND/ounce) Increase/Decrease
SJC 89,600,000 - 300,000 91,700,000 - 300,000
Doji 90,600,000 - 300,000 92,300,000 0

                          Updated gold ring prices for SJC and Doji on the morning of February 21st.

At the opening of trading on February 21st, the price of 9999 gold from SJC remained unchanged compared to the closing price of the previous day, listed at 90-92.3 million VND/ounce (buying price - selling price).

At 10:14 AM , the price of 9999 gold from SJC was adjusted down by 300,000 VND/ounce for both buying and selling, to 89.7-92 million VND/ounce (buying - selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 10:14 AM and by Doji Gold and Jewelry Group at 8:34 AM as follows:

Buying price (VND/ounce) Increase/Decrease Selling price (VND/ounce) Increase/Decrease
SJC Ho Chi Minh City 89,700,000 - 300,000 92,000,000 - 300,000
Doji Hanoi 90,000,000 0 92,300,000 0
Doji Ho Chi Minh City 90,000,000 0 92,300,000 0

Updated gold bar prices for SJC and Doji on the morning of February 21st.

The central exchange rate for February 21st , announced by the State Bank of Vietnam, is 24,638 VND/USD, a decrease of 5 VND compared to the previous trading session. The USD exchange rate at commercial banks this morning (February 21st) is commonly quoted at 25,320 VND/USD (buying) and 25,710 VND/USD (selling).

At 8:44 AM today (February 21st, Vietnam time) , the spot price of gold in the world market was $2,944.6 per ounce, an increase of $2.5 per ounce compared to last night. The price of gold futures for April 2025 on the Comex New York exchange was $2,960.5 per ounce.

On the morning of February 21st , world gold prices, converted using the bank's USD exchange rate, were over 92.2 million VND/ounce, including taxes and fees, approximately 100,000 VND/ounce lower than domestic gold prices.

Gold prices on the Kitco exchange at 9:00 PM on February 20th (Vietnam time) were trading at $2,942.1 per ounce, up 0.9% from the beginning of the session. Gold futures for April 2025 delivery on the Comex New York exchange were trading at $2,958.3 per ounce.

At the start of trading on February 20th (US time), the price of gold continued to set a new record of $2,954.5 per ounce. The price then fell, below the previous record of $2,947 per ounce.

In recent trading sessions, world gold prices have fluctuated within a wide range amidst economic instability caused by President Trump's imposition of tariffs on several countries exporting goods to the US.

Zain Vawda, market analyst at MarketPulse (OANDA), said the gold rally was fueled by President Trump’s comments on new tariffs on cars and pharmaceuticals, which could pave the way for gold prices to reach $3,000 an ounce.

Trump has already imposed a 10% tariff on imports from China, and a 25% tariff on steel and aluminum. This time, he announced he would impose a tariff of approximately 25% on imported automobiles, as well as semiconductors and pharmaceuticals.

Screenshot 2025 02 20 190319.png
Global gold prices reach new high. (Photo: NH)

Giovanni Staunovo, an analyst at UBS, believes that central banks will continue to buy gold in the near future. This will benefit gold in the long run.

Additionally, another factor that could influence the direction of gold is the Federal Reserve's interest rate stance. Currently, officials at the US central bank remain uncertain about the impact of tariffs on inflation.

According to data from LSEG (a UK-based financial information and securities trading firm), traders currently expect the Fed to cut interest rates by at least 25 basis points, with a 44% chance of another cut in December.

In the domestic market, at the close of trading on February 20th, the price of 9999 gold bars at SJC was 90 million VND/ounce (buying price) and 92.3 million VND/ounce (selling price). Doji listed the price at 90 million VND/ounce (buying price) and 92.3 million VND/ounce (selling price).

SJC announced the price of gold rings weighing 1-5 taels at 89.9-92 million VND/tael (buy - sell). Doji listed the price of 9999 pure gold rings at 90.6-92.3 million VND/tael (buy - sell).

Gold price forecast

Goldman Sachs has raised its gold price forecast for the end of 2025 from $2,890 per ounce to $3,100 per ounce. The main reason is that demand for gold from central banks remains high. Additionally, if concerns about the US government's ability to repay its debt increase, the price of gold could rise by another 5%, to $3,250 per ounce by December 2025.

In his latest research report, Adam Turnquist, chief strategist at LPL Financial, stated that in the short term, gold is overbought and vulnerable to profit-taking pressure, potentially pushing prices down to the support level near $2,800 per ounce. In the long term, even if it reaches $3,000 per ounce, the precious metal is still relatively cheap.

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