As of 8:40 p.m. on March 5 (Vietnam time), the spot gold price today on the international market was at $2,899/ounce. Gold for April 2025 delivery on the Comex New York floor was at $2,923/ounce.

The world gold price on the night of March 5 was about 40.5% higher (836 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 90.8 million VND/tael, including taxes and fees, about 1.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on March 5.

Gold prices on the international market plummeted despite the sharp decline of the USD. SJC gold prices remained high, while gold rings reached a record high.

The rapid decline in world gold prices was mainly due to strong selling activities, including profit-taking when the commodity had just skyrocketed in the previous session. In addition, many people sold gold to cover losses in other investment channels when the financial market fluctuated strongly.

Spot gold prices fell below $2,900 an ounce after the US labor market sent out negative signals. US stock indexes continued to fall sharply.

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The price of gold rings reached a record high, at times reaching 93.7 million VND/tael. Photo: HH

ADP said 77,000 non- farm jobs were created in the US in February, much lower than the expected 141,000 jobs. This is the lowest job creation since July last year. The sectors that lost the most jobs were transportation, health care, education...

"Policy uncertainty and a slowdown in consumer spending may have led to layoffs or a slowdown in hiring last month," said Nela Richardson, chief economist at ADP.

In the session on March 5, the DXY index - measuring the fluctuations of the USD against a basket of 6 key currencies - decreased 0.8% to 104.93 points.

Domestically, by the end of the trading session on March 5, the price of 9999 gold bars at SJC and Doji was listed at 90.7-92.7 million VND/tael (buy - sell), unchanged from the previous session.

SJC announced the price of gold rings of type 1-5 at only 90.7-92.6 million VND/tael (buy - sell), unchanged from the previous session. Doji listed the price of 9999 smooth round gold rings at 91.7-93 million VND/tael (buy - sell), up 100,000 VND and 300,000 VND/tael respectively compared to the previous session. In some places, gold rings reached a high of 93.7 million VND/tael.

Gold Price Forecast

It can be seen that the gold market has just witnessed another session of strong fluctuations, showing that the market is in a period of unpredictable fluctuations in the short term. The gold price is continuously testing the important threshold of 2,900 USD/ounce.

In the long term, gold prices are still well supported when the US economy may face many difficulties and inflation may increase again. The US Federal Reserve (Fed) is still in the cycle of reducing interest rates. The Fed may also be under pressure to loosen monetary policy from US President Donald Trump.

Gold is predicted by many organizations to soon reach the $3,000/ounce mark if geopolitical tensions escalate or the Fed signals an interest rate cut.

In the short term, gold prices will be affected by factors such as inflation data (especially the personal expenditure index - PCE), fluctuations in the USD and gold demand from central banks. The market is waiting for more clues from the US economic report to shape the trend more clearly.

Chinese lawmakers have just begun their annual parliamentary meeting and kicked off by reaffirming their target of 5% economic growth by 2025. China is considered a big buyer of gold on the international market.

Gold also often benefits from the US-China trade war. According to the Wall Street Journal , the Donald Trump administration is increasing the heat on the trade war, and Beijing has vowed to respond to it.

Gold price today March 5, 2025 suddenly increased to 93 million, gold rings set a new peak Gold price today March 5, 2025 continued to increase rapidly. In the domestic market, Doji plain rings jumped to a new record high of 93 million VND/tael, SJC gold remained at 92.7 million VND. Gold prices in the international market also remained high.