Gold price on February 12, 2024: Gold bars plummeted in the buying direction

DNVN - In the trading session on February 11, the world gold price recorded a downward trend, leading to a strong adjustment in the domestic gold ring and gold bar prices on the morning of February 12. The difference between the buying and selling prices remained at 3.5 million VND/tael.

At 9:10 a.m., the price of SJC gold bars at Saigon Jewelry Company (SJC) and DOJI Jewelry Group was listed at VND86.7 - 90.2 million/tael (buy - sell), down VND1.3 million/tael for buying and down VND300,000/tael for selling compared to the end of the previous session.

A similar decline occurred with gold rings. The price of gold rings announced by Saigon Jewelry Company (SJC) reached 86.7 - 89.7 million VND/tael (buy - sell), down 1.3 million VND/tael for buying and 800,000 VND/tael for selling compared to the previous trading day.

In the international market, gold prices weakened on February 11 after setting a record high in the previous session. However, investors' optimism about the prospect of the precious metal remained amid concerns about a global trade war rising after US President Donald Trump announced a new tariff policy.

Specifically, at 1:41 a.m. on February 12 (Vietnam time), the spot gold price fell 0.1% to $2,904.87/ounce, after reaching a peak of $2,942.70/ounce. The US gold futures contract also fell 0.1% to $2,932.60/ounce.

Jim Wyckoff, senior analyst at Kitco Metals, said the market is experiencing profit-taking from investors. According to him, after a period of strong growth, gold prices need a reasonable adjustment.

On February 10, President Trump decided to raise import tariffs on steel and aluminum to 25% with “no exceptions or exemptions.” This policy is intended to support domestic industries but also raises concerns about escalating trade tensions more broadly.

Mr. Wyckoff said that further statements from President Trump could continue to cause market instability, and that gold price adjustments like the session on February 11 could be viewed by optimistic investors as buying opportunities in the near future.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-12-2-2024-vang-mieng-lao-doc-o-chieu-mua-vao/20250212104645805