Gold price on February 28, 2025: Domestic gold price moves sideways

DNVN - On the morning of February 28, the domestic gold market did not have many fluctuations, while the world gold price fell to a two-week low due to the increase in the USD price.

At 9:00 a.m., Saigon Jewelry Company (SJC) and DOJI Jewelry Group maintained the listed price of SJC gold bars at VND89.9-91.2 million/tael (buy - sell), unchanged from the previous trading session.

Bao Tin Minh Chau Company announced the price of 90.15 - 91.7 million VND/tael (buy - sell) for gold bars and gold rings, keeping the same price as yesterday's closing session.

At Saigon Jewelry Company (SJC), the price of gold rings is listed at 88.9 - 90.8 million VND/tael (buy - sell), keeping the same buying price but decreasing 200 thousand VND/tael in selling price compared to the previous session.

In the international market, gold prices fell to their lowest level in more than two weeks on February 27 as the US dollar strengthened. Investors are waiting for inflation data to get more information about the Fed's policy direction.

At 1:50 a.m. on February 28, Vietnam time, the spot gold price fell 1.1% to $2,885.13/ounce, at one point hitting its lowest level since February 12. Meanwhile, the gold futures price closed the session at $2,895.9/ounce, down 1.2%.

Alex Ebkarian, CEO of Allegiance Gold, said that the trend in gold prices remains clear, and short-term fluctuations and profit-taking are just a natural part of the cycle.

The U.S. dollar index, which measures the greenback's value against a basket of major currencies, rose 0.7%, making gold more expensive for investors holding other currencies.

The market is now awaiting the release of the US Personal Consumption Expenditures (PCE) index today (February 28). According to a Reuters survey, the index is expected to remain at 0.3%.

Bart Melek, head of commodity strategy at TD Securities, said any deviation from the forecast could cause a negative market reaction, as it could reduce expectations that the Federal Reserve will cut interest rates soon. Analysts currently predict the Fed could cut interest rates at least twice this year, for a total of about 0.55 percentage points.

Mr. Ebkarian said that gold prices could surpass $3,000/ounce in the next 30-60 days, depending on how the market reacts to tariff policies.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-28-02-2025-vang-trong-nuoc-di-ngang/20250228100640211