DNVN - The gold market on March 5, 2025 recorded a breakthrough of SJC, while gold rings set an unprecedented high price. In the world , gold recovered strongly, surpassing the mark of 2,900 USD/ounce.
Domestic gold prices skyrocket
The domestic gold bar price continues to increase strongly. Currently, gold brands are listing the buying price at 90.7 million VND/tael, while the selling price is 92.7 million VND/tael. For the DOJI brand, the transaction price is 600,000 VND lower than the remaining brands.
No exception, gold rings also adjusted up significantly. Specifically, SJC 9999 gold rings increased by 1.7 million VND in both directions, pushing the buying price to 90.7 million VND/tael and the selling price to 92.6 million VND/tael.
In the Hanoi and Ho Chi Minh City markets, DOJI increased the buying price by 950,000 VND and the selling price by 1.2 million VND, bringing the corresponding prices to 91.6 million VND/tael and 92.7 million VND/tael.
At PNJ, the price of gold rings is trading at 91.5 million VND/tael (buy) and 92.7 million VND/tael (sell), up 1.5 million VND and 1.7 million VND respectively compared to the previous session.
Bao Tin Minh Chau currently lists the price of plain round gold rings at 91.6 million VND/tael for buying and 92.8 million VND/tael for selling, an increase of 1 million VND compared to yesterday morning.
Phu Quy SJC also adjusted the price, with the buying price reaching 91.6 million VND/tael and the selling price at 92.7 million VND/tael, up 1.3 million VND and 1 million VND respectively.
World gold price increased
Data from Kitco shows that at 5 a.m. this morning, Vietnam time, the spot gold price reached 2,911.4 USD/ounce, up 33.77 USD compared to the previous session. If converted according to the USD exchange rate on the free market (25,830 VND/USD), the world gold price is currently about 91.66 million VND/tael (excluding taxes and fees). Thus, SJC gold bars are about 1.04 million VND/tael higher than the world gold price.
The main reason for the increase in gold prices is the weakening of the US dollar and the increased demand for safe havens due to escalating trade tensions after US President Donald Trump imposed new tariffs.
Spot gold was up 0.9% at $2,918.90 an ounce as of 9:12 a.m. ET (1154 GMT). It has gained more than 11% so far this year and hit a peak of $2,956.15 on Feb. 24. Meanwhile, U.S. gold futures were up 1% at $2,929.20 an ounce.
“The tariffs have created a lot of uncertainty in the market, and safe havens like gold and silver continue to show strong appeal,” said David Meger, director of metals trading at High Ridge Futures.
"The US dollar is losing value against many other major currencies, which is also a factor supporting gold prices," he added.
Trump's new tariffs, which impose a 25% tariff on imports from Mexico and Canada, took effect at 05:01 GMT. He also raised tariffs on Chinese imports to 20%. In response, China immediately imposed additional tariffs of 10% to 15% on some US imports from March 10, and imposed additional export restrictions on some US entities.
The dollar index (.DXY) fell 0.6% to its lowest since December, making dollar-priced gold more attractive to investors holding other currencies.
Investors are turning their attention to the ADP jobs report, due on Wednesday, as well as the US non-farm payrolls report on Friday, for clues on the Federal Reserve's interest rate policy.
Meger assessed that with the volatile economic situation and the possibility of a weakening labor market, the Fed could cut interest rates sooner than expected.
After three rate cuts last year, the Fed has kept rates steady. However, markets are expecting another cut in June, with the possibility of another adjustment in short-term borrowing costs in September.
JPMorgan forecasts that gold prices could reach nearly $3,000 an ounce by the fourth quarter of 2025.
Spot silver also rose 0.7% to $31.89 an ounce, platinum rose 0.9% to $961.45, while palladium edged up 0.3% to $940.92.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-5-3-2025-vang-nhan-dat-dinh-moi-cham-nguong-93-trieu-dong-luong/20250305083103315
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