World gold prices hit an all-time high this evening, February 10th, at $2,910 per ounce.
World gold prices surpassed $2,900 per ounce and set an all-time record tonight, February 10, 2025 - Screenshot
The trade war is heating up gold prices.
Compared to last weekend, the price of gold in the world market at one point increased by as much as $50 per ounce, equivalent to 1.54 million VND per tael.
As of 10 PM today, the price of gold in the world market has fallen slightly to $2,905.3 per ounce.
Based on the exchange rate listed at banks, the world gold price is equivalent to 89.52 million VND per tael. This is the highest price ever recorded.
Despite prior warnings, the fact that world gold prices surpassed $2,900 per ounce came as a surprise to many investors.
According to analysts, the sharp rise in global gold prices over the past few weeks is due to the impact of the escalating trade war. In particular, tensions between the US and China will encourage investors to hold gold as a hedge against risk.
Investors are also awaiting information from the Federal Reserve Chairman's testimony and the January inflation report to predict the future direction of interest rates – as these will be key factors impacting gold prices.
The sharp increase in world gold prices has pushed the price of SJC gold bars up by 1 million VND/ounce at the end of today, from 90.3 million VND/ounce to 91.3 million VND/ounce. The buying price increased by as much as 1.5 million VND/ounce, to 88.3 million VND/ounce.
Meanwhile, the selling price of 9999 gold rings increased by 900,000 VND/ounce, from 89.8 million VND/ounce to 90.7 million VND/ounce. The buying price increased by 1.2 million VND/ounce, to 88 million VND/ounce.
At the end of today, Bao Tin Minh Chau company increased the selling price of gold rings to 91.25 million VND/ounce, an increase of nearly 1.5 million VND/ounce compared to the end of last week. The buying price also increased to 88.85 million VND/ounce.
Will gold prices experience a sharp crash?
Domestic gold prices rose by 1 million VND/ounce this afternoon for the selling price - Photo: THANH HIEP
According to observations, the difference between the buying and selling prices of gold has narrowed compared to the God of Wealth Day, but it remains quite high. For example, at SJC Company, the difference is 3 million VND/ounce for gold bars and 2.7 million VND/ounce for gold rings. This still poses a significant risk for gold buyers at this time.
After world gold prices surpassed $2,900 per ounce and remained at high levels, conflicting opinions emerged. Expert Tran Duy Phuong believes that gold prices are currently in an overbought zone, making it very risky to buy at this time.
Other opinions predict that world gold prices are likely to experience a sharp drop, similar to what happened when world gold prices surpassed the $1,900/ounce mark previously.
Currently, compared to the converted world gold price, the price of SJC gold bars is 1.78 million VND/ounce higher, while the price of 9999 gold rings is 1.18 million VND/ounce higher.
Source: https://tuoitre.vn/gia-vang-the-gioi-vuot-2-900-usd-ounce-cao-nhat-moi-thoi-dai-20250210230002101.htm
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