Latest forecast after the price of SJC gold bars and gold rings plummeted

(NLDO) – Gold prices are expected to continue to decrease after many weeks of increase, including the price of SJC gold bars and gold rings.

At the end of the week, March 2-3, the price of SJC gold bars was listed by businesses at VND88.5 million/tael for buying and VND90.5 million/tael for selling, down VND1.2 million/tael compared to the end of last week. If calculated from the record peak of VND93.1 million/tael set in February, the price of gold has decreased by about VND2.6 million/tael.

The price of 99.99 gold rings and jewelry gold is traded at 88.5 million VND/tael for buying and 90.4 million VND/tael for selling, down 1 million VND/tael compared to last weekend.

The price of gold today on the international market, closing the trading week at 2,858 USD/ounce. Compared to the record mark of 2,954 USD/ounce, the price of gold has "evaporated" hundreds of USD/ounce (equivalent to about 3.1 million VND/tael).

After a week of decline, how will precious metals fluctuate? Reporter of Nguoi Lao Dong Newspaper discussed with gold expert Tran Duy Phuong about the forecast for gold prices next week.

Gold expert Tran Duy Phuong

* Reporter: What factors caused the world gold price to drop more than 100 USD/ounce in just a few days, causing the price of SJC gold bars and gold rings to also plummet?

- Gold expert Tran Duy Phuong : After reaching a historic peak of 2,954 USD/ounce, the world gold price suddenly decreased, reaching its lowest level last week at 2,832 USD/ounce, equivalent to a decrease of about 120 USD/ounce. At the end of the week, the precious metal closed at 2,857 USD/ounce, this decline came from 2 factors.

Firstly, there was strong selling pressure when international investors saw that the factors supporting gold's recent strong increase were reflected in the price. Previously, gold prices had increased continuously for 6-7 weeks when investors were worried about the impact of the US's tariff policy on other countries. Currently, the issue of trade tensions due to tariff policy has eased.

Second, this March, investors are more interested in the US Federal Reserve's (FED) moves on interest rate management. Many forecasts show that the FED may keep interest rates unchanged in March and May, helping the USD remain strong, causing gold prices to decline.

* So is gold price likely to continue to decrease?

- That's my opinion! The world gold price is in a correction trend and may fall below the 2,800 USD/ounce range in the short term, March 2025.

However, looking further, in the first half of 2025, as I have shared, the possibility of gold prices still increasing with a zigzag upward trend, possibly reaching the 3,000 USD/ounce or 3,100 USD/ounce mark. Because at least in the first half of this year, the factors supporting gold prices still exist and have not been completely resolved such as conflicts in the Ukraine region or outside the US, central banks of countries will continue to cut interest rates...

The price of SJC gold bars and gold rings is currently about 2 million VND/tael higher than the world price.

* The price of SJC gold bars and gold rings is not decreasing as much as the world price. What will happen next week, sir?

- In my opinion, domestic gold prices will certainly fluctuate according to world prices. There is just a certain delay. In the past few weeks, world gold prices have increased sharply many times, but SJC gold bars and gold rings have increased more slowly, helping to narrow the gap. At times, SJC gold bar prices were even lower than world prices.

If next week, if precious metals on the international market continue to fall, the price of SJC gold bars and gold rings will also decrease. In fact, the demand for trading in the domestic gold market over the past week has not been high. Because many people have sold gold at the 88-90 million VND/tael range, waiting for the price to decrease to buy back, while many others who have gold are not in a hurry to sell.

However, if the price difference between SJC gold bars and the world price widens to about 3-4 million VND/tael, the management agency can have solutions to control and help narrow this difference.

Therefore, if the world gold price continues to decrease, it will affect the downward trend of domestic gold price.

Source: https://nld.com.vn/du-bao-moi-nhat-sau-khi-gia-vang-mieng-sjc-vang-nhan-lao-doc-manh-196250302142045256.htm