The price of gold on the Kitco floor at 8:30 p.m. (February 17, Vietnam time) was trading at $2,897.4/ounce, up 0.47% from the beginning of the session. The price of gold futures for delivery in April 2025 on the Comex New York floor was trading at $2,899.3/ounce.

At the beginning of the trading session on February 17 (US time), world gold prices increased again after a sharp decrease at the end of last week.

The gold market has revived due to strong buying demand from investors. They expect the ongoing geopolitical and economic instability in the world, especially the trade war between the US and China, to be a driving force supporting gold prices.

Despite the rebound in gold prices, after a steep fall last weekend, experts warn that the gold market may face risks in the short term. James Stanley, senior market strategist at Forex.com, said that the bulls have the upper hand while gold prices have yet to hit a new high. He warned that gold could enter a major pullback before climbing to $3,000 an ounce.

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World gold price increases again, will domestic gold continue to increase? Photo: Pham Hai

Sharing the same view, some other experts also said that gold is still in an uptrend and the current context still provides a driving force for this precious metal. However, gold may witness a decline before reaching the $3,000/ounce mark.

Carsten Fritsch, a commodities analyst at Commerzbank, advised market participants to be cautious, saying the upside outlook for gold remains strong, but that it will be accompanied by sharp declines.

Expressing more optimism, Adrian Day, Chairman of Adrian Day Asset Management, assessed that the bullish momentum is still almost intact for gold, which is an important factor for investors to buy.

In the domestic market, at the end of the session on February 17, the price of 9999 gold bars at SJC and Doji was 87.6 million VND/tael (buy) and 90.6 million VND/tael (sell).

SJC announced the price of 1-5 ring gold at only 87.6-90.4 million VND/tael (buy - sell). Doji listed the price of 9999 round smooth ring gold at 89.1-90.6 million VND/tael (buy - sell).

Gold price forecast

Marc Chandler, CEO of Bannockburn Global Forex, believes that the sharp drop in gold prices, losing the important resistance level of 2,900 USD/ounce in the context of the US dollar and US bond yields falling, is a signal of a downward price adjustment in the coming time. He predicts that the next support level for gold is in the range of 2,855-2,865 USD/ounce.

Rich Checkan, president of Asset Strategies International, believes that gold prices will continue to rise. The current trend remains very solid and the market is facing many economic and geopolitical uncertainties.

Some other experts predict that gold prices could reach $3,000/ounce in the first or second quarter of this year depending on developments in monetary policy and the world economic situation.

Gold price forecast for the next 10 days: The more Trump 'throws punches', the more attractive gold becomes. President Trump's threats to the world through strong trade tariffs are creating global political and economic instability. Thereby making gold more and more attractive.