Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand
11-03-2025
Gold price on March 7 today was recorded at 91 – 93 million VND/tael. Meanwhile, silver price maintained its upward trend, copper price for the first time this year reached 9,700 USD/ton.
Domestic steel market is stable but world steel price is weakening.
Gold price: Strong fluctuations, peaking then cooling down
The domestic gold market witnessed strong fluctuations in the trading session on March 6 when SJC gold price suddenly jumped to a historical peak. By the morning of March 7, SJC gold bars were listed at 91 – 93 million VND/tael (buy – sell), an increase of 300,000 VND per tael compared to the previous session. However, pressure from the international market caused gold prices to quickly reverse, falling to 90.7 – 92.7 million VND/tael.
Gold rings also had a similar development, despite the high demand for buying on the occasion of March 8. At major brands, gold ring prices ranged from 91.4 – 91.6 million VND/tael (buy) and 92.9 – 93.1 million VND/tael (sell). Of which, Bao Tin Minh Chau brand listed the highest price, with Thang Long Dragon gold rings reaching 91.6 – 93.1 million VND/tael.
On the world market, gold prices started the week with a strong increase but have slightly decreased. According to the Kitco floor in the early morning of March 7, the world gold price decreased by 0.5 USD, down to 2,918.93 USD/ounce.
Silver prices increased for three consecutive sessions
Not only gold, silver also maintained an upward trend. Domestic silver prices are currently listed at VND1,200,000/tael (buy) and VND1,237,000/tael (sell) at Phu Quy Group. In Hanoi and Ho Chi Minh City, 99.99 silver fluctuates from VND1,049,000 – VND1,081,000/tael, while world silver prices reach VND824,000 – VND829,000/ounce.
Copper prices hit $9,700/tonne for the first time in 2025
The copper market continues to witness strong growth. On the London Metal Exchange (LME), copper prices increased by 1.23% to $9,708.5/tonne – the first time this year. Meanwhile, the Shanghai Futures Exchange (SHFE) copper contract also rose 1.7% to 78,430 yuan/tonne ($10,834.67/tonne).
The main reason for the increase in copper prices was the weakening of the US dollar, which fell 1.5% to a four-month low, along with expectations of economic stimulus measures from China. This has increased the attractiveness of the base metal to investors.
Steel prices stable, world market continues to weaken
The domestic steel market has remained stable in recent days, with prices ranging from VND13,400 – VND13,850/kg depending on the brand and region. In particular, the price of Hoa Phat CB240 steel in the North is 13,480 VND/kg, in the Central region is 13,530 VND/kg, and in the South is 13,480 VND/kg.
However, in the world market, steel and iron ore prices are on a downward trend due to the impact of the new US tariff policy. The April rebar contract on the Shanghai Futures Exchange decreased by 0.5% to 3,237 yuan/ton.
Aluminum, zinc, nickel and lead prices have positive developments
In addition to copper, other base metals also recorded significant increases. On the SHFE, aluminum increased by 1.6% to 20,925 yuan/ton; zinc increased by 1.6% to 24,030 yuan/ton; nickel increased by 0.4% to 128,680 yuan/ton; tin rose 0.6% to 258,350 yuan/ton.
Similarly, on the LME, aluminium rose 1.1% to $2,688.5/ton, zinc rose 0.8% to $2,900.5/ton, nickel rose 0.6% to $16,000/ton, and tin rose 0.9% to $31,975/ton.
Although the precious and industrial metals markets have both seen notable fluctuations, prices for these commodities will depend on global economic developments, monetary policies, and consumption demand in the near term.
