Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand
11-03-2025
Spot gold price at 2,922 USD/ounce, down 28 USD
According to Kitco, the world gold price on February 26 recorded at 4:00 a.m. today, Vietnam time, was 2,895.87 USD/ounce. Today’s gold price decreased by 1.62% compared to yesterday. Converted according to the USD exchange rate on the free market (25,684 VND/USD), the world gold price is about 89.6 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.4 million VND/tael higher than the international gold price.
Gold prices fell to their lowest in more than a week on Tuesday, as investors booked profits after a record high in the previous session on concerns about continued uncertainty surrounding U.S. President Donald Trump’s tariff plans. Spot gold fell 1.8% to $2,998.18 an ounce as of 11:22 a.m. (1621 GMT), hitting its lowest since Feb. 17, earlier in the session. Gold hit a high of $2,956.15 on Monday.
US gold futures fell 1.8% to $2,909.30.
“You’re seeing profit-taking and people wanting to stay out of the market and re-establish positions at lower prices,” said Bob Haberkorn, senior market strategist at RJO Futures.
Safe-haven gold has hit record highs 11 times this year, surpassing the key $2,950 an ounce mark.
Trump said Monday that the tariffs on imports from Canada and Mexico were “timely and on schedule” despite efforts by those countries to beef up border security and stem the flow of fentanyl into the United States ahead of the March 4 deadline.
“I still think there’s a lot of uncertainty around tariffs (and) trade in general… the dips will continue to be seen as buying opportunities,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Gold speculators cut their net long position by 13,605 contracts to 201,962 in the week to February 18, while holdings of SPDR Gold Trust rose to 904.38 tonnes on Friday, the highest since August 2023.
Investors and economists, meanwhile, expect the US Federal Reserve to respond aggressively and systematically to changes in inflation and the labor market, according to research released by the San Francisco Federal Reserve on Monday.
Higher inflation could force the Fed to keep interest rates higher, reducing the appeal of non-yielding gold.
Investors are now awaiting the US Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, due out on Friday for more insight into the central bank’s path of easing interest rates and monetary policy.
Spot silver prices fell 2.9% to $31.41 an ounce, platinum prices fell 1% to $957.25 and palladium prices lost 1.5% to $926.21.
Domestic SJC gold and gold bars continue to hold the 92 million VND/tael mark
At 7:45 a.m. this morning, the domestic gold ring price on February 26 at some businesses adjusted down by an average of VND200,000 – VND300,000/tael compared to the time when the price of this precious metal peaked yesterday.
Specifically, Bao Tin Minh Chau reduced VND100,000 – VND200,000 per tael in the buying and selling directions, respectively, and is trading at VND90.7 – VND92.2 million/tael.
SJC Company reduced the price of gold rings by 300,000 VND per tael, lowering the price of gold rings to 89.7 – 91.8 million VND/tael.
PNJ kept the buying price of gold rings unchanged but reduced the selling price by 300,000 VND/tael, currently listed at 90.7 – 92 million VND/tael.
Meanwhile, DOJI did not adjust the price of gold rings, currently keeping it at 91 – 91.4 million VND/tael.
Mi Hong currently lists the price of gold rings at 89.9 – 91.5 million VND/tael, down 900,000 VND/tael for buying and 700,000 VND/tael for selling compared to the time when the price of gold rings set a new peak.
Similarly, the price of SJC gold at businesses was also adjusted down by an average of VND100,000 – VND300,000 per tael compared to the highest level in yesterday’s trading session.
Specifically, Bao Tin Minh Chau adjusted the price of SJC gold to VND90.1 – 92.2 million/tael. Meanwhile, PNJ, SJC company, DOJI currently keep the price of SJC gold at VND89.7 – 92 million/tael. Mi Hong reduced the price of SJC gold to VND90 – 91.6 million
| Price gold today | 26/02/2025 (Miliion VND) |
Difference (thousand VND/tael) |
||
| Buy | Sell | BuySell | ||
| SJC in Hà Nội | 89,7 | 92 | – | – |
| DOJI Group | 89,7 | 92 | – | – |
| Mi Hồng | 90,6 | 91,8 | -40 | -20 |
| PNJ | 90,1 | 93,1 | – | – |
| Vietcombank Gold | 92,3 | – | ||
| Bảo Tín Minh Châu | 90,1 | 92,3 | +100 | +300 |
| Phú Quý | 90,1 | 92,1 | +100 | +100 |
