Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand

Gold price today, March 11: Why did it reverse?

Gold price decreased due to profit-taking activities contrary to safe-haven demand driven by geopolitical instability, while attention was also focused on US inflation data.

According to Kitco, the world gold price recorded at 4:00 a.m. today, Vietnam time, was at 2,908.01 USD/ounce. Today’s gold price decreased by 0.12% compared to yesterday. Converted according to the USD exchange rate on the free market (25,754 VND/USD), the world gold price is about 90.2 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.7 million VND/tael higher than the international gold price.

Gold prices fell on profit-taking as opposed to safe-haven demand fueled by geopolitical uncertainty, while attention was also on U.S. inflation data, Reuters reported.

Spot gold fell 0.3% to $2,902.04 an ounce by 13:28 GMT, after rising 2% last week. U.S. gold futures fell 0.2% to $2,908.00.

“Gold has been a little bit muted due to some light profit-taking and weaker equities. However, we can see some value in that safe-haven demand,” said Jim Wyckoff, senior analyst at Kitco Metals.

US stock futures fell on concerns that retaliatory tariffs could hit the world’s largest economy.

President Donald Trump declined to predict whether the United States could be headed for a recession amid concerns about his tariff actions.

Trump imposed new 25% tariffs on imports from Mexico and Canada last Tuesday, along with new duties on Chinese goods. But two days later, he exempted many imports from Mexico and some from Canada from the tariffs for a month.

“The uncertainty around the trade war and the global economic slowdown are both positive for gold, which could hit record highs again. Weaker-than-expected data would be positive for gold,” Wyckoff said.

Investors are also watching US Consumer Price Index data due on Wednesday and Producer Price Index on Thursday. Traders are now fully pricing in a U.S. interest rate cut in June.

Federal Reserve Chairman Jerome Powell said it remains to be seen whether the Trump administration’s tariff plans will spark inflation. Low interest rates increase the appeal of non-yielding bullion.

Spot silver fell 0.3% to $32.44 an ounce.

“Silver investment is expected to see modest improvement… However, broader economic concerns, particularly around the Chinese economy, could dampen investor enthusiasm,” Marex consultancy Edward Meir said in a note. Data showed that China’s imports unexpectedly fell in the January-February period, while the consumer price index fell at its fastest pace in 13 months in February.

Platinum rose 0.5% to $967.85 and palladium rose 0.6% to $954.00.

Domestic gold price situation

At the time of survey at 4:00 a.m. on March 11, 2025, today’s gold price on the trading floors of some companies was as follows:

At Saigon Jewelry Company (SJC) and DOJI Group, Bao Tin Minh Chau, the price of gold bars was listed at VND90.9 million/tael (buy) and VND92.9 million/tael (sell), unchanged in both buying and selling directions compared to the close of yesterday’s trading session.

At Mi Hong Jewelry Company, the buying price of SJC gold was VND92.1 million/tael and the selling price was VND93.2 million/tael. Thus, compared to yesterday’s session, the selling price of gold remained the same and decreased by VND20,000/tael.

Bao Tin Manh Hai Company Limited listed the SJC gold price at VND84.4 million/tael (buying) and VND86.4 million/tael (selling). This price remained unchanged in both buying and selling directions compared to the end of yesterday’s trading session.

The current buying price of SJC 9999 gold rings is 91.1 million VND/tael and the selling price is 93 million VND/tael. The gold ring price increased by 200,000 VND/tael in both buying and selling directions compared to the end of yesterday’s trading session.

For Hung Thinh Vuong 9999 gold rings (DOJI), the buying price increased to 91.9 million VND/tael and the selling price increased to 93.4 million VND/tael, an increase of 300,000 VND/tael in buying direction – an increase of 200,000 VND/tael in selling direction compared to yesterday.

Bao Tin Minh Chau listed the gold ring price at 91.9-93.5 million VND/tael (buying – selling); an increase of 200,000 VND/tael in both buying and selling directions.

The latest gold price list today, March 11, 2025 is as follows: