Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand
11-03-2025
Metal market information summary on 20/2: Silver price continues to increase today in both domestic and international markets
Silver price in Ho Chi Minh City reached 1,066,000 VND/tael (selling price), while world silver price reached 33.08 USD/ounce. Domestic gold price increased sharply, SJC listed 91.9 million VND/tael (selling price), 1.4 million VND/tael higher than international gold price.
Domestic silver price:
At the time of survey, silver prices at major domestic trading systems were listed as follows:
Phu Quy Gold and Gemstone Group (Hanoi):
Buy: VND 1,228,000/tael
Sell: VND 1,266,000/tael
Silver price in Hanoi (other locations):
Buy: VND 1,030,000/tael
Sell: VND 1,060,000/tael
Silver price in Ho Chi Minh City:
Buy: VND 1,032,000/tael
Sell: VND 1,066,000/tael
World silver price:
Buy: VND 838,000/ounce
Sell: VND 843,000/ounce
Spot price: USD 33.08/ounce (up 0.49% compared to the previous session)
Reasons for the increase in silver price:
Global trade instability continues to cause investors to seek precious metals as a safe haven.
Demand for silver storage in the US has increased sharply, with inventories at the Chicago Mercantile Exchange (CME) increasing by 22% since the end of November 2024.
However, the US Federal Reserve (FED) is not expected to cut interest rates in March, causing bond yields to increase, negatively affecting silver prices.
Metal market on February 20: Domestic gold price increased sharply, 1.4 million VND/tael higher than world price
Domestic gold price (updated at 5:00 a.m. on February 20, 2025):
|
Business |
Buying(million VND/tael) |
Selling (million VND/tael) |
Change from yesterday |
|
SJC (Hà Nội, TP.HCM) |
89,6 |
91,9 |
+1,0 million (buy) / +0,8 million (sell) |
|
DOJI |
89,6 |
91,9 |
+1,0 million (buy) / +0,8 million (sell) |
|
Mi Hồng |
90,3 |
91,8 |
+1,1 million (buy) / +1,3million(sell) |
|
Bảo Tín Minh Châu |
89,6 |
91,9 |
+1,0 million (buy) / +0,8 million (sell) |
|
Phú Quý |
89,7 |
91,9 |
+1,0 million(buy) / +0,8 million (sell) |
Market commentary:
Domestic gold prices continued to increase from VND800,000 to VND1.3 million/tael, reflecting strong demand for gold recently.
SJC gold bar prices are currently about VND1.4 million/tael higher than world gold prices.
World gold prices:
Spot gold price: 2,933.39 USD/ounce (down slightly by 0.07% compared to yesterday).
Converted to the USD exchange rate (VND25,610/USD), the world gold price is equivalent to about VND90.5 million/tael (excluding taxes and fees).
Factors affecting gold prices:
The FED maintains a high interest rate policy, causing the USD to strengthen, putting pressure on gold prices to decrease.
Domestic gold demand has increased, pushing SJC prices higher than world prices.
Global economic and geopolitical instability continues to support gold prices to remain high.
Gold and silver price forecast in the coming time
Silver price:
Expected to continue to maintain the upward momentum, but may be affected by the FED’s interest rate policy.
Important support level: 32.5 USD/ounce. If it exceeds 34 USD/ounce, silver prices may increase more strongly.
Gold price:
The main trend is still up, but fluctuates due to macroeconomic factors.
Resistance level: 2,950 USD/ounce. If it exceeds this level, gold prices may head towards 3,000 USD/ounce.
Domestic gold prices may continue to increase, especially when the demand for gold storage remains high.
Copper price on February 20, 2025 decreased by 0.2% to 9,445 USD/ton on the LME floor, while the physical market still recovered strongly. Analysts predict prices could stay at $9,400 a tonne until April, before falling to $8,500 due to the impact of US tariffs.
Copper price developments on February 20, 2025
Copper prices on the London Metal Exchange (LME) recorded a 0.2% decrease to $9,445 a tonne.
Despite a slight decline in the latest trading session, copper prices have risen more than 8% since the beginning of the year, thanks to recovering demand from the physical market. The LMEX index – which tracks six major metal contracts on the LME – also closed at a three-month high on Tuesday.
Citigroup Forecast:
Copper prices could hold at $9,400/tonne until early April 2025. Then, if US tariffs are imposed, prices could fall to $8,500/tonne within the next three months.
Reasons for the fall in copper prices:
A stronger US dollar makes US-denominated commodities more expensive for other markets.
Concerns about US tariffs weigh on investor sentiment.
Cautious sentiment after the Lunar New Year holiday has slowed copper demand.
Impact of US tariff policy
According to experts, the direct impact of US tariffs at this stage is still unclear, but it is affecting market sentiment and purchasing decisions. Downstream businesses are reluctant to buy at high prices when there is no certainty about tariffs.
The Comex/LME spread could widen to $1,400/tonne – now at $995/tonne, up from $913/tonne the day before.
Market commentary:
Before the Lunar New Year holiday, the market predicted that copper prices could fall sharply, but prices remained high thereafter. However, the imposition of tariffs could dampen demand and drag copper prices down in the coming months.
A strong USD’s impact on copper prices
One of the main factors weighing on the copper market is a stronger USD. When the USD strengthens, USD-denominated commodities (including copper) become more expensive for international buyers. This reduces purchasing power from major markets such as China and Europe.
A summary of the impact:
A strong USD → Copper prices rise too high → Businesses limit purchases → Copper prices could fall to $8,500/tonne.
Other metals market developments
Apart from copper, other industrial metals also saw adjustments:
LME aluminium: Down 0.6% to $2,630.50/tonne.
Nickel: Down 1% to $15,340/tonne.
Lead: Down 0.1% to $1,990/tonne.
Tin: Up 0.6% to $32,890/tonne.
Zinc: Up 0.1% to $2,875/tonne.
