Editor’s Note
This article examines the recent decline in gold prices, driven by a strong US dollar and heightened geopolitical risks, including the US trade war. It also explores the factors behind Russia’s growing gold reserves.
Gold prices are declining, with a strong US dollar putting pressure on the precious metal, making further drops likely. Market attention is focused on US President Donald Trump’s trade war amid rising geopolitical risks. Factors behind Russia’s increasing gold reserves are also being analyzed.
Domestic gold prices saw a slight increase. Specifically, both the DOJI Gold & Gemstone Group and Saigon Jewelry Company (SJC) listed the selling price of SJC gold bars at 90.7 – 92.7 million VND per tael (buying – selling price), representing an increase of 200,000 VND per tael for both buying and selling prices compared to yesterday’s closing price.
Bao Tin Minh Chau company set the price for gold bars and gold rings at 91.7 – 93.3 million VND per tael (buying – selling price), maintaining the same price as yesterday’s close.
Saigon Jewelry Company (SJC) set the price for gold rings at 91.1 – 93.0 million VND per tael (buying – selling price), an increase of 200,000 VND per tael for both buying and selling prices compared to yesterday’s closing price.
Saigon Jewelry Company (SJC): SJC gold bars at 90.9 – 92.9 million VND per tael; SJC gold rings at 90.9 – 92.8 million VND per tael.
DOJI Group: SJC gold bars 91.1 – 93.1 million VND/tael; 9999 purity gold rings (Hung Thinh Vuong brand) 91.9 – 93.4 million VND/tael.
PNJ system: SJC gold bars: 90.9 – 92.9 million VND per tael; PNJ 999.9 pure gold rings: 91.8 – 93.35 million VND per tael.
Phu Quy Gold & Silver Group: SJC gold bars: 91.1 – 93.1 million VND per tael; Phu Quy 999.9 pure gold rings: 91.8 – 93.4 million VND per tael.
Bao Tin Minh Chau’s SJC gold price is 91.1 – 93.1 million VND per tael. Thang Long Gold Dragon’s plain round gold ring price is 91.9 – 93.5 million VND per tael.
Therefore, compared to the morning trading session on March 10, domestic gold bar and gold ring prices showed a slight downward trend at the close of the afternoon session on the same day.
According to information from World & Vietnam Newspaper and Kitco, as of 7:09 PM Vietnam time on March 10, the global gold price was $2,905.4 per ounce, down $6.1 from the previous trading day.
Based on Vietcombank’s USD exchange rate on March 10 (1 USD = 25,700 VND), the global gold price is equivalent to 89.96 million VND per tael.
On March 10, global gold prices fell as a strong US dollar offset safe-haven demand amid trade war concerns. Meanwhile, investors are closely watching inflation data to be released this week for clues on the Fed’s next interest rate decision.
As of 9:46 AM (GMT), spot gold was trading at $2,913.09 per ounce, while US gold futures rose 0.2% to $2,920.10 per ounce.
The dollar index held above its lowest level in four months last week, making gold more expensive for holders of other currencies.
Meanwhile, market attention remains focused on trade tensions. US President Donald Trump, in his latest warning to Canada on March 7, suggested that retaliatory tariffs on dairy and lumber could be imposed soon.
Market participants are watching the US Consumer Price Index (CPI) to be released on Wednesday and the Producer Price Index (PPI) on Thursday for signals on the Fed’s interest rate policy.
The US central bank has kept rates unchanged so far this year after planning three rate cuts through 2024. Market prices reflect expectations of an additional rate cut in June.
Gold is seen as a hedge against inflation and geopolitical instability, but higher interest rates can diminish the appeal of this non-yielding asset.
Meanwhile, China’s consumer price index, in the world’s largest gold-consuming country, fell short of expectations in February at the fastest pace in 13 months, while producer prices continued to decline.
Earlier in the afternoon trading session on March 10, global gold prices recorded an upward trend.
Inconsistent tariff announcements are unsettling Wall Street. Investors see the US constantly changing its tariff policies towards trading partners as causing confusion rather than stabilizing markets. Tariffs are a major concern for investors as they can hinder economic growth and cause inflation.
According to Mining, Russians bought a record amount of gold in 2024 to protect their savings amid sanctions.
Data released by the World Gold Council on February 5 shows that Russian consumers purchased 75.6 tons (2.7 million ounces) of gold in the form of bars, coins, and jewelry in 2024, ranking fifth globally. This figure represents a 6% increase compared to 2023 and a more than 60% increase since Moscow launched its military operation in Ukraine three years ago.
Russia is the world’s second-largest gold producer, mining over 300 tons of gold annually. Since the outbreak of the conflict in Ukraine, Western countries have shunned Russian gold, leading to a sharp drop in supply to major trading hubs like London and New York. The Russian central bank, once the world’s largest gold buyer, has also not resumed its gold purchases.
Retail demand for gold has increased during the military operation period. Russians have begun looking for ways to protect their savings instead of traditional investment methods like US dollars or euros. Last year, Western sanctions made cross-border payments difficult, caused some foreign currency shortages, and pushed the ruble’s value to historic lows.
Russia abolished the value-added tax on retail transactions of precious metals shortly after starting its military operation in Ukraine to promote gold sales.