Gold price this afternoon February 12, 2025: World gold price drops sharply after Fed keeps interest rates unchanged

Domestic gold price this afternoon February 12, 2025

As of 2:00 p.m. this afternoon, February 12, 2025, domestic gold shops have sharply reduced buying prices by millions of dong and slightly reduced selling prices.

At Saigon Jewelry Company (SJC), the price of gold bars is listed at VND86.7 million/tael (buy) and VND90.2 million/tael (sell). A sharp decrease of VND1.3 million/tael in the buying direction - a decrease of VND300,000/tael in the selling direction compared to the closing price of yesterday's trading session.

DOJI system listed SJC gold at buying price of 86.7 million VND/tael and selling price of 90.2 million VND/tael. This price decreased sharply by 1.3 million VND/tael for buying and 300 thousand VND/tael for selling compared to yesterday.

At Mi Hong Jewelry Company, the buying price of SJC gold is 88.5 million VND/tael and the selling price is 89.5 million VND/tael. Thus, compared to yesterday's session, the buying price decreased by 100 thousand VND/tael and the selling price decreased by 500 thousand VND/tael.

Bao Tin Minh Chau Company Limited listed the price of SJC gold at 86.7 million VND/tael (buy) and 90.2 million VND/tael (sell). This price decreased sharply by 1.3 million VND/tael for buying and 300 thousand VND/tael for selling compared to yesterday.

The current buying price of SJC 9999 gold rings is 86.7 million VND/tael and the selling price is 89.7 million VND/tael. A sharp decrease of 1.3 million VND/tael in buying price - a decrease of 800 thousand VND/tael in selling price compared to the end of yesterday's trading session.

For Hung Thinh Vuong 9999 gold ring (DOJI), the buying price increased to 88.5 million VND/tael and the selling price decreased sharply to 90.2 million VND/tael, an increase of 700 thousand VND/tael in buying price - a decrease of 200 thousand VND/tael in selling price compared to yesterday.

The price of gold fluctuated by a large margin of millions of dong in just one day, leaving many people 'unable to react'. With the current developments in the price of SJC gold bars, gold ring prices and the widening difference in buying and selling prices of up to 3.5 million dong/tael, those who bought gold on the God of Fortune Day at a price of 90 million dong/tael will now lose 2-3 million dong if they sell.

World gold price this afternoon February 12, 2025

The world spot gold price at one point reached a new record high of 2,942 USD/ounce. However, the price then gradually decreased, as of 2:00 p.m. on February 12 (Vietnam time), it was only 2,894.48 USD/ounce, equivalent to a decrease of 16.65 USD compared to the beginning of the day.

The rise in global gold prices was hampered by profit-taking from short-term futures traders. This came after gold prices hit a record high in the previous trading session. However, it would not be surprising if gold buyers jumped in early to catch the bottom, with the psychology of hunting for bargains.

According to Kitco - US President Donald Trump warned that tariffs on steel and aluminum 'could go higher' after imposing a 25% tariff on all imports of the two metals since March.

The European Union quickly responded, announcing tough countermeasures. While no exceptions were made for trading partners, Donald Trump said he might consider exempting Australia.

World gold prices continued to fall sharply after the testimony of the Chairman of the US Federal Reserve (Fed) Jerome Powell before the US Congress. Powell said that the agency is still cautious and is not in a hurry to cut interest rates. The Fed assessed that the economic situation is still vibrant and inflation is still above the agency's 2% target. After 3 interest rate cuts in 2024, the Fed decided to keep interest rates unchanged at the January meeting and is expected to do the same at the March meeting.

Gold has been in an uptrend for the past 16 months, up 63% since October 2023, according to technical charts. Last week, Citi Research raised its gold price forecast for the next three months from $2,800 to $3,000 an ounce. UBS also said the precious metal could hit $3,000 by the end of this year, while Goldman Sachs predicted the second quarter of 2026.

Gold futures for April delivery remain in a strong short-term uptrend. On the daily chart, gold prices continue to rise, indicating that buyers are in control. If prices can break above the key resistance level at $3,000 an ounce, the uptrend could continue.

On the other hand, the bears will try to push the price below the strong support at $2,800/ounce to create bearish pressure. In the immediate future, the nearest resistance is at $2,938.1/ounce, followed by $2,950/ounce. The first important support is at $2,900/ounce, followed by this week's low at $2,879.9/ounce.