Gold price this afternoon August 8, 2025: Domestic and world gold prices skyrocketed to a new record, the US imposed taxes on gold bars

Gold pricedomestic this afternoon 8/8/2025

As of 4:30 p.m. this afternoon, August 8, 2025, the domestic gold bar price increased to a record high of 124 million. Specifically:

DOJI Group listed the price of SJC gold bars at 122.6-124 million VND/tael (buy - sell), a decrease of 100 thousand VND/tael in both buying and selling directions compared to yesterday.

At the same time, the price of SJC gold bars was listed by Saigon Jewelry Company Limited - SJC at 123.2-124.4 million VND/tael (buy - sell), an increase of 800 thousand VND/tael in buying - an increase of 600 thousand VND/tael in selling compared to the closing price on August 7 yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 122.8-124 million VND/tael for buying and selling. Compared to yesterday, the gold price decreased by 200 thousand VND/tael for buying - unchanged for selling.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by businesses at 122.6-124 million VND/tael (buying - selling), an increase of 200 thousand VND/tael in both buying and selling directions compared to the same period yesterday.

SJC gold price at Phu Quy is traded by businesses at 122.2-124.4 million VND/tael (buy - sell), gold price increased 1 million VND/tael in buying - increased 600 thousand VND/tael in selling compared to yesterday.

As of 4:30 p.m. on August 8, 2025, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 117.5-120 million VND/tael (buy - sell); the price remained unchanged in both buying and selling directions compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 117.8-120.8 million VND/tael (buy - sell); unchanged in both buying and selling directions compared to yesterday.

Phu Quy listed the price of Phu Quy 9999 round gold rings at 117-120 million VND/tael (buy - sell); an increase of 200 thousand VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list this afternoon, August 8, 2025 is as follows:

World gold price this afternoon August 8, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:30 p.m. on August 8, Vietnam time, was 3,399.16 USD/ounce. This afternoon's gold price increased by 20.7 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,400 VND/USD), the world gold price is about 111.63 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 12.77 million VND/tael higher than the international gold price.

US gold futures hit a new record high following news of US tariffs on 1kg gold bars, while spot gold prices continued to rise for a second consecutive week due to trade uncertainty and expectations of a rate cut by the US Federal Reserve (Fed).

Specifically, spot gold prices increased slightly by 0.61%, after reaching the highest level since July 23. For the whole week, gold prices increased by about 1%. Meanwhile, gold futures for December delivery increased by 1.4%, to 3,502.90 USD/ounce, and had reached a record high of 3,534.10 USD.

The spread between New York gold futures and spot prices widened to more than $100 after the Financial Times reported that the United States would impose import tariffs on 1-kilogram gold bars. The information, based on a letter from the U.S. Customs and Border Protection, effective July 31, stipulates that 1-kilogram and 100-ounce gold bars will be subject to higher tariffs. The move could impact Switzerland, the world's largest gold refining center.

The change won’t take effect immediately, but if gold shipments start now, the U.S. price will be the London price plus import duties, putting the U.S. price significantly higher than the London market, said Giovanni Staunovo, a commodities analyst at UBS.

Meanwhile, US President Donald Trump’s higher tariffs on imports from many countries officially took effect on Thursday, leaving major trading partners such as Switzerland, Brazil and India scrambling to find alternatives. Gold is often seen as a safe asset in times of political and financial uncertainty.

In addition, weak US jobs data last week reinforced expectations for a rate cut by the Fed. According to CME Group's FedWatch tool, there is now a 91% chance the Fed will cut rates by 0.25 percentage points next month.

Besides gold price, silver price decreased 0.3% to 38.41 USD/ounce, platinum remained at 1,333.88 USD, palladium price increased slightly 0.4% to 1,155.25 USD.

Gold price forecast

Experts from major financial institutions such as Tierra, Goldman Sachs and UBS predict that the world gold price in August will fluctuate around 3,420 - 3,520 USD/ounce. The price may even exceed 3,600 USD if the US Federal Reserve (Fed) decides to cut interest rates or if geopolitical tensions increase.

Gold prices have approached the $3,400/ounce mark after US labor market data showed a less positive signal. Specifically, the number of Americans filing for unemployment benefits was higher than expected, with 226,000 in the week ending August 2, compared to the forecast of 220,000. The labor market may be weakening, leading investors to expect the Fed to cut interest rates soon to support the economy.

The rapid reaction of gold prices after this report shows that the market is very sensitive to negative economic signals. If the US economic indicators continue to decline, it is likely that gold prices will soon surpass the important psychological threshold of 3,400 USD/ounce.

Another important factor supporting gold prices is strong buying activity from central banks, especially China. In July, the People's Bank of China (PBOC) bought an additional 60,000 ounces of gold, bringing its total reserves to 73.96 million ounces. This is the ninth consecutive month that the PBOC has increased its gold purchases, aiming to diversify its foreign exchange reserves and reduce its dependence on the US dollar.

According to Tim Waterer, analyst at KCM Trade, the threat of new tariffs from the US is causing investors to seek gold as a safe haven. The price of gold is currently approaching the $3,400/ounce mark while risky assets such as stocks are volatile due to trade announcements from the US government.

The latest report from WisdomTree also pointed out many macro factors that could push gold prices to a new record. Among them, political pressure on the Fed raises concerns about the independence of the central bank. If the Fed is forced to loosen monetary policy too much, the US economy could fall into a state of high inflation and recession, similar to the period in the late 1970s, when gold prices increased sharply.

In addition, if the US government actively weakens the USD to reduce the burden of public debt, gold prices may be strongly supported. WisdomTree even predicts that if the US pursues a clear policy of devaluing the USD, gold prices could reach 5,355 USD/ounce by the end of June 2026.