Gold price today February 5, 2025: World gold price increases, SJC gold suddenly decreases

Domestic gold price today 2/5/2025

At the time of survey at 4:30 a.m. on February 5, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 87.6 million VND/tael for buying and 90.1 million VND/tael for selling. Down 200 thousand VND/tael for buying - up 300 thousand VND/tael for selling compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 87.6-89 million VND/tael for buying and selling. Compared to yesterday, the gold price dropped sharply by 600 thousand VND/tael for buying and dropped sharply by 800 thousand VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 87.6-90.1 million VND/tael (buying - selling, down 200 thousand VND/tael in buying - up 300 thousand VND/tael in selling compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 87.6-90.1 million VND/tael (buy - sell), down 200 thousand VND/tael in buying - up 300 thousand VND/tael in selling compared to yesterday.

The latest gold price list today, February 5, 2025 is as follows:

With only a few days left until the God of Wealth Day (the 10th day of the first lunar month - Friday, January 7th), the domestic gold market is busier than ever. Despite the high gold price, the number of people flocking to gold and silver shops in Hanoi such as Tran Nhan Tong, Hang Bac, Cau Giay is still very large. Many people are worried that prices will continue to climb in the coming days, so they decide to buy early to avoid overloading on the God of Wealth Day.

However, the domestic price of SJC gold suddenly plummeted. In the past 2 days, the price of gold bars increased by a total of nearly 2 million VND before this unexpected drop.

According to analysts, the selling pressure to take profits when the price of SJC gold bars reached a multi-month high; 99.99 gold rings reached a historical peak caused the gold price to fall.

Although it has decreased significantly compared to yesterday, the domestic gold market in general still maintains an expensive price range - over 90 million VND.

World gold price today February 5, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,831.56 USD/ounce. Today's gold price increased by 20.67 USD compared to yesterday. Converted to the USD exchange rate, on the free market (25,740 VND/USD), the world gold price is about 88.83 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.68 million VND/tael higher than the international gold price.

World gold prices continue to rise, breaking yesterday's record. Investors are cautious about the potential impact of US President Donald Trump's tariffs and waiting for US economic data to be released later this week.

Major banks around the world are shipping gold from hubs like Dubai and Hong Kong to the US to take advantage of the high spread between gold futures and current prices, due to tariff concerns.

China has quickly imposed retaliatory tariffs on US imports, escalating the trade war between the world’s two largest economies. Although the US has suspended tariffs on Mexico and Canada, this has not eased concerns about the risk of a global trade war.

The pause on tariffs with Mexico and Canada does not change the fact that global markets remain worried about a trade war, which could push prices higher while worsening the economic outlook, said Ole Hansen, a commodities strategist at Saxo Bank.

Three Federal Reserve officials warned that the Trump administration’s tariff plans could pose inflation risks, with one saying the uncertainty about the price outlook makes the Fed more cautious about cutting interest rates.

Gold is often seen as a hedge against inflation and geopolitical uncertainty. However, high interest rates can reduce the appeal of gold because it is a non-yielding asset.

Markets will also be closely watching key data releases this week, including US employment data, the ADP jobs report on Wednesday (local time) and the payrolls report on Friday (local time), along with speeches from several Fed officials.

According to Hansen, the tariff issue remains the main focus for now because it can have a major impact on inflation, growth and fiscal stability.

Spot silver rose 0.2% to $31.63 an ounce. Platinum fell 0.38% to $960.90 an ounce and palladium fell 1.5% to $994.08 an ounce.

Gold markets in China, the world's largest gold consumer, are closed for the Lunar New Year holiday and will reopen on Wednesday.

Gold Price Forecast

Uncertainty surrounding Trump’s tariff plans is driving demand for gold as a hedge against risk, said David Meger, director of precious metals trading at High Ridge Futures. Trump’s decisions are so unpredictable that his delay in imposing tariffs on Canada and Mexico has not helped ease the uncertainty.

The market has not yet priced in the possibility of a prolonged trade war, according to Bart Melek, chief market strategist at TD Securities. “We have not seen a full reaction from the gold market to that risk, and if the trade conflict continues for a significant period of time, gold prices will go even higher,” Melek said.

A report by JPMorgan Chase said that the downward pressure on the stock market could lead to downward pressure on gold in the short term, as many investors may have to sell gold to cover losses in stocks. However, the report said that in the medium term, the imposition of US tariffs will be beneficial for gold prices.

According to analysts, tariffs could lead to a global trade war, damaging growth for all economies and pushing up inflation, creating an ideal environment for gold to rise in price.