Gold price today March 5, 2025: World and domestic gold prices increased sharply, breaking a series of records

Domestic gold price today 3/5/2025

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

DOJI listed the price of 9999 gold today at 90.1 million VND/tael for buying and 92.1 million VND/tael for selling. Today's gold price increased by 1.1 million VND/tael in both buying and selling directions compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 91.9-93.2 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 1.2 million VND/tael for buying and 1.7 million VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 90.7-92.7 million VND/tael (buying - selling, up 1.4 million VND/tael in buying direction - up 1.7 million VND/tael in selling direction compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 90.7-92.7 million VND/tael (buy - sell), gold price increased by 1.4 million VND/tael in buying direction - increased by 1.7 million VND/tael in selling direction compared to yesterday.

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

Following the increase in world gold prices, domestic gold prices simultaneously increased sharply, breaking a series of records. Specifically, the purchase price of gold rings and gold bars was at 90.7 million VND/tael, the highest ever and higher than the old record of 90.5 million VND/tael set on February 25, 2025.

The increase of 1.7 million VND/tael in domestic gold price sets a record for the strongest increase since the state applied measures to stabilize gold prices.

Mi Hong gold price sold at a new record of 93.2 million VND/tael, higher than the old record of 93.1 million VND/tael set on February 11, 2025.

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

According to Kitco, the world gold price recorded at 4:00 a.m. today, Vietnam time, was 2,911.4 USD/ounce. Today's gold price increased by 33.77 USD compared to yesterday. Converted according to the USD exchange rate, on the free market (25,830 VND/USD), the world gold price is about 91.66 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.04 million VND/tael higher than the international gold price.

World gold prices rose sharply, thanks to a weaker dollar and increased demand for safe havens amid escalating trade tensions after US President Donald Trump imposed new tariffs.

'The imposition of tariffs has brought a lot of uncertainty to the market, and safe-haven assets like gold and silver continue to rally,' said David Meger, director of metals trading at High Ridge Futures. 'The dollar is under pressure against a number of other major currencies, which is also supporting gold prices,' he added.

Trump’s new 25% tariffs on imports from Mexico and Canada took effect today. He also doubled tariffs on Chinese goods to 20%. China immediately responded by imposing additional tariffs of 10% to 15% on some US imports starting March 10, along with a series of new export restrictions on designated US entities.

The U.S. Dollar Index (.DXY) fell 0.6% to its lowest since December, making dollar-priced gold cheaper for buyers using other currencies.

Investors are eyeing the ADP jobs report due on Wednesday and the U.S. nonfarm payrolls report on Friday for clues on the direction of interest rates from the Federal Reserve.

Given the potential economic uncertainty and the weakening labor market, the Fed is likely to cut rates sooner than expected, said David Meger, a strategist at the Fed. The Fed left rates unchanged after three cuts last year. Markets expect another rate cut in June, with the possibility of further reductions in short-term borrowing costs in September.

JPMorgan predicts that gold prices could approach $3,000 an ounce by the fourth quarter of 2025. Meanwhile, spot silver rose 0.7% to $31.89 an ounce, platinum rose 0.9% to $961.45 and palladium rose 0.3% to $940.92.

Gold Price Forecast

Gold prices are currently being affected by the volatility of the US dollar and US tariff policy. President Donald Trump has worried the market by threatening to impose tariffs on imports from Mexico and Canada. These factors could play a key role in determining whether gold can rise to $3,000 an ounce.

Many experts are optimistic about the outlook for gold prices. Daniel Pavilonis, senior market strategist at RJO Futures, said the market is showing positive signs and gold prices could definitely rise above $3,000 an ounce. According to him, as countries impose tariffs and take countermeasures, central banks may buy gold to protect their assets, thereby pushing the price of this precious metal higher.

Han Tan, a market analyst at Exinity Group, also said that in the context of increasingly unstable world economy and politics, the demand for gold as a safe haven will continue to increase. In his opinion, the possibility of gold prices falling in the near future is very low.

In the same vein, Everett Millman predicts that gold will soon surpass the $3,000/ounce mark and has a chance to stay above this level for a long time.

However, not all experts agree with this positive assessment. Marc Chandler, CEO of Bannockburn Global Forex, predicts that if gold fails to hold the important support level of $2,814/ounce, the price could fall to $2,770/ounce.

Independent analyst Jess Colombo said the correction in gold prices could be a natural evolution of the market. However, if gold falls below $2,800 an ounce, investors should be more cautious about investing in gold mining stocks.

In addition, a report from Heraeus warned that gold demand in China and India - the two largest gold consuming countries in the world - is showing signs of weakening. This could be an obstacle to the upward trend of gold prices in the near future.