Gold price today March 5: Domestic gold price increases to all-time high

Domestic gold prices increase sharply

As of 10:00 this morning, domestic gold prices have significantly increased. SJC gold bars increased by 600,000 VND/tael, while 9999 plain gold rings continued to increase sharply, surpassing 93 million, reaching an all-time high.

At SJC Company, the price of gold bars is currently listed at 90.7 - 92.7 million VND/tael (buy - sell), unchanged from the previous session. DOJI Group also recorded a price of 90.7 - 92.7 million VND/tael, an increase of 600 thousand VND/tael compared to the closing price yesterday.

Particularly at Bao Tin Minh Chau, the price of SJC gold bars is listed at 90.9 - 92.7 million VND/tael, the same price as SJC and DOJI, with an increase of 200 thousand VND/tael for buying, unchanged for selling compared to yesterday's closing price.

The price of 9999 round gold rings continued to increase sharply today. At DOJI, Hung Thinh Vuong gold rings were listed at 91.6 - 92.9 million VND/tael, unchanged in buying price, increased by 200 thousand VND/tael in selling price compared to the beginning of yesterday's session.

Bao Tin Minh Chau also adjusted the price of gold rings to 91.9 - 93.1 million VND/tael, an increase of 300 thousand VND/tael. The difference between buying and selling prices at DOJI is 1.3 million VND/tael, while at Bao Tin Minh Chau it is 1.2 million VND/tael.

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

World gold price today 3/5/2025

In the international market, gold prices are also recovering after a period of decline. Currently, the world gold price is listed at 2,907 USD/ounce, up 20 USD/ounce compared to the previous session.

World gold prices continued to rise amid a weakening US dollar. The US Dollar Index – a measure of the greenback’s strength against six major currencies – fell 0.49% to 106.145 points.

The decline in the US dollar boosted safe-haven demand for gold. Gold futures for April delivery rose $35.70 to $2,936.80 an ounce. Silver futures for May delivery also edged up to $32.54 an ounce.

Risk aversion remains high in the market due to geopolitical tensions and new tax policies. The US has just imposed tariffs on goods imported from Mexico, Canada and China. In response, these countries have also applied retaliatory measures, affecting about $1,000 billion of global trade.

According to SP Angel, China is likely to let the yuan depreciate to reduce the impact of tariffs and boost exports. If the yuan continues to weaken, many investors in China may flock to gold as a safe haven.

Asian and European stock markets are trending lower, while US stocks are also forecast to open with slight losses.

In commodities, Nymex crude oil prices fell to their lowest level in nearly three months, trading around $67.50 a barrel. The yield on the 10-year US Treasury note fell to 4.157%.

According to SP Angel, US bond yields have fallen from 4.8% to 4.14% due to expectations that the US Federal Reserve (FED) will cut interest rates sooner to cope with the risk of slowing economic growth.

Gold Price Forecast

Gold futures for April delivery are tilted to the upside, with buyers holding the advantage in the short term. The immediate objective for buyers is to push prices above the key resistance level at $2,974 per ounce. On the other hand, sellers will look to push prices below the key support level at $2,844.1 per ounce.

In the immediate future, the first resistance level is at $2,950/ounce, followed by $2,974/ounce. On the support side, the nearest level is at $2,900/ounce, followed by last night's low of $2,892.5/ounce.

Gold prices are likely to continue rising after the recent slight correction, according to Ole Hansen, head of commodity strategy at Saxo Bank. He believes that the target of $3,000 an ounce is gradually coming back into sight.

Despite a brief correction, gold demand remains strong, even amid selling pressure from technical traders, suggesting that gold remains an attractive asset amid global economic uncertainty.

In addition to its role as a safe haven asset, gold is also supported by investor diversification and central bank buying. Concerns about rising public debt are currently causing many countries to increase their gold reserves.

Hansen said the market may not rise in a straight line, but Saxo Bank's long-term target remains $3,300 an ounce.

Hansen also pointed out that investment demand for gold ETFs has increased significantly in recent weeks, although interest from speculators remains volatile.

Although physical gold ETF purchases improved last month, total holdings are still just 85.8 million ounces, well below the 2022 peak of 107 million ounces. This suggests that the gold market still has plenty of room to grow in the coming period.