Gold price today February 6, 2025: World gold price and domestic gold price both increased to new peaks

Domestic gold price today 2/6/2025

At the time of survey at 4:30 a.m. on February 6, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 88 million VND/tael for buying and 91 million VND/tael for selling. An increase of 400 thousand VND/tael for buying - an increase of 900 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 87.7-89 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 100 thousand VND/tael for buying - unchanged for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 88-91 million VND/tael (buying - selling, up 400 thousand VND/tael in buying direction - up 900 thousand VND/tael in selling direction compared to yesterday.

SJC gold price in Phu Quy is traded by businesses at 88-91 million VND/tael (buy - sell), an increase of 400 thousand VND/tael in buying - an increase of 900 thousand VND/tael in selling compared to yesterday.

The latest gold price list today, February 6, 2025 is as follows:

The demand for gold at the beginning of the year and on the God of Wealth day is contributing to the increase in domestic gold prices. In the first two trading days after the Tet holiday, in Hanoi, many people showed up early at stores to buy gold for luck.

The demand for gold bars and plain gold rings is still the most popular product. However, instead of choosing one way like previous years, people's taste for buying gold this year has begun to shift as gold prices increase and become scarce.

Gold gift products, gold jewelry, gold collectibles... made from 24K gold. Because it still has accumulation value, sufficient gold quantity and diverse designs, this is a product loved by many people during this year's God of Wealth gold season.

World gold price today February 6, 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 2,864.59 USD/ounce. Today's gold price increased by 27.61 USD compared to yesterday. Converted to the USD exchange rate, on the free market (25,740 VND/USD), the world gold price is about 89.61 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.39 million VND/tael higher than the international gold price.

World gold prices continue to rise sharply, setting a new record, with the currency approaching the $2,900/ounce mark. As investors seek safe assets amid escalating concerns about the US-China trade war and its impact on economic growth.

“Gold prices continue to be heavily influenced by trade uncertainty… tariffs with China and retaliation have unsettled markets, so safe-haven flows remain the dominant factor,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

China has retaliated by imposing tariffs on US goods in response to new US tariffs, escalating the trade war. Meanwhile, President Trump has shown no rush to talk to President Xi Jinping to ease tensions.

Meanwhile, the US Postal Service said it will resume accepting all imported mail and packages from China and Hong Kong on Wednesday, after suspending the service for a day.

Three US Federal Reserve officials warned that Trump's trade tariffs could push up inflation, with one saying uncertainty about the price outlook calls for slower rate cuts.

The ADP National Employment Report showed the US economy added 183,000 private-sector jobs last month, compared with economists' forecasts for an increase of 150,000.

“Jobs data will be a big focus this week… but I don’t think anything will have a major impact on Fed policy expectations unless something really unusual happens,” Grant said.

Investors are looking ahead to Friday’s U.S. payrolls report for further clues on the outlook for interest rates. Gold is seen as a hedge against inflation, but higher interest rates could reduce the appeal of the non-yielding metal.

Spot silver rose 0.4% to $32.23 an ounce. Platinum rose 1.6% to $979.40 an ounce and palladium rose 0.4% to $994.75 an ounce.

Gold Price Forecast

Statistics from domestic gold prices from 2020-2024 show that as soon as the market resumes trading after the Lunar New Year holiday, gold prices often increase and maintain a short-term upward momentum. In the past 5 years, this scenario has repeated itself 3 times, except in 2021 and 2024.

After rising on the first trading days of the lunar year, gold prices usually fall on the 9th day of Tet - the day before the God of Wealth's day. In 2023, the selling price of SJC gold on the 9th day of Tet was listed at VND67.4 million, lower than the price of VND68.2 million a day earlier.

In the past 5 years, the price of gold bars after the God of Wealth day has often followed a downward trend, partly due to the domestic buying power subsiding, causing prices to cool down, except in 2022 and 2024, when gold prices continued to increase steadily.

In general, the price of gold on God of Wealth day has a familiar scenario of being pushed up close to the day, on the day itself, and will cool down at the end of the day, even decreasing deeply in the following days.

The world gold price is still on an upward trend in the context of the USD under pressure when the US is in a cycle of interest rate cuts. Instability and inflation tending to increase again are also factors supporting gold.

In its latest move, China has retaliated against Mr. Trump’s tariffs. Beijing announced it would impose tariffs of 10-15% on some products imported from the United States from February 10.

Jim Wyckoff, an analyst at Kitco Metals, predicts that the instability caused by the Trump administration, along with central banks increasing their purchases of gold to reduce their USD holdings, could push the price to $3,000 an ounce this year.