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Gold price today 2/7/2025: Domestic gold price drops 'crashly' on God of Wealth day

Quoc DuongDNUM_AHZACZCACF 04:30

Gold price today February 7, 2025: Domestic gold price dropped sharply by 2 million VND, while world gold price adjusted down because the market is in an overbought state.

Domestic gold price today 2/7/2025

At the time of survey at 4:30 a.m. on February 7, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 86.2 million VND/tael for buying and 89.6 million VND/tael for selling. A decrease of 2 million VND/tael for buying - a decrease of 1.4 million 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 86.6-88.6 million VND/tael for buying and selling. Compared to yesterday, the gold price decreased by 1.1 million VND/tael for buying and 400 thousand VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 86.4-89.6 million VND/tael (buying - selling, down 1.6 million VND/tael in buying direction - down 1.4 million VND/tael in selling direction compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 86.5-89.8 million VND/tael (buy - sell), down 1.5 million VND/tael in buying - down 1.2 million VND/tael in selling compared to yesterday.

Giá vàng hôm nay 7/2/2025: Giá vàng trong nước giảm 'sập sàn' trong ngày vía thần Tài

The latest gold price list today, February 7, 2025 is as follows:

Gold price today
February 7, 2025
(million dong)
Difference
(thousand dong/tael)
Buy
Sell
Buy
Sell
SJC in Hanoi
86.489.6
-1600-1400
DOJI Group
86.4
89.6
-1600
-1400
Red Eyelashes
86.688.6
-1100-400
PNJ
86.4
89.6
-1600-1400
Vietinbank Gold
89.6

-1400
Bao Tin Minh Chau
86.4
89.6
-1600-1400
Phu Quy86.589.8-1500-1200
1.DOJI- Updated: 2/7/2025 04:30 - Source website time - ▼/▲ Compared to yesterday.
Type
BuySell
AVPL/SJC HN86,400▼1600K89,600▼1400K
AVPL/SJC HCM86,400▼1600K89,600▼1400K
AVPL/SJC DN86,400▼1600K89,600▼1400K
Raw material 9999 - HN86,200▼2000K88,700▼1400K
Raw material 999 - HN86,100▼2000K88,600▼1400K
AVPL/SJC Can Tho86,400▼1600K89,600▼1400K
2.PNJ- Updated: 2/7/2025 04:30 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
HCMC - PNJ86,700▼1500K89,500▼1200K
HCMC - SJC86,400▼1600K89,600▼1400K
Hanoi - PNJ86,700▼1500K89,500▼1200K
Hanoi - SJC86,400▼1600K89,600▼1400K
Da Nang - PNJ86,700▼1500K89,500▼1200K
Da Nang - SJC86,400▼1600K89,600▼1400K
Western Region - PNJ86,700▼1500K89,500▼1200K
Western Region - SJC86,400▼1600K89,600▼1400K
Jewelry gold price - PNJ86,700▼1500K89,500▼1200K
Jewelry gold price - SJC86,400▼1600K89,600▼1400K
Jewelry gold price - SoutheastPNJ86,700▼1500K
Jewelry gold price - SJC86,400▼1600K89,600▼1400K
Jewelry gold price - Jewelry gold pricePNJ 999.9 Plain Ring86,700▼1500K
Jewelry gold price - Jewelry gold 999.986,700▼1500K88,100▼1500K
Jewelry gold price - Jewelry gold 99986,610▼1500K88,010▼1500K
Jewelry gold price - Jewelry gold 9986,320▼1480K87,320▼1480K
Jewelry gold price - 916 gold (22K)79,800▼1370K80,800▼1370K
Jewelry gold price - 750 gold (18K)64,830▼1120K66,230▼1120K
Jewelry gold price - 680 gold (16.3K)58,660▼1020K60,060▼1020K
Jewelry gold price - 650 gold (15.6K)56,020▼970K57,420▼970K
Jewelry gold price - 610 gold (14.6K)52,490▼920K53,890▼920K
Jewelry gold price - 585 gold (14K)50,290▼880K51,690▼880K
Jewelry gold price - 416 gold (10K)35,400▼620K36,800▼620K
Jewelry gold price - 375 gold (9K)31,790▼560K33,190▼560K
Jewelry gold price - 333 gold (8K)27,820▼500K29,220▼500K
3. SJC - Updated: 2/7/2025 04:30 - Source website time - ▼/▲ Compared to yesterday.
TypeBuySell
SJC 1L, 10L, 1KG86,400▼1600K89,600▼1400K
SJC 5c86,400▼1600K89,620▼1400K
SJC 2c, 1c, 5c86,400▼1600K89,630▼1400K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi86,400▼1600K89,400▼1100K
SJC 99.99 gold ring 0.3 chi, 0.5 chi86,400▼1600K89,500▼1100K
Jewelry 99.99%86,300▼1700K89,100▼1200K
Jewelry 99%85,217▼1688K88,217▼1188K
Jewelry 68%57,744▼816K60,744▼816K
Jewelry 41.7%34,308▼500K37,308▼500K

The price of gold on God of Wealth Day in the past 5 years has had a familiar scenario of decreasing on the day before, being pushed up on God of Wealth Day itself and then cooling down at the end of the day, even decreasing deeply in the following days.

For many years now, on the God of Wealth Day, January 10th of the lunar calendar, everyone, especially those doing business, has been excitedly buying gold to pay homage to the God of Wealth and pray for a year of favorable and prosperous business. Plain gold rings and gold products pressed in blister packs symbolizing the zodiac animals, and God of Wealth gold are always the most popular items on the market on this day every year.

World gold price today February 7, 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 2,854.3 USD/ounce. Today's gold price decreased by 12.16 USD compared to yesterday. Converted according to the USD exchange rate, on the free market (25,710 VND/USD), the world gold price is about 89.45 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 150,000 VND/tael higher than the international gold price.

World gold prices adjusted down after a strong increase lasting 5 consecutive sessions to a record high, due to trade tensions between the world's two largest economies (the US and China) raising concerns about global economic growth and uncertainty about the future path of US interest rates.

According to Ross Norman, an independent analyst, gold is on a strong uptrend due to concerns about an escalation in the trade war, especially between the US and China. However, he also said that it is natural for gold prices to correct lower after reaching the peak, because the market is currently in an "overbought" state with the RSI (Relative Strength Index) at around 76. An RSI above 70 usually signals a possible downward correction.

Lukman Otunuga, senior analyst at FXTM, noted that concerns about global trade wars have prompted investors to seek safe havens in gold. However, he warned that tariffs could increase inflationary pressures, leading to higher and longer-term US interest rates, which could be detrimental to gold prices.

Federal Reserve officials also said that policy uncertainty related to tariffs and issues from the early days of the Trump administration are major challenges in guiding monetary policy in the coming months.

The market is now waiting for the US non-farm payrolls report on Friday (local time), as this is important data to assess the strength of the US economy and predict the Fed's policy path. According to Otunuga, if the jobs report is weaker than expected, this could reinforce expectations of a Fed rate cut, thereby supporting gold prices higher. Conversely, if the report is positive, gold prices could come under downward pressure.

Among other precious metals, silver fell 0.8% to $32.06 an ounce, while palladium fell 0.4% to $985.5 an ounce. Platinum, on the other hand, rose 1.4% to $993.5 an ounce.

Gold Price Forecast

Forecasting the gold price trend, according to experts, the US-China trade war has become tense and the two countries may fall into a spiral of retaliation, which may affect the economies of these two countries and the global economy. This is the reason why money flows out of many investment channels and seeks safety in gold.

In 2025, the world gold price is still forecast to continue to increase and the $2,900/ounce mark is no longer a strong barrier for this commodity. The next important milestone for gold prices could be $3,000/ounce.

Many forecasts say that China may continue to buy gold for its reserves if the trade war escalates. The Trump administration may not be as lenient with Beijing as it was in his first term.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is bullish on gold. He said that gold has just finished a consolidation phase and has broken out to a new record high. Technically, it looks like gold is starting a new, solid long-term rally despite the strong US dollar.

Daniel Pavilonis, senior commodities broker at RJO Futures, believes that these uncertainties will push gold prices to $3,000 an ounce by the end of the first quarter of 2025. Gold will only fall if Mr. Trump’s tax policies are strong enough to negatively impact the US stock market, causing stock prices to fall sharply. At that time, gold will be sold off to pay off stock mortgage loans.

The price of domestic gold bars after the God of Wealth day usually tends to decrease, partly due to the domestic buying force subsiding, causing prices to cool down, except in 2022 and 2024, when gold prices continued to increase steadily.

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Gold price today 2/7/2025: Domestic gold price drops 'crashly' on God of Wealth day
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