Gold price today February 8, 2025: World gold price and domestic gold price increased for the 6th consecutive week

Domestic gold price today February 8, 2025

At the time of survey at 4:30 a.m. on February 8, 2025, the gold price on the trading floors of some companies was as follows:

The price of 9999 gold today is listed by DOJI at 86.8 million VND/tael for buying and 90.3 million VND/tael for selling. An increase of 600 thousand VND/tael for buying - an increase of 700 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 87-88.4 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 400 thousand VND/tael for buying and decreased by 200 thousand VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by businesses at 86.8-90.3 million VND/tael (buying - selling), an increase of 400 thousand VND/tael in buying - an increase of 700 thousand VND/tael in selling compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 86.8-90.3 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in buying - an increase of 500 thousand VND/tael in selling compared to yesterday.

The latest gold price list today, February 8, 2025 is as follows:

The difference between buying and selling price of 9999 Hung Thinh Vuong round gold ring at DOJI is 3.7 million VND/tael. The huge difference between buying and selling price is creating huge risks for gold investors. When the difference is pushed up, the gold price not only needs to increase but must increase strongly to help investors escape losses.

In the context of gold prices being adjusted down, buying at a time when the difference is high causes investors to lose heavily. Just a slight market correction can cause investors to lose a significant amount.

World gold price today February 8, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was 2,873.41 USD/ounce. Today's gold price increased by 9.18 USD compared to yesterday. Converted according to the USD exchange rate, on the free market (25,680 VND/USD), the world gold price is about 89.91 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 390 thousand VND/tael higher than the international gold price.

The world gold price has returned to the upward trend and is now increasing for the 6th consecutive week, thanks to the demand for safe assets due to concerns about the trade war. Meanwhile, the market is waiting for the US non-farm employment report to predict the direction of interest rates from the Federal Reserve (Fed).

According to Ricardo Evangelista, senior analyst at ActivTrades, the US administration’s new tariff policy is raising concerns about the outlook for global economic growth, thereby increasing the attractiveness of gold as a safe investment channel. This week, US President Donald Trump officially imposed tariffs on China, while also suspending tariffs on Mexico and Canada for a month.

Markets are now focused on the US non-farm payrolls report, due later in the day. A Reuters poll forecasts that US job gains in January could fall to 170,000, down from 256,000 in December 2024. Evangelista said: "I expect the data to show a slowdown in the US labor market... which will reinforce expectations that the Fed will keep interest rates low, which will support gold prices."

Austan Goolsbee, president of the Chicago Fed, said a strong economy with high employment and falling inflation would allow the Fed to cut interest rates. However, uncertainties from tariffs make investors cautious.

In physical gold markets, demand in India and China has fallen as gold prices hit record highs. Perth Mint gold sales in January hit a 10-month low, while silver sales fell 61% from the previous month.

Among other precious metals, spot silver rose 0.1% to $32.23 an ounce, and platinum rose 0.2% to $987.10 an ounce. Palladium fell 1.04% to $968.44 an ounce. Silver and platinum both rose for the week, while palladium fell 3.9%.

Gold price forecast

Analysts say that despite the negative fluctuations in the short term, gold continues to conquer new peaks. Investors are choosing gold as a safe haven asset amid concerns that the trade war tension between the US and China could negatively impact US economic growth.

In 2025, gold prices are forecast to continue to rise. The $2,900/ounce mark is no longer a strong barrier. Interest rates are forecast to continue to decline, while inflation increases, and economic tensions between the US and other countries escalate.

Goldman Sachs Bank believes that gold prices are likely to continue to reach $3,000/ounce due to instability from US policies and investors' need to hedge against risks.

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

In a forecast sent to the London Bullion Market Association (LBMA), Bernard Dahdah - precious metals analyst at Natixis - said that demand from central banks and renewed investor interest will continue to push gold prices higher in 2025.

Looking further into the supply-demand dynamics of the gold market, Dahdah is quite optimistic about this precious metal, forecasting that the price will exceed $3,200/ounce and average around $2,725/ounce this year.