Gold price today March 8, 2025: World gold price and domestic gold price increased sharply, breaking the peak

Domestic gold price today March 8, 2025

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

DOJI listed the price of 9999 gold today at 91.1 million VND/tael for buying and 93.1 million VND/tael for selling. Today's gold price increased by 400 thousand 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 91.8-92.8 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 700 thousand VND/tael for buying and 300 thousand VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by businesses at 91.1-93.1 million VND/tael (buying - selling), an increase of 400 thousand VND/tael in both buying and selling directions compared to yesterday.

The difference between buying and selling prices at DOJI increased to 2 million VND/tael, similarly at Bao Tin Minh Chau it was 2 million VND/tael.

SJC gold price at Phu Quy is traded by businesses at 90.9-92.9 million VND/tael (buy - sell), gold price increased 200 thousand VND/tael in both buying and selling directions compared to yesterday.

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

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

According to Kitco, the world gold price recorded at 4:30 am today, Vietnam time, was 2,920.2 USD/ounce. Today's gold price increased by 7.58 USD compared to yesterday. Converted according to the USD exchange rate, on the free market (25,810 VND/USD), the world gold price is about 91.86 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.24 million VND/tael higher than the international gold price.

Gold prices edged up on Monday and are likely to post a weekly gain, buoyed by safe-haven flows and a US jobs report showing lower-than-expected job growth in February, bolstering expectations that the Federal Reserve could cut interest rates this year.

The US economy added 151,000 jobs in February, the Labor Department reported, compared with the 160,000 jobs forecast by economists surveyed by Reuters. The unemployment rate remained at 4.1%, compared with the previous forecast of 4%.

Gold prices rose more than 2% this week as US President Donald Trump's constantly changing tariff policies increased market uncertainty.

US gold futures held steady at $2,925 an ounce. The US dollar index is on track for its worst week since November 4, making gold cheaper for foreign investors. 'The weaker-than-expected data is providing some support for gold... and the weaker dollar this week is also contributing to the trend,' said Bob Haberkorn, senior market strategist at RJO Futures.

Peter Grant, vice president and senior metals strategist at Zaner Metals, said the market is currently in a consolidation phase, with continued support from safe-haven demand.

Investors are also awaiting a speech by Fed Chairman Jerome Powell on the economic outlook later in the day, which could provide further insight into the path of monetary policy. While gold is seen as a hedge against inflation, higher interest rates could reduce the appeal of gold as it is a non-yielding asset.

The market is currently pricing in a 76 basis point rate cut by the Fed later this year, starting in June.

Data from the People's Bank of China showed the country continued to buy gold in February, marking the fourth consecutive month of increasing gold reserves.

Meanwhile, spot silver prices fell 1% to $32.28 an ounce, platinum prices fell 0.1% to $965.58 an ounce, and palladium prices edged up 0.5% to $946 an ounce.

Gold price forecast

Analyst Fawad Razaqzada of City Index said that the US Federal Reserve (Fed) is likely to continue to cut interest rates in the near future due to recent signs of weakness in the US economic data. This situation increases uncertainty in the market. In that context, gold is still maintaining near its peak and may reach $3,000/ounce in the near future.

Experts say that falling opportunity costs, combined with gold continuously setting new peaks, have driven strong capital flows into this precious metal market.

At the same time, the decline in stock markets and concerns about stagnant inflation have also caused many investors to seek gold as a safe haven.

Independent analyst Ross Norman said economic uncertainty is a key factor affecting gold prices. After the recent rally, gold is in a consolidation phase and is likely to continue towards the $3,000/ounce mark.

Many forecasts show that if the USD continues to weaken, world gold prices may fluctuate between 2,880-2,920 USD/ounce.

In case of escalating political instability, gold prices could reach $2,950/ounce. Conversely, if the USD recovers or the Fed moves to raise interest rates, gold could fall to $2,850-2,860/ounce.

However, gold is struggling in Europe as many investors turn to the stock market due to increased defense budgets and military spending by EU countries. Analysts at financial group Heraeus said that if the demand for safe havens continues, the gold rally could continue in the coming days.

Frank Watson, market analyst at Kinesis Money, said the People's Bank of China (PBOC) continued gold purchases in February, which has been a key factor supporting gold prices and helped to further strengthen the market. According to him, this move by the PBOC, along with increased purchases by other central banks, has contributed significantly to the strong rally in gold over the past two years.

Despite the many supportive factors, Axel Merk, Chief Investment Officer and Founder of Merk Investments, warns that the biggest risk for gold is that it rises too quickly. Currently, the price of gold has surpassed $2,900 an ounce, up more than 11% since the beginning of the year.