Gold price today March 9, 2025: World gold price and domestic gold price slightly decreased, close to record high

Domestic gold price today March 9, 2025

At the time of survey at 4:30 a.m. on March 9, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 90.9 million VND/tael for buying and 92.9 million VND/tael for selling. Today's gold price decreased by 200 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 92-93 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 200 thousand VND/tael for buying and increased by 200 thousand VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by the enterprise at 90.9-92.9 million VND/tael (buying - selling), down 200 thousand VND/tael in both buying and selling directions compared to yesterday.

The difference between buying and selling prices at SJC, DOJI, Bao Tin Minh Chau, PNJ, and Phu Quy stores is 2 million VND/tael. Except for the difference between buying and selling prices at Mi Hong, which is only 1 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 remains unchanged in both buying and selling directions compared to yesterday.

The latest gold price list today, March 9, 2025 is as follows:

World gold price today March 9, 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 2,911.41 USD/ounce. Today's gold price decreased by 5.76 USD compared to yesterday. Converted according to the USD exchange rate, on the free market (25,840 VND/USD), the world gold price is about 91.69 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.21 million VND/tael higher than the international gold price.

The world gold price is currently at a high level, partly due to the depreciation of the USD. As of 10:00 a.m. on March 9, the US Dollar Index, which measures the fluctuations of the USD compared to 6 major currencies, decreased by 0.21% to 103.810 points. This shows that the USD is weakening, and the gold price is benefiting from this situation.

Jerome Powell, Chairman of the US Federal Reserve (FED), said the FED has no plans to cut interest rates in the near future. The reason is that the US economy and labor market are still operating stably, while inflation still has many potential risks. Mr. Powell also emphasized that the level of economic uncertainty remains high, but he did not mention in detail about trade wars or other uncertainties. The gold market had almost no significant reaction to Mr. Powell's statements.

During the Q&A session, Powell acknowledged that tariffs on imports could increase inflation. But he did not emphasize that risk in his official remarks. He said the Fed is closely monitoring inflation indicators, and some short-term indicators have recently increased slightly. But over the long term, most indicators remain stable and consistent with the Fed’s 2% inflation target.

Mr. Powell also said that if the labor market weakens unexpectedly or inflation falls faster than expected, the Fed will adjust monetary policy accordingly. Markets are now pricing in two more rate cuts this year, after data from the Fed's Atlanta branch showed that the US economy shrank 2.4% in the first quarter.

The US dollar has been on a sharp sell-off this week, falling more than 3% against major currencies as markets react to the US administration’s new tariff policies. The yield on the 10-year US government bond also hit its highest level in more than a week, reducing the appeal of gold.

Inflation will be in the spotlight next week as a number of key data on US prices and consumer spending are released. Most notably, the February CPI report is due on Wednesday, followed by the PPI report on Thursday, and the University of Michigan consumer sentiment survey on Friday.

Additionally, other important events such as the US JOLTS jobs report, the Bank of Canada interest rate decision, and the US weekly unemployment report will also affect the market.

Market sentiment has changed significantly since last week. This may be due to the weakening of the US dollar, along with concerns about global economic and political instability. Many investors are expecting gold prices to continue to rise and possibly reach new record highs.

Gold Price Forecast

With strong consensus from both experts and individual investors, gold prices may continue their upward trend in the coming time.

Adrian Day, chairman of Adrian Day Asset Management, said that gold prices will rise in the coming period. He said that the downward correction he had previously predicted is over, and that gold prices could reach an all-time high very soon.

Jim Wyckoff, senior analyst at Kitco, also agreed that gold prices will continue to rise thanks to increased geopolitical uncertainties, especially from the policies of the US administration.

Central bank demand for gold will continue to support gold prices, with prices forecast to reach $3,200 an ounce, according to Chantelle Schieven, head of research at Capitalight Research.

Bart Melek, head of commodity strategy at TD Securities, also believes that China and many other central banks will continue to buy gold to protect foreign exchange reserves and reduce the risk of sanctions from the US and EU. He predicts that gold prices will soon stabilize above $ 3,000 / ounce.

The recovery of gold prices to near historic highs shows that investors are looking to gold as a safe haven from economic and political concerns. Gold is considered a tool to preserve wealth against instability and inflation.

Concerns about US tariffs pushed gold to a record high of $2,956.15 on February 24, and prices have risen more than 11% so far this year, said Yeap Jun Rong, a market analyst at IG. He sees a $3,000 an ounce target becoming increasingly likely as gold continues its upward trend.

Analyst Fawad Razaqzada also said that the FED is likely to cut interest rates more amid weak economic data, which will support gold prices to remain high and possibly reach $3,000/ounce in the near future.