Gold price today February 7, 2025: Domestic gold price 'crashed' on God of Wealth day

Domestic gold price today February 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 decreased by 400 thousand VND/tael for selling compared to yesterday.

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

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

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 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, the 10th day of the first lunar month, 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 am 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 thousand 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 rally thanks to concerns about the escalation of 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 gold as a safe haven. However, he also warned that the imposition of 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 strengthen 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 $985.50 an ounce. Platinum, on the other hand, rose 1.4% to $993.50 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 reserves if the trade war escalates. The Trump administration may not be gentle with Beijing, like in the first term.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is bullish on gold. He said 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 debt for stock mortgage loans.

The domestic gold bar price after God of Wealth Day usually tends to decrease, partly due to the domestic buying power subsiding, causing the price to cool down, except in 2022 and 2024, when the gold price still increased steadily.

Quoc Duong