However, the price of SJC gold bars and gold rings mentioned above has decreased slightly compared to noon of the same day. The price of gold rings at noon on March 10 continued to increase at the store systems, reaching an all-time high of 93.5 million VND/tael.

Financial analysts believe that the reason why international gold prices continue to rise is because China - the world's second largest economy in February 2025 had a negative consumer price index (CPI), causing the market to fear increased risks. Specifically, China's CPI in February decreased by 0.7% compared to the same period last year, much lower than the 0.5% increase in January, lower than the forecast of a 0.5% decrease.

Gold bounced back and is expected to hit $3,000 an ounce.

China's February CPI also fell 0.2% month-on-month, lower than the forecast 0.1% decline and much lower than January's 0.7% increase. The February core CPI excluding food and energy fell 0.1%. This is the first time the index has fallen into negative territory since 2021 and the second time the index has fallen in more than 15 years.

Experts say that the consumer price index and producer price index both fell to negative levels, showing that the Chinese economy is still on the path of deflation, despite the economic stimulus policies of the Chinese government. The CPI has just decreased for the first time, but the PPI has decreased for the second consecutive month. The PPI is the producer price index, if it continues to decline deeply, it will lead to a sharp decrease in the CPI in the coming months.

Bullish sentiment is back in full swing, with two-thirds of industry professionals and retail traders betting on higher gold prices in the coming week, according to the latest Kitco News weekly gold survey. Many experts say that jitters in the stock market and concerns about inflation are enough to keep gold prices higher in the short term.

Financial analysts say central bank demand for gold will continue to support gold prices, with prices forecast to reach $3,200 an ounce. Although the gold market has recovered from a sharp sell-off last week, analysts warn that the current price trend remains unclear. However, some analysts say the market needs a new catalyst to push gold prices above $3,000 an ounce.

Meanwhile, global uncertainty due to former President Donald Trump’s inconsistent tariff policies and the threat of a global trade war are supporting gold prices. However, some experts say that much of this uncertainty has already been priced into market prices.

Meanwhile, the U.S. dollar index fell 0.2% to 103.64 today, making gold more attractive to buyers using other currencies. The greenback fell 2.5% last week, marking the biggest weekly decline for the dollar since early July 2022.

The central exchange rate on March 10 was announced by the State Bank at 24,754 VND/USD, up 24 VND compared to the listed rate last weekend. Applying a 5% margin, the current USD exchange rate that commercial banks are allowed to trade is from 23,516 - 25,992 VND/USD. The reference buying and selling exchange rate was also increased by the State Bank's Exchange to 23,567 - 25,941 VND/USD. The USD price in banks also remained unchanged. At Vietcombank, the transfer price continued to be 25,330 VND, and the selling price was 25,690 VND.

Source: https://baodautu.vn/vang-bat-tang-va-duoc-du-bao-cham-nguong-3000-usdounce-d251672.html