Gold price update on the morning of February 20: Continue to buy, prices skyrocket

Updated SJC gold price

As of 6:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND89.6-91.9 million/tael (buy - sell), an increase of VND1 million/tael for buying and VND800,000/tael for selling.

The difference between the buying and selling prices of SJC gold at Saigon Jewelry Company SJC is at 2.3 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 89.6-91.9 million VND/tael (buy - sell), an increase of 1 million VND/tael for buying and an increase of 800,000 VND/tael for selling. The difference between the buying and selling prices of SJC gold was listed by Bao Tin Minh Chau at 2.3 million VND/tael.

DOJI Group listed the price of SJC gold bars at VND89.6-91.9 million/tael (buy - sell), an increase of VND1 million/tael for buying and VND800,000/tael for selling. The difference between the buying and selling prices of SJC gold was listed by DOJI at 2.3 million VND/tael.

9999 round gold ring price

As of 6:00 a.m. today, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 90.1-91.9 million VND/tael (buy - sell); increased by 500,000 VND/tael for buying and increased by 800,000 VND/tael for selling. The difference between buying and selling is listed at 1.8 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 90.15-92 million VND/tael (buy - sell); increased by 550,000 VND/tael for buying and increased by 900,000 VND/tael for selling. The difference between buying and selling is 1.5 million VND/tael.

World gold price

As of 0:00 on February 20, the world gold price listed on Kitco was at 2,927.9 USD/ounce.

Gold price forecast

World gold prices increased despite the increase of the USD. Recorded at 0:00 on February 20, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 107.240 points (up 0.27%).

Gold prices hover near their all-time highs. Safe-haven buyers continue to support two precious metals this week.

Gold futures for April increased by 8.4 USD to 2,957.4 USD/ounce. The price of silver futures for March increased by 0.077 USD to 33.45 USD/ounce.

There is much speculation that the US could re-evaluate its gold reserves from $42/ounce (last valued in 1973) to the current spot price.

SP Angel - an independent financial consulting firm specializing in providing innovative solutions for the capital market for developing businesses, said: "There are opinions that if the US revalues gold reserves at current prices, the Ministry of Finance can borrow more money without being limited by the debt ceiling, helping to delay the time to renegotiate public debt."

Some reports say Elon Musk is calling for an audit of Fort knox gold vault, which is now reported to have 4,580 tons of gold. SP Angel believes that increasing awareness of gold's value may be driving investment flows into the metal. Gold ETFs are also attracting more capital as individual investors are increasingly interested in gold.

The Asian and European stock markets fluctuated in opposite directions in the overnight trading session. US stock indexes are expected to open weaker as the trading session in New York begins. Currently, these indicators are still fluctuating not far from the record high set at the end of last year.

In overnight news, US President Donald Trump said he could impose import tariffs on cars, semiconductors and pharmaceuticals at around 25%, with the decision expected to be announced on April 2. Mr. Trump did not specify which countries would be affected. Uncertainty over US tariff policies and global economic impacts continue to boost safe-haven demand for gold.

US Secretary of State Rubio has told his European allies that Washington will maintain sanctions against Russia at least until an agreement is reached to end the Russia-Ukraine war. Trump said he could meet Russian President Vladimir Putin to discuss a peace deal before the end of this month.

Gold futures for April are showing a strong upward trend in the short term, according to technical analysis on the chart. Buyers are aiming to push prices above $3,000/ounce. On the contrary, sellers want to pull the price down to below 2,850 USD/ounce.

For now, the first resistance that gold needs to overcome is 2,968.50 USD/ounce, followed by 2,985 USD/ounce. Meanwhile, if prices fall, the key support zone will be $2,925/ounce and then $2,900/ounce.

Other major outside markets saw Nymex crude oil futures rise to around $72.50/barrel. The yield on the 10-year US Treasury note is currently at 4.56%.