Just over 2 hours after opening for trading at the beginning of the week, world gold prices increased sharply by 51.5 USD/ounce. As of 8:37 am on February 23 (Vietnam time), world gold prices were listed around the threshold of 5,1587.4 USD/ounce.
Domestically, business units adjusted sharply upwards. For example, Phu Quy and DOJI adjusted up the price of SJC gold bars to around 181.6-184.6 million VND/tael. Meanwhile, plain gold rings were also increased by Phu Quy to around 181.5-184.5 million VND/tael. The price of gold rings at DOJI is 181.2-184.2 million VND/tael.
Neils Christensen - Kitco News analyst - said that although there is still much room ahead, the strong increase from Friday's session is a clear reminder of why it is not advisable to bet against this precious metal in 2026, especially before the weekend holiday.
Continuing the trend that has lasted for more than a year, the world is still immersed in uncertainty, and new shocks may appear from just one social media post. Even when gold fluctuates strongly in high prices, this is still the only safe haven asset widely recognized as a place to store value and not carry geopolitical risks from third parties.
Price movements in recent weeks may make investors, traders and analysts more cautious about gold in the short term, but very few opinions believe that gold has peaked.
UBS (Union Bank of Switzerland - one of the world's largest financial services corporations, headquartered in Switzerland) offers the prospect of gold prices rising to 6,200 USD/ounce by mid-2026.
Meanwhile, BMO (Bank of Montreal - one of the largest banks in Canada) sees a reliable price increase scenario bringing gold closer to 6,500 USD/ounce.
AuAg Funds (an investment fund management company based in Sweden) believes that the 6,000 USD/ounce mark can be reached this year, although the path will be accompanied by strong, even fierce fluctuations.
More cautiously, ANZ Bank (Australia and New Zealand Banking Group - one of the largest banks in Asia) forecasts gold to reach 5,800 USD/ounce in Q2/ounce.
These are not news-seeking traders. It is that organizations are adjusting long-term assumptions. Their price targets are based on persistent buying demand from central banks, structurally high fiscal deficits, persistent inflation risks and a geopolitical context that shows no signs of normalization.
In addition, there are uncertainties surrounding the US's monetary leadership role, further making investors cautious about betting against gold.
That does not mean the upward path will be smooth. The market has witnessed leverage positions being quickly fled, especially in silver, where fluctuations of 20-30% are no longer hypothetical. High prices always come with fluctuations. Positions become crowded, and momentum will sooner or later weaken.
However, adjustment does not mean creating a peak. The ability to hold steady around 5,000 USD/ounce shows that the "floor" of gold is once again raised.
Each decrease in the past year has seen buying power, when investors see it as an opportunity rather than a signal of retreat. This behavior reflects a profound change in portfolio building thinking.
In the context of large public debt, fractured international alliances and frequently questioned policy credibility, the attractiveness of gold comes not only from vague worries. That is the need for defense.
Gold is one of the few assets that does not depend on the issuing organization's commitments, government stability, or partner balance sheets. The value of this characteristic increases as instability persists.
Whether 6,000 or 6,500 USD/ounce sounds ambitious, the more important question is what can reverse current momentum. A sustainable return to fiscal discipline, cooling geopolitical tensions and strengthening monetary credibility can make a difference. Currently, those conditions are still expected.
Until the picture changes, betting heavily against gold - especially before a potentially risky weekend - is still an option with a less attractive risk/profit ratio.
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