On March 4, 2025, the global gold market witnessed significant fluctuations as prices increased alongside growing concerns over U.S. tariff policies. At 05:09:37 AM, the spot gold price rose to $2,893.64 per ounce, experiencing a remarkable increase of $34.18, which translates to approximately 1.2% over the last 24 hours. Converting this value through the Vietcombank exchange rate establishes the gold price at 88,683,000 VND per tael, whereas utilizing the free market exchange rate (25,752 VND/USD) positions the price closer to 89.7 million VND per tael, not inclusive of taxes and fees.
By 05:30 AM, domestic gold prices also reflected this growth, with several brands reporting increases. Prices were being registered at 89 million VND per tael for buying and 91 million VND per tael for selling across the board. Notably, Bao Tin Minh Chau and Phu Quy SJC recorded prices 300,000 VND higher than other brands. Specifically, SJC 9999 gold bars experienced price adjustments, raising both buying and selling prices by 500,000 VND to reach 89 million VND and 90.9 million VND respectively. DOJI, active across Hanoi and Ho Chi Minh City, noted purchasing prices adjusted upward by 650,000 VND, reaching 90.65 million VND per tael and selling at 91.5 million VND per tael.
The prices for gold rings also climbed. For example, SJC's 9999 gold rings reported selling for 91,500,000 VND and buying for 89,600,000 VND, reflecting broader upward trends of 600,000 to 1,000,000 VND depending on the brand.
According to GoldPrice, as of 8:40 AM on March 4, the world gold price stood at $2,889 per ounce, with the previous day seeing an increase of around 600,000 VND compared to earlier rates.
This surge can partly be attributed to the safe-haven demand, especially with recent announcements of U.S. tax policies by President Donald Trump. On the same day, the U.S. initiated a 25% tax on goods from Mexico and Canada, and the additional 10% tax on Chinese imports raised concerns about retaliatory actions and increased global trade tensions. Such uncertainties have historically driven investors toward assets like gold.
Adding to this backdrop, the downgrading of the U.S. dollar's strength has made gold more appealing to holders of other currencies, enhancing its position as a safe investment during periods of economic instability and inflation. Market analysts are particularly attentive to the potential for the U.S. Federal Reserve to ease interest rates as economic growth forecasts appear increasingly perilous.
Daniel Pavilonis, a senior market strategist at RJO Futures, indicated optimism about gold prices, projecting they might exceed $3,000 per ounce. He stated, “Given the tariff levels and the response potential, central banks will step in and buy gold.” This reflects the market's resilience and reactive nature to fiscal measures undertaken by governments.
Market analyst Han Tan from Exinity Group concurred, emphasizing the low likelihood of gold depreciation due to the strong demand for safe-haven assets amid increasing geopolitical strains and economic forecasts. With inflation data from the U.S. contributing to hesitancy surrounding interest rate decisions for 2025, the conditions seem promising for gold’s continued price appreciation.
By 9:00 AM, Bitcoin also exhibited notable trends. According to data from Coindesk, Bitcoin's price fell sharply by 10.4% over the preceding 24 hours, trading at $83,681 per BTC. This downward movement followed significant volatility, where Bitcoin's value had declined from $93,000 to $83,500, contributing to heightened concerns among cryptocurrency traders.
Liquidity for the cryptocurrency, characterized as the largest by market capitalization, peaked over $161.4 billion, marking a 16.2% rise from the previous day. Bitcoin’s market capitalization settled at approximately $1,850 billion, encompassing 59.2% of the total cryptocurrency market value. Overall, the total market capitalization for cryptocurrencies dropped by 11.7% to $2,787 billion.
Despite tumultuous changes within the gold and cryptocurrency scenes, the focus remains squarely on economic developments surrounding U.S. fiscal policy and its ramifications for global markets. The Treasury's movements, especially under current tensions, play a pivotal role in shaping investor sentiment and guiding future market decisions.
Market observers continue to call for diligence as conditions evolve, with indicators showing both gold and cryptocurrencies under fluctuated pressures yet focusing primarily on macroeconomic discussions and fiscal directions from key global leaders.