World gold has just experienced a rather quiet trading week as the world welcomes the new year 2025, when investors are said to focus more on partying instead of monitoring gold price movements.

As a result, gold prices fluctuated within a narrow range throughout the week, with spot prices near $2,640 an ounce.

It is forecasted that in the next 10 days, when the market has returned to normal operations, the gold price will have to face the USD which is in a strong uptrend, the highest in 25 months compared to the basket of 6 major currencies. The DXY index increased to over 109 points.

Many analysts say that despite the US dollar being at its highest level in the past two years, gold is not weak at all. David Morrison, senior market analyst at Trade Nation, said that the bullish momentum is starting to form for gold.

Similarly, Alex Kuptsikevich, chief market analyst at FxPro, said that there are times when gold and the US dollar move in tandem. He said that gold is an investment option when geopolitics remain tense in many parts of the world. The US dollar and gold have “moved together” many times in history.

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Gold still has many prospects for price increases in the next 10 days. Photo: HH

The next 10 days could shape the direction of the US dollar and gold in the first quarter of the new year as the market will receive several important employment data reports, Alex Kuptsikevich said.

The expert noted that the US economy is gradually strengthening, providing strong support for the USD, which could push gold prices down in the short term. However, falling gold prices are a good buying opportunity for investors.

David Miller, chief investment officer and senior portfolio manager at Catalyst Funds, expressed optimism about gold prices in the next 10 days. He believes that the strong momentum of gold in 2024 will continue to create momentum for gold from the first days of the new year.

Moreover, not all analysts agree that the US dollar will maintain its strength in the long term.

Currency analysts at Bank of America expect the dollar to maintain its momentum only in the first half of the year. Bank of America’s 2025 outlook shows that the dollar will remain strong in the short term, supported by U.S. inflation and tariff policies, but will weaken later in the year as these policies weigh on the U.S. economy.

After a series of analyses, analysts confidently expect gold prices to rise to $3,000/ounce by the end of the year.

George Milling-Stanley, chief gold strategist at State Street Global Advisors, said gold remains an attractive safe-haven asset for central banks as they diversify their portfolios away from the US dollar.

In the domestic market, although the world gold price is quiet, the trading range in the sessions of the week is quite large, up to millions of VND/tael.

At the end of the week, SJC gold bars skyrocketed to 84-85.5 million VND/tael (buy - sell).

The price of 1-5 chi SJC gold rings is listed at 84-85.3 million VND/tael (buy - sell), while the price of 9999 gold rings at Doji closed the session at 84.55-85.5 million VND/tael (buy - sell).

Gold prices continue to set records, which 'sharks' buy the most? In 2024, world gold prices will continue to increase, setting many new records. ETF funds - "sharks" in the gold market, are trading actively as they continuously buy, sell, and take profits.