As of 8:00 p.m. on January 15 (Vietnam time), the spot price of gold today on the world market was at $2,685/ounce. Gold for February 2025 delivery on the Comex New York floor was at $2,694/ounce.

The world gold price on the night of January 15 was about 30.2% higher (622 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 83.5 million/tael, including taxes and fees, about VND 3.1 million/tael lower than the domestic gold price as of the end of the afternoon session on January 15.

The price of gold in the international market continues to increase and is forecast to reach 3,000 USD/ounce this year. In the country, the price of SJC gold bars and plain rings is approaching 87 million VND/tael and the threshold of 90 million is not far away.

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Gold price is heading towards 87 million VND/tael. Photo: HH

Global gold prices rose amid a weakening US dollar after weaker-than-expected PPI manufacturing data and new data showing US inflation is on the decline, thereby increasing hopes that the US Federal Reserve (Fed) will continue to cut interest rates.

In the domestic market, at the end of the trading session on January 15, the price of 9999 gold bars at SJC and Doji was listed at 84.6-86.1 million VND/tael (buy - sell), an increase of 200,000 VND compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 84.5-86.1 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 84.8-86.3 million VND/tael (buy - sell), an increase of 200,000 VND/tael compared to the previous session.

Gold Price Forecast

Although gold has been stuck at $2,700 an ounce for more than a month, experts say there will be no shortage of catalysts to help gold prices rise in 2025.

In a recent interview with Kitco News, Chris Mancini, portfolio manager of the Gabelli Gold Fund, said the main catalyst is the ongoing US economic uncertainty and its impact on consumer prices.

Gold will rise in price due to uncertainty surrounding the US economy and potential inflation, according to Chris Mancini.

Accordingly, inflation in the US is expected to increase as President-elect Donald Trump carries out plans to extend and expand tax cuts and support the manufacturing sector.

Mancini said a global trade war could slow the US economy and weaken the country's labor market. He did not rule out the possibility of a US recession.

Investors should keep an eye on the U.S. labor market, Chris Mancini noted, as the weakness in the labor market has prompted the Fed to cut interest rates even as inflation remains high. Stagflation will boost gold prices.

Gabelli Gold Fund experts believe that increasing economic instability in the US will push gold prices to $3,000/ounce.

Gold price forecast for the next 10 days: Finding the momentum to increase, will rings and SJC reach 90 million? A series of economic factors are forecast to strongly support gold in the next 10 days. Gold prices are likely to return to 2,700 USD/ounce. Will rings and SJC thus be given more momentum to increase in price to approach the 90 million VND/tael mark?