As of 7:00 p.m. on January 1 (Vietnam time), the spot price of gold today on the world market was at $2,625/ounce. Gold for February 2025 delivery on the Comex New York floor was at $2,641/ounce.

The world gold price on the night of January 1 was about 27.2% higher (562 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 81.6 million/tael, including taxes and fees, about VND 2.6 million/tael lower than the domestic gold price as of the end of the afternoon session on January 1.

Gold prices on the international market are stagnant due to the New Year and New Year holidays in Western countries. Domestically, the prices of SJC gold bars and gold rings are equal.

Recently, the gold market has not maintained the strong upward trend as in the first 10 months of 2024 when many supporting factors have declined, such as expectations of sharp interest rate cuts, geopolitical factors, high inflation, concerns about the US economy...

The election of Donald Trump has changed many expectations in the market. The market is wondering about the trend of gold prices at the beginning of the new year, especially after Donald Trump returns to the White House on January 20.

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Gold prices are forecast to increase more slowly in 2025. Photo: Nam Khanh

Also this month is the peak season for gold consumption in Asia, including China and India. What will demand be like this year and how will the gold purchases by central banks of many BRICS countries affect gold?

Despite being under a lot of pressure, including profit-taking and expectations that there will be few bright spots in 2025, the gold price still stands firmly above the threshold of 2,600 USD/ounce. In the last session of 2024, the pressure at times caused the gold price to fall below the threshold of 2,600 USD/ounce, but bottom-fishing activities quickly increased again, pushing the price up to the threshold of 2,625 USD.

Domestically, at the close of the session before the holiday, on December 31, 2024, the price of 9999 gold bars at SJC and Doji was listed at VND 82.2-84.2 million/tael (buy - sell), down VND 300,000 compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 82.2-84 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 83.3-84.2 million VND/tael (buy - sell), unchanged from the previous session.

Thus, the price of plain round gold rings is still almost equal to the price of SJC gold bars.

Gold Price Forecast

In fact, most major organizations in the world predict that gold prices will continue to increase in 2025, although the increase will not be as strong as in 2024.

Countries around the world are still on a trend of reducing interest rates, although some countries, including the US, are becoming more cautious and are likely to have a roadmap to reduce interest rates at a slower pace.

Previously, investors' expectations of a sharp US interest rate cut were partly reflected in the sharp increase in gold prices in early October 2024.

However, the market has recently discounted this expected decline.

Currently, investors closely monitor US monetary policy moves as well as inflation developments and geopolitical tensions in the world to make buying and selling decisions in the gold market.

World gold prices staying above the $2,600 threshold have helped domestic gold prices stabilize above VND82 million/tael (buy) and VND84 million/tael (sell).

The World Gold Council (WGC) predicts that, if there are no major fluctuations, gold prices in 2025 will increase more slowly than last year after having the best year in more than a decade.

In 2024, gold prices increased by more than 27.2%.

Many major organizations such as Bank of America and Goldman Sachs still predict that gold could reach $3,000/ounce in the second half of 2025.

The world is in turmoil, gold prices, stocks, Bitcoin plummet after signals from the Fed . The world's financial markets are in turmoil. Gold prices, US stocks, Bitcoin plummeted after the Fed became more cautious about the US economy when Donald Trump took office.