Gold prices today, January 8, 2025, on the international market skyrocketed, pushing the prices of SJC gold bars and plain rings up rapidly. Will domestic gold prices rise back to the 90 million VND/tael mark when the US banking giant has just said that it is difficult to have a breakthrough this year?
As of 7:00 p.m. on January 7 (Vietnam time), the spot price of gold today on the world market was at $2,657/ounce. Gold for February 2025 delivery on the Comex New York floor was at $2,666/ounce.
The world gold price on the night of January 7 was about 28.8% higher (594.2 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 82.6 million/tael, including taxes and fees, about VND 2.7 million/tael lower than the domestic gold price as of the end of the afternoon session on January 7.
Gold prices on the international market have skyrocketed. The prices of SJC gold bars and plain rings will increase rapidly. However, Goldman Sachs - the US banking giant has just forecast that there is no longer any expectation of a breakthrough this year.
Gold rebounded sharply partly due to the weakening USD. The DXY index fell from 108.4 points to 108.15 points.
Gold also rose due to increased tensions between Russia and Ukraine after Russian armed forces poured into Kursk province to deal with a Ukrainian counterattack in the area. Russia sent General Yevkurov, one of its toughest commanders, to Kursk.
In the Middle East, according to the New York Post , Israeli officials are assessing the possibility of attacking Iran's nuclear facilities, wanting to eliminate the country's nuclear capabilities. This is considered a fairly large risk. Observers are concerned about potential reactions from countries such as China, Russia and the Democratic People's Republic of Korea.
Gold prices also rose due to reports that the People's Bank of China (PBOC) resumed gold purchases in December. This was the second consecutive month of gold purchases after a six-month pause.
The PBOC's gold reserves increased by 300,000 ounces in December, bringing the total to 73.3 million ounces, the report showed.
The rise in gold prices is also believed to have been influenced by the news that Indonesia has become a full member of the BRICS group of emerging economies. The BRICS group wants to reduce the influence of the US dollar in the international market.
In the domestic market, at the end of the trading session on January 7, the price of 9999 gold bars at SJC and Doji was listed at 83.8-85.3 million VND/tael (buy - sell), an increase of 300,000 VND compared to the previous session.
SJC announced the price of gold rings of type 1-5 at only 83.8-85.1 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 84.4-85.4 million VND/tael (buy - sell), also slightly increasing by 100,000-300,000 VND/tael compared to the previous session.
Thus, the price of plain round gold rings continues to be almost equal to the price of SJC gold bars.
Gold Price Forecast
Despite the rebound, gold is not expected to see a strong increase in 2025.
US bank Goldman Sachs has just reported that they no longer expect the gold price to reach $3,000/ounce (equivalent to VND93 million/tael) by the end of 2025, as the US Federal Reserve's (Fed) interest rate cut roadmap may extend to mid-2026.
Slower US monetary easing is likely to reduce demand for gold ETFs in 2025, according to Goldman Sachs. Weaker inflows into gold ETFs in December after the US election dragged gold prices lower at the start of the new year in 2025.
However, in the long term, central bank demand for gold will be the main driver for this commodity.
Source: https://vietnamnet.vn/gia-vang-hom-nay-8-1-2025-vang-sjc-nhan-tron-khi-nao-len-90-trieu-2361102.html
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