In the world, at 8:00 p.m. on January 8 (Vietnam time), the spot gold price today on the world market was at 2,658 USD/ounce. Gold for February 2025 delivery on the Comex New York floor was at 2,667 USD/ounce.

The world gold price on the night of January 8 was about 28.8% higher (595 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 2.9 million/tael lower than the domestic gold price as of the end of the afternoon session on January 8.

Gold held steady after rising sharply in the previous session amid President-elect Donald Trump’s insistence that U.S. interest rates need to fall further and China’s second consecutive month of gold purchases.

Gold’s rally eased slightly after the Institute for Supply Management (ISM) released a report showing that prices in the service sector are heating up. Accordingly, the ISM service sector price index increased sharply from 58.2 points in the previous month to 64.4 points in December.

Inflation in the US has recently been forecast to increase again, making the US Federal Reserve (Fed) more cautious with the ongoing interest rate cut cycle.

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The price of SJC gold bars and plain rings continues to climb. Photo: MH

The stronger USD has put pressure on gold. The DXY index jumped from 108.15 points at the same time of the previous session to 109.24 points.

In the domestic market, at the end of the trading session on January 8, the price of 9999 gold bars at SJC and Doji was listed at 84-85.5 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 84-85.3 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 84.5-85.7 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 higher than the price of SJC gold bars.

Gold Price Forecast

Although gold is under pressure from a stronger USD and rising US bond yields, it is unlikely that the greenback will increase sharply. This also means that world gold prices may rise even higher.

At a press conference at Mar-a-Lago, President-elect Donald Trump said that interest rates in the US are currently too high and need to be cut sharply. This is a pressure on the USD.

Investors are now waiting for the minutes of the Federal Open Market Committee (FOMC) meeting at its December meeting to look for clues on the interest rate path and comments from policymakers.

In the short term, gold still tends to attract cash flow despite negative pressure from the strong USD. Cash flow shows signs of caution with the US stock market and the cryptocurrency market. The US stock market has recently experienced many sharp declines. Bitcoin is moving away from the $100,000 threshold. At 8:20 p.m. on January 8, BTC was at $95,189.

Instability in financial markets is expected to prompt central banks to increase their gold holdings.

Gold price forecast for the next 10 days: Despite the strong USD, gold prices will continue to increase . Despite the pressure from the strong USD, experts still predict that gold prices in the next 10 days on the world market will increase. From there, the price of SJC gold bars and plain rings will increase accordingly.