Gold price on January 10, 2025: Gold market continues to increase strongly

DNVN - On January 10, 2025, the world and domestic gold prices increased sharply. Domestic gold bars and gold rings reached 86 million VND/tael.

Domestic gold price

Domestically, gold prices have maintained a strong upward trend with adjustments ranging from VND200,000 to VND500,000 per tael. Current prices of gold brands are listed as follows:

Gold bar brands recorded a buying price of VND84.5 million/tael, while the selling price reached VND86 million/tael.

Bao Tin Minh Chau gold bar brand is purchased at 200,000 VND per tael higher than other brands.

Similarly, gold rings were also adjusted up in both directions. The price of SJC 9999 gold rings is listed at 84.5 million VND/tael for buying and 85.8 million VND/tael for selling, an increase of 500,000 VND each way compared to yesterday.

DOJI in Hanoi and Ho Chi Minh City adjusted the buying and selling price of gold rings to VND84.8 million/tael and VND86 million/tael, an increase of VND300,000 in both directions.

PNJ brand announced the buying price of gold rings at 84.8 million VND/tael and the selling price at 86 million VND/tael, increasing by 300,000 VND and 500,000 VND respectively.

Bao Tin Minh Chau listed the price of plain round rings at 84.9 million VND/tael for buying and 86.2 million VND/tael for selling, an increase of 200,000 VND and 300,000 VND compared to the previous day.

Phu Quy SJC increased by 200,000 VND, raising the buying and selling price of gold rings to 84.7 million VND/tael and 86 million VND/tael, respectively.

World gold prices continue to increase sharply

According to Kitco, at 5:00 a.m. this morning, Vietnam time, the world spot gold price reached 2,669.6 USD/ounce, up 0.28% compared to the previous day. Converted at the free USD exchange rate of 25,716 VND/USD, the world gold price is equivalent to 82.7 million VND/tael, excluding taxes and fees. The difference between the price of SJC gold bars and the world gold price is currently 3.4 million VND/tael.

Gold prices rose sharply on Thursday, hitting a nearly four-week high as safe-haven demand increased. Investors are now watching the policies that President-elect Donald Trump plans to implement, as well as their impact on the US economy and inflation.

“Safe-haven demand is providing modest support for gold, offsetting pressure from a strong US dollar and rising bond yields,” said UBS analyst Giovanni Staunovo.

The US Dollar Index is near its highest level of the week, reducing the appeal of gold to investors using other currencies. The yield on the 10-year Treasury note remains near an eight-month high. “Market volatility is likely to continue as Donald Trump prepares to take office,” Staunovo said.

Mr. Trump will officially take office on January 20. His proposed tax policies could lead to trade wars and increase inflation. In this context, gold is often seen as an inflation hedge.

Investors are now looking ahead to the U.S. nonfarm payrolls report due on Friday. A Reuters poll showed the economy added 160,000 jobs in December, down from 227,000 in November.

Gold prices rose to a four-week high on Wednesday after a weaker-than-expected U.S. private-sector jobs report. Minutes of the Fed’s December meeting showed concerns about Mr. Trump’s tax and immigration policies, which could prolong the fight against inflation.

Gold Price Forecast 2025

Paul Williams, CEO of Solomon Global, predicts that the factors that drove gold prices last year will continue into 2025, supporting the precious metal. “2024 has highlighted gold’s role as a safe haven asset,” Williams said. “Amid geopolitical conflict and economic uncertainty, gold has provided stability for investors.”

In addition to the current conflicts, uncertainty is increasing as President-elect Donald Trump continues to threaten tariffs. Paul Williams assessed that these tax policies will be favorable for gold, as they often lead to economic instability and inflation, two factors that are positive for the precious metal.

Many experts predict that the trend of deglobalization and a multipolar world will make gold a more attractive financial asset. Williams said that central banks are likely to continue buying gold to diversify their portfolios and reduce their dependence on the US dollar.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-10-1-2025-thi-truong-vang-tiep-tuc-da-tang-manh/20250110080508769