DNVN - World gold prices continued to increase on January 23, 2025, reaching their highest level in more than 11 weeks. Domestic gold prices also maintained an upward trend, consolidating the 88 million VND per tael mark.
Domestic gold price
The price of SJC gold announced by Saigon Jewelry Company at 5:00 a.m. on January 23, 2025 was VND 86.2 million/tael (buy) and VND 88.2 million/tael (sell). Compared to the previous session, this price increased by VND 800,000 per tael in both directions.
DOJI system updated SJC gold price with buying and selling price respectively at 86.2 and 88.2 million VND/tael, an increase of 700,000 VND compared to early yesterday morning. This price is also listed similarly by Bao Tin Minh Chau Company Limited.
Mi Hong Company adjusted the gold price to VND86.6 million/tael (buy) and VND87.6 million/tael (sell), recording an increase of VND500,000 per tael compared to the previous day. The gap between the buying and selling prices at this unit is VND1 million.
At Phu Quy Gold and Silver Group, the price of SJC gold bars is listed at VND85.8 million/tael (buy) and VND88 million/tael (sell), with a difference of VND2.5 million per tael, higher than other units.
The price of gold rings also increased sharply. According to Bao Tin Minh Chau Company Limited, the listed price of gold rings was VND86.2 million (buy) and VND88.15 million (sell), an increase of VND700,000 per tael compared to the previous morning. Saigon Jewelry Company listed the price of gold rings ranging from VND86 million/tael (buy) to VND87.7 million/tael (sell).
International gold market
Data from Kitco at 5:00 a.m. on January 23, 2025 (Vietnam time) recorded the world gold price at 2,755.42 USD/ounce, up 1.32% compared to the previous day. If converted at the free USD exchange rate of 25,509 VND/USD, the world gold price is about 84.7 million VND per tael (excluding taxes and fees). Thus, the current SJC gold price is about 3.5 million VND/tael higher than the international gold price.
Gold prices hit an 11-week high in large part due to a weak US dollar and concerns over US President Donald Trump’s trade policies. These uncertainties have fueled market volatility and pushed gold prices higher.
Kelvin Wong, market analyst at OANDA, said that President Trump's trade policies, especially tariffs on China and the European Union, are adding to market uncertainty. "As the dollar weakens, gold becomes more attractive to investors using other currencies," he said.
However, if these policies lead to inflation, the US Federal Reserve (Fed) may be forced to maintain high interest rates, reducing gold's appeal as an inflation hedge.
Gold price trend analysis
Macroeconomic and trade factors are creating strong demand for gold as a safe haven asset, but physical demand may ease slightly, while investment in gold is expected to continue to rise, ANZ said.
Meanwhile, spot silver edged down 0.1% to $30.83 an ounce. Palladium rose 0.8% to $964.44, while platinum was steady at $943.25.
It is forecasted that in the coming time, gold will continue to be greatly affected by unexpected economic policies from the Donald Trump administration as well as geopolitical developments globally. The general trend of the gold market is still considered positive, especially in the context of the US's ability to continue pumping money to stimulate the economy.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-23-1-2025-cham-dinh-cao-nhat-hon-11-tuan-qua/20250123083901680
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