DNVN - On January 3, 2025, the world gold price recorded a sharp increase, reaching its peak in more than two weeks. In the domestic market, the price of SJC gold bars and gold rings also witnessed a significant adjustment, with an increase of up to 1.3 million VND/tael compared to the previous session, and this trend is forecast to continue.
Domestic gold prices increase sharply
The domestic gold market recorded a significant increase. Specifically, the price of gold bars increased by 1.3 million VND for buying and 800,000 VND for selling. Along with that, the price of gold rings of many brands also increased simultaneously. Below are the details of the listed prices:
Gold bars from major brands are currently bought at VND83.5 million and sold at VND85 million/tael. Phu Quy SJC gold bars alone are recorded to be bought at VND100,000 higher than other brands.
Other major brands also adjusted their prices sharply. SJC 9999 gold rings are currently listed at VND83.5 million/tael for buying and VND84.8 million/tael for selling, up VND1.3 million for buying and VND800,000 for selling compared to the previous day.
At DOJI, gold prices in Hanoi and Ho Chi Minh City increased by 700,000 VND for buying and 800,000 VND for selling, reaching 84 million VND/tael and 85 million VND/tael respectively.
PNJ brand gold rings recorded buying and selling prices of VND83.9 million/tael and VND85 million/tael, respectively, up VND500,000 and VND800,000 each way.
Bao Tin Minh Chau listed the price of plain round gold rings at 83.9 million VND/tael for buying and 85 million VND/tael for selling, with a similar increase of 1.3 million VND for buying and 800,000 VND for selling.
Phu Quy SJC currently lists the buying price for gold rings at 84 million VND/tael, while the selling price is 85.1 million VND/tael, an increase of 1 million VND for buying and 600,000 VND for selling.
World gold price
According to Kitco, at 5 a.m. this morning (Vietnam time), the world spot gold price was recorded at 2,658.1 USD/ounce, up 1.31% compared to the previous session. If converted according to the free USD exchange rate of 25,717 VND/USD, the world gold price is currently equivalent to about 82.4 million VND/tael, excluding taxes and fees. Compared to domestic SJC gold bars, the international price is 2.6 million VND/tael lower.
World gold prices hit their highest level in more than two weeks, thanks to increased demand for safe assets, as investors anticipated the interest rate outlook from the Federal Reserve (Fed) and the impact of President-elect Donald Trump's trade policies.
Spot gold rose 1.2% to $2,654.24 an ounce at 2:57 p.m. EST, its highest since Dec. 16. Meanwhile, U.S. gold futures rose 1.1% to $2,669 an ounce.
“I don’t see any specific news that could have a big impact on the market, but geopolitical factors such as international tensions and financial uncertainty ahead of President-elect Trump’s inauguration are providing support,” said StoneX analyst Rhona O’Connell.
Gold is seen as a safe asset in times of low interest rates and plays an important role in hedging against economic and geopolitical risks.
Early Wednesday morning, Russia launched a drone attack on Kyiv, causing damage in at least two districts. Meanwhile, the Israeli military also carried out attacks on the outskirts of Gaza City.
Investors are now waiting for important US economic reports next week, including the ADP employment report, the December FOMC meeting minutes and the monthly employment report to assess the interest rate trend in 2025.
In 2024, gold prices recorded a gain of more than 27%, the biggest increase since 2010, thanks to interest rate cuts, central bank purchases, and geopolitical tensions.
“A correction or consolidation period at the beginning of the year could pave the way for a new rally,” said Forex.com analyst Fawad Razaqzada, who predicted that a gold price target of $3,000 an ounce is entirely possible.
He also commented that the “end of the Trump deal” – associated with the weakening of the US dollar and the buoyant stock market trend – could support higher gold prices.
Uncertainty ahead of President Trump's inauguration on January 20, coupled with his expected protectionist and tariff policies, is expected to fuel inflation and risk triggering a trade war.
In other metals, spot silver rose 1.9% to $29.43 an ounce, palladium held steady at $910.64 an ounce, and platinum rose 1.9% to $920.72 an ounce.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-3-1-2025-sjc-cung-vang-nhan-tang-vot/20250103072927750
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