Today, January 31, the world gold price increased by 40 USD/ounce and set an all-time record when it reached 2,800 USD/ounce.
World gold price increased dramatically at the beginning of the year - Photo: NGOC PHUONG
Gold price hits $2,800/ounce at the beginning of the year
Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 85.4 million VND/tael.
After setting a new record, world gold prices are currently fluctuating around 2,795-2,799 USD/ounce.
Thus, compared to the old peak, the world gold price is currently about 10 USD/ounce higher.
According to expert Tran Duy Phuong, the world gold price increased sharply because a series of important economic news from the US announced last night were all worse than expected.
In addition, the chairman of the US Federal Reserve (Fed) stated that the speed of the Fed's interest rate cut, whether fast or slow or keeping it the same, depends entirely on US economic data and US inflation data.
This further strengthens expectations that the Fed will cut interest rates further, thereby pushing up world gold prices.
Mr. Tran Duy Phuong also predicted that the world gold price will likely reach a peak of 2,808 USD/ounce, but then there will be a sharp drop of up to 100 USD/ounce due to investors taking profits.
"The nature of gold is to increase and decrease, so it is highly likely that after setting an all-time record, the world gold price will fall below 2,700 USD/ounce.
Domestic gold price forecast to increase sharply
Domestically, banks and gold companies are currently closed for Tet, so the market has not yet established a new price level.
Before Tet holiday, at Mi Hong gold shop, the selling price of SJC gold bars was 87.7 million VND/tael, buying price was 86.4 million VND/tael.
Notably, the selling price of 9999 gold at Mi Hong gold shop also increased to the same level as the price of SJC gold bars, at 87.7 million VND/tael, buying at 86.3 million VND/tael.
Bao Tin Minh Chau Company is listing the selling price of gold rings at 88.9 million VND/tael, and the buying price is at 86.6 million VND/tael.
On January 6, gold companies and banks will reopen. If the world gold price remains at the current level, the domestic gold price will likely increase sharply as the God of Wealth Day (January 10) approaches - a day when demand increases with the belief of wishing for good luck in the year.
Please follow the domestic gold price developments here.
Source: https://tuoitre.vn/gia-vang-tang-soc-lap-ky-luc-ngay-dau-nam-moi-20250131165741144.htm
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