World gold price on January 17: Reached the highest level in more than a month

DNVN - In the trading session on January 16, the world gold price increased to its peak in more than a month after new US economic data created greater pressure on bond yields.

Specifically, the spot gold price increased by 0.8% to $2,716.91/ounce, reaching its highest level since December 12. The US gold futures price also increased by 1.2% and closed at $2,750.90/ounce. Previously, on October 31, 2024, the gold price set a record of $2,790.15/ounce.

According to information from the US Department of Labor, the number of initial unemployment benefits applications in the states increased to 217,000 in the week ending January 11, exceeding the initial forecast of 210,000 applications.

Alex Ebkarian, CEO of Allegiance Gold, commented that the higher-than-expected number of unemployment claims reflects some signs of weakness in the labor market.

Ebkarian also pointed out that falling U.S. Treasury yields have boosted gold’s appeal. The benchmark 10-year yield pared gains, trading at its lowest in more than a week after reports on retail sales, jobless claims and import prices were released.

Gold prices continued to rise on January 15 after new data showed that US core inflation rose just 0.2% in December 2024, down from 0.3% in the previous four months. This data reinforced hopes that the US Federal Reserve (Fed) will adjust monetary policy in a more easing direction.

The market now expects the Fed to cut rates by about 37 basis points by the end of the year, instead of the 31 basis points previously forecast.

“Gold will continue to be supported as the market still expects the Fed to cut interest rates in 2025,” said Han Tan, market analyst at Exinity Group.

Gold has long been seen as a hedge against inflation and geopolitical risks, but high interest rates have reduced the appeal of the non-yielding precious metal.

In Vietnam, as of 14:57 on January 16, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 85.00 - 87.00 million VND/tael (buy - sell).

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-17-1-dat-muc-cao-nhat-trong-hon-mot-thang/20250117094644433