World gold price on January 9, 2024: Reached peak in nearly four weeks

DNVN - On January 8, world gold prices reached their highest level in nearly four weeks after US private employment figures in December 2024 were lower than expected.

The results raised hopes among some investors that the US Federal Reserve (Fed) may be less cautious in adjusting interest rates this year.

Specifically, spot gold prices increased by 0.3% at one point, reaching $2,657.38/ounce, reaching the highest level since December 13, 2024. US gold futures ended the session up 0.3%, to $2,672.40/ounce.

Bart Melek, head of commodity strategy at TD Securities, said the lower-than-expected private payrolls numbers were providing strong support for gold. He said the decline in employment numbers indicated a weaker-than-expected economy.

According to a report from ADP, in December 2024, the US private sector only created 122,000 jobs, lower than the 140,000 forecast by economists.

Another report from the US Department of Labor said the number of unemployment claims last week reached 201,000, lower than the forecast of 218,000.

The more important report, Mr. Melek said, will be the US Department of Labor’s December 2024 employment data, due on January 10, with expectations for job growth of 163,000. Any number beyond that could have a negative impact on gold prices, he said.

Investors are cautious ahead of Donald Trump's inauguration on January 20, an event expected to usher in a series of new policies as he begins his second term as US President.

According to the minutes of the Fed's December 17-18 meeting, officials said inflation could decline this year but at the same time warned of risks from persistent price pressures, especially when assessing the impact of Mr. Trump's policies.

Mr Trump's proposed tariffs are likely to push up inflation in the US, making it difficult for the Fed to cut interest rates and could put further pressure on gold prices.

Still, Fed Governor Christopher Waller predicts inflation will continue to decline into 2025, giving the Fed room to continue cutting interest rates, although the pace of progress may be unclear.

In Vietnam, at the end of January 8, the price of SJC gold listed by Saigon Jewelry Company was at 84.00-85.50 million VND/tael (buy-sell).

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-9-1-2024-cham-dinh-trong-gan-bon-tuan/20250109085806726