SJC gold bars remained unchanged on the morning of January 9. Saigon Jewelry Company - SJC bought 71 million VND, sold 74 million VND; Eximbank bought 71 million VND, sold 74 million VND... The difference between buying and selling prices of gold bars is still at a record 3 million VND/tael.
Gold fluctuations on January 9: Domestic gold prices are almost 'still' while the world fluctuates erratically
The price of gold rings decreased slightly by 100,000 VND, SJC company bought for 61.9 million VND, sold for 63.05 million VND. With the same quality of 4-number 9 gold, the price of SJC gold bars is 11 million VND/tael higher than that of rings. The price of SJC gold bars is 14 million VND/tael higher than the world price, and gold rings are 13 million VND/tael higher.
Low jewelry gold prices decrease slowly
Gold prices rose again, up $7 an ounce to $2,033 an ounce. Economic forecasts and political uncertainty will support higher gold prices with or without a recession, according to the latest precious metals report from analysts at Heraeus. The fundamental economic outlook is generally bullish for gold. If and when a recession becomes apparent, the Fed will likely cut interest rates, potentially weakening the dollar and benefiting gold prices in dollars.
Analysts note that 2024 will be a major election year not only in the US but around the world, with the 76 countries voting representing about 40% of global consumer gold demand. India and the US are the largest gold consumers, with general elections expected to see a combined demand of 655 tonnes through Q3 2023.
The most important thing for gold is the US presidential election, because the impact of a change in government leadership and policy direction can affect the dollar and the global macroeconomy. Gold tends to rise in price before the US election. Since 2000, gold has increased by 3.14% in the three months leading up to the election month, compared to about 1.8% in the previous three months.
Looking at the short-term outlook, analysts expect gold prices to follow a historical bullish pattern in January, supported by Chinese demand ahead of the Lunar New Year, although gold has fallen year-to-date.
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