World gold prices decreased sharply, while domestic gold prices increased slightly. The market is waiting for important US data to be released at the end of the week to shape the outlook for interest rate cuts by the US Federal Reserve.
Gold price today January 11: Gold is “holding its breath” waiting for new US economic data tonight
Gold prices fell on Wednesday as US inflation data prompted investors to shape the Federal Reserve’s outlook for interest rate cuts this year, although the dollar remained weak at lower prices. floor. Gold traded at 2,026 USD/ounce at 7:00 am on January 11.
Evolution of world gold prices. Source: Tradingeconomics
Bob Haberkorn, senior market strategist at RJO Futures, said the lower-than-expected inflation data would give the Fed more reason to cut interest rates this year, which would send gold prices higher again. next time.”
Traders await the week’s US data points: December consumer price index report on Thursday and December producer price index report on Friday.
In a Reuters poll, economists expected annual inflation at 3.2% in December, but said core inflation could fall to 3.8%, the lowest since mid- 2021.
A report from the New York Federal Reserve revealed that consumers expect inflation to decline, while Fed Governor Michelle Bowman on Monday stated that the US central bank’s monetary policy appeared to be “restrictive enough”.
Yields on 10-year US Treasury bonds increased, reducing the appeal of bullion. Higher interest rates increase opportunity costs, making investing in bullion unprofitable.
“If the market reduces bets on an interest rate cut in March, spot gold will likely return to sub-$2,000 levels in the short term,” said Han Tan, chief market analyst at Exinity Group. . However, bulls will not hesitate to restore spot gold back above that psychologically important mark once the market has a clearer grasp of the Fed’s policy pivot.”
The dollar index (.DXY) fell about 0.2%, making greenback-denominated bullion more affordable for buyers holding other currencies.
Gold price today January 11: Domestic SJC gold is stable
Today’s SJC gold price nationwide remains unchanged at 71.50 – 74.50 million VND/tael (buy – sell). Specifically, SJC gold prices listed at the brands are as follows:
SJC gold price in Hanoi and Da Nang area is listed at 71.5 million VND/tael purchased and 74.52 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling is 20,000 VND lower.
Phu Quy is buying SJC gold at the price of 71.9 million VND/tael and selling it at 74.55 million VND/tael, an increase of 300,000 VND in the buying afternoon and 150,000 VND in the selling afternoon compared to yesterday morning.
The price of SJC gold bars is listed by the PNJ brand at 72.5 million VND/tael purchased and 75.2 million VND/tael sold, an increase of 500,000 VND in both directions compared to yesterday morning.
Meanwhile, Bao Tin Minh Chau increased the buying price by 300,000 VND and the selling price by 150,000 VND to 71.95 million VND/tael and 74.55 million VND/tael, respectively.
Domestic SJC gold price developments. Source: giavang.org
Unit: x1000 VND/tael
