On the first day after the holiday, SJC gold prices increased again, while world gold prices cooled down as the dollar soared.
Gold price today January 3: World gold falls as the dollar soars
Gold enters 2024 with pressure from the soaring US dollar. Spot gold was steady at $2,061.59 an ounce on Tuesday at 2:30 p.m. ET (19:30 GMT) after rising as much as 0.8% earlier in the session. US gold futures fell 0.1% to $2,070.30.
At the time of the survey at 6:45 a.m. this morning, January 3, the world gold price was trading at 2,058.9 USD/ounce.
Evolution of world gold prices. Source: Tradingeconomics
The dollar index (.DXY) rose 0.8% on track for its biggest daily gain since July, supported by a rebound in US bond yields, sending bullion to dollar-denominated prices. become more expensive for overseas buyers. But Daniel Pavilonis, senior market strategist at RJO Futures, said the possibility of an escalation in the Red Sea has kept gold prices supported.
Analysts remain bullish on gold prices thanks to expectations the Federal Reserve will cut interest rates this year and rising concerns about attacks on Red Sea shipping.
Gold prices rose 13% in 2023, marking the first annual gain since 2020, and are forecast to reach a record high in 2024, as lower interest rates reduce the opportunity cost of holding Holding gold bars is not profitable.
Fawad Razaqzada, market analyst at City Index, said that gold prices could increase significantly in 2024 when central banks really start easing their policies, the actual timing and extent of cuts. The interest rate will depend on the data numbers.
This week, market attention is focused on the minutes of the Fed’s final meeting scheduled for Thursday. Data on US job openings and December nonfarm payrolls, both released on Friday, will also be closely watched.
Gold price today January 3: SJC gold increased strongly again
On the first day after the holiday, SJC gold price skyrocketed again to 73 million and 76 million VND/tael for buying and selling, then gradually decreased to 72 and 75 million VND/tael for both buying and selling. The difference between the two directions is still 3 million VND/tael. At the time of the survey at 7:00 a.m. this morning, January 3, SJC gold prices are listed at the following brands:
In Hanoi and Da Nang areas, SJC gold price is listed at 72 million VND/tael purchased and 75.02 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang areas but selling is 20,000 VND lower. Thus, compared to yesterday morning, SJC gold price continues to be adjusted to increase by 1 million VND in both directions.
SJC gold bars are currently being purchased by Phu Quy at the price of 71 million VND/tael and sold at 75 million VND/tael, an increase of 1 million VND in both buying and selling directions.
At PNJ, SJC gold bar price is listed at 72.5 million VND/tael purchased and 75.5 million VND/tael sold, an increase of 2.5 million VND on the buying side and 1.6 million VND on the selling side.
Meanwhile, Bao Tin Minh Chau has adjusted to increase 1.5 million VND on the buying side to 72.6 million VND/tael and 2.5 million VND/tael on the selling side to 75 million VND/tael.
The difference between domestic and world gold prices has widened to over 14 million VND/tael.
Domestic SJC gold price developments. Source: giavang.org
Unit: x1000 VND/tael
