The world gold market is still stuck in the price range of over 2,000 USD/ounce. However, one gold research firm said that gold remains an important hedge against inflation and financial market risks, and that the precious metal will continue to increase in price this year.
Gold price today January 5: World gold is “unmoved” waiting for important data on Friday
Gold prices steadied during Thursday’s US trading session as the US dollar index began to stagnate. However, the precious metal’s gains are being limited by falling crude oil prices and rising US Treasury bond yields. Currently world gold is trading at 2,043 USD/ounce.
Evolution of world gold prices. Source: Tradingeconomics
The gold market is still stuck in the price range above 2,000 USD/ounce; However, one research firm says that gold remains an important hedge against inflation and financial market risks, and that the precious metal will appreciate as the year progresses.
In their 2024 outlook, analysts at BCA Research said they expect gold prices to rise to $2,200 this year. While many gold investors continue to watch the Federal Reserve for signs of easing, analysts at BCA say there are plenty of other factors supporting gold prices to rise in the new year. Currently, the central bank has signaled three potential rate cuts this year, while the CME FedWatch Tool shows markets see the Fed Funds rate falling below 4.00% later this year.
Although inflation is expected to decline, BCA believes it is unlikely to meet the central bank’s 2% target, which would make gold an attractive long-term inflation hedge. At the same time, rising government debt, geopolitical uncertainty and shifting globalization trends are expected to support inflation over the longer term, analysts said.
Analysts also expect geopolitical uncertainty to support gold’s safe-haven appeal through 2024.
The final factor supporting gold prices through 2024 is continued strong central bank demand. BCA has been buying gold since November 2022 and is profiting more than 15% from the trade.
Thursday’s data showed U.S. weekly jobless claims fell more than expected last week and U.S. private employers hired more workers than expected in December, shows the enduring strength of the labor market.
Traders await the US December jobs report on Friday. Core nonfarm payrolls in the report are expected to increase to 170,000 and that compares with an increase of 199,000 seen in the November report.
Gold price today January 5: SJC gold decreased by 500,000 VND/tael
After days of strong fluctuations, SJC gold prices have shown signs of stability again. At the time of the survey at 6:45 a.m. this morning, the price of SJC gold nationwide decreased by 500,000 VND/tael in both directions. SJC gold price is currently trading at 72 and 75 million VND/tael of buying and selling.
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 down by 500,000 VND in both directions.
SJC gold bars are currently being purchased by Phu Quy at the price of 72 million VND/tael and sold at 74.8 million VND/tael, down 500,000 VND on the buying side, 200,000 VND on the selling side.
At PNJ, SJC gold bar price is listed at 72.5 million VND/tael for buying and 75.2 million VND/tael for selling, down 500,000 VND/tael for buying and 800,000 VND/tael for selling.
Meanwhile, Bao Tin Minh Chau adjusted the buying price by 550,000 VND to 72.05 million VND/tael and kept the selling price unchanged at 74.9 million VND/tael compared to the same time yesterday morning.
The difference between domestic and world gold prices has widened to over 15 million VND/tael.
Unit: x1000 VND/tael
| Area | System | Buy into | Sold out |
|---|---|---|---|
| City. Ho Chi Minh | SJC | 72.000 | 75.000 |
| PNJ | 72.500 | 75.200 | |
| Mi Hong | 73.000 | 75.000 | |
| Hanoi | SJC | 72.000 | 75.020 |
| PNJ | 72.500 | 75.200 | |
| Bao Tin Minh Chau | 72.050 | 74.900 | |
| wealth | 72.000 | 74.800 | |
| Danang | SJC | 72.000 | 75.020 |
| PNJ | 72.500 | 75.200 | |
| Nha Trang | SJC | 72.000 | 75.020 |
| Ca Mau | SJC | 72.000 | 75.020 |
| Hue | SJC | 71.970 | 75.020 |
| Bien Hoa | SJC | 72.000 | 75.000 |
| West | SJC | 72.000 | 75.000 |
| Quang Ngai | SJC | 72.000 | 75.000 |
| Bac Lieu | SJC | 72.000 | 75.020 |
| Ha Long | SJC | 71.980 | 75.020 |
| West | PNJ | 72.100 | 75.100 |
| Ben tre | Mi Hong | 73.000 | 75.000 |
| Tien Giang | Mi Hong | 73.000 | 75.000 |
| Updated at 06:55:21 January 5, 2024 |
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