gold price forecast

Gold price today January 17: World gold “evaporated” 1.3%

World gold prices fell more than 1% on Tuesday, as the dollar and US Treasury yields rallied following Federal Reserve Governor Christopher Waller’s hawkish remarks on interest rate cuts for the year. now.

Spot gold was down 1.3% at $2,027.26 an ounce by 2:36 p.m. ET (19:36 GMT), after rising in the previous three sessions. US gold futures price GCcv1 is currently down more than 1% to 2,030.2 USD.

Jim Wyckoff, senior analyst at Kitco Metals, said: “The strong US dollar index is putting pressure on the gold market as well as the rise in US Treasury yields on the first day back after the three-day holiday weekend. However, compared to the strength of the dollar, many people believe that gold established a price floor quite quickly when tensions in the Middle East were still very hot.”

The dollar index rose nearly 1% to 103.3, its highest in more than a month, making bullion less attractive to holders of other currencies, while US Treasury yields 10-year term also increased.

Federal Reserve Governor Christopher Waller said the United States was within “impressive distance” of the Fed’s 2% inflation target, but the central bank should not rush to cut benchmark interest rates until when there are clear signs that lower inflation will be sustained.

The Fed is widely expected to keep policy interest rates steady at the end of its meeting on January 30-31. According to the CME Fedwatch tool, traders see the probability of a rate cut in March falling to 67%.

Investors are now awaiting US retail sales data on Wednesday and new comments from Fed officials this week to better gauge the outlook for monetary policy. Meanwhile, a European Central Bank official warned on Monday that it may be too early to cut interest rates this year due to persistent inflation and geopolitical risks.

Gold price today January 17: Domestic gold movements are mixed

SJC gold prices nationwide today are moving in opposite directions, currently maintaining at 74 million VND and 76.5 million VND in both buying and selling directions. Specifically, SJC gold prices are listed at the following brands:

In Ho Chi Minh City, Saigon SJC VBQ Company listed the purchase price of 74 million VND/tael; The selling price is 76.5 million VND/tael. The difference in buying – selling price of SJC gold remains at 2.5 million VND/tael. In the Hanoi and Da Nang areas, it was listed at 74 million VND/tael purchased and 76.52 million VND/tael.

DOJI gold price in Hanoi area is anchored at 73.95 million VND/tael purchased and 76.45 million VND/tael sold. In Ho Chi Minh City, this brand’s gold is being bought and sold at the same level as in the Hanoi area.

SJC gold bars are currently being purchased by Phu Quy at the price of 74.05 million VND/tael and sold at 76.5 million VND/tael, unchanged from yesterday morning.

Meanwhile, Bao Tin Minh Chau kept the buying and selling prices unchanged at 74.35 million VND/tael and 76.75 million VND/tael, respectively.

The difference between domestic and world gold prices is about 16 million VND/tael.

Unit: x1000 VND/tael

Gold price today December 31: World gold enters 2024 with the goal of reaching a record high

World gold prices are on track to reach a 13% annual increase by the end of 2023, gold’s best year since 2020. Spot gold is currently trading around 2,060 USD/ounce.

Gold investors predict gold will continue to reach record highs next year, in the face of a dovish US interest rate pivot, continued geopolitical risks and expected central bank buying. will support the market after a volatile 2023.

Saxo Bank analyst Ole Hansen said: “Following on from a surprisingly strong performance in 2023, we see gold prices continuing to rise in 2024, driven by a series of drivers chasing hedge funds: Central banks step up physical gold purchases at steady pace and renewed demand from ETF investors.”

A Reuters poll in October forecast gold prices will reach an average price of $1,986.50 in 2024. The average price of gold has been above $1,950 so far this year, higher than any other average price. every year before that.

According to JP Morgan, the future will see “a breakout recovery” for gold in mid-2024, with the target reaching a peak of $2,300 thanks to expected interest rate cuts. UBS forecasts a record $2,150 by the end of 2024 if the cuts materialize.

In its 2024 outlook, the World Gold Council predicts a 40 to 50 basis point reduction in longer term interest rates, following a 75 to 100 basis point rate cut, could send gold up 4%.

Conflict in the Middle East, uncertainty from elections in major economies and central bank purchases led by China will also boost its appeal, analysts predict. Gold bars are safe next year.

The dollar index (.DXY) is on track to fall 2% in 2023, while benchmark 10-year Treasury yields fell to near their lowest since July.

However, “gold may be forced to pare some of its gains this year if rising inflation forces the Fed to abandon its planned policy pivot in 2024,” said Han Tan, chief market analyst at Exinity , said.

Cooling inflation faster than the Fed’s interest rate cuts could also slow the economy and reduce retail purchasing power.

Heraeus Metals expects gold jewelry demand to be higher in top consumer China this year, with further support likely in 2024 from stimulus measures.

Gold price today December 31: SJC gold continues to decline by 2 million VND/tael

At the time of the survey at 7:15 a.m. this morning, SJC gold prices nationwide were trading at 71 – 74 million VND/tael for buying and selling, down 2 million VND/tael for both buying and selling compared to the morning session. via. The difference between buying and selling is up to 3 million VND/tael. Today’s SJC gold price is listed at the following stores:

In Hanoi and Da Nang areas, SJC gold price is listed at 71 million VND/tael purchased and 74.02 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 2 million VND in both directions.

SJC gold bars are currently being purchased by Phu Quy at the price of 70 million VND/tael and sold at 74 million VND/tael, down 500,000 VND on the buying side and 1 million VND on the selling side.

At PNJ, SJC gold bar price is listed at 70 million VND/tael purchased and 73.9 million VND/tael sold, down 2.5 million VND on the buying side and 2.1 million VND on the selling side.

Meanwhile, Bao Tin Minh Chau increased by 900,000 VND on the buying side to 71.5 million VND/tael but decreased by 900,000 VND on the selling side to 74 million VND/tael.

The difference between domestic and world gold prices has shortened to over 13 million VND/tael.

Unit: x1000 VND/tael