World gold prices fell more than 1% after Federal Reserve Governor Christopher Waller’s hawkish remarks about cutting interest rates this year. In addition, a rising dollar and a sharp increase in bond yields are also factors that put pressure on gold prices.
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.
Evolution of world gold prices. Source: Tradingeconomics
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.
Domestic SJC gold price developments. Source: giavang.org
Unit: x1000 VND/tael
