At the end of the session on January 18, the price of gold bars at SJC closed at 84.9-86.9 million VND/tael (buy - sell), down 400 thousand VND/tael in both buying and selling compared to the previous trading session.
The price of SJC 1-5 chi gold rings is listed at 84.6-86.3 million VND/tael (buy - sell), down 400 thousand VND per tael in both buying and selling compared to the previous session's close.
The price of 9999 gold rings at Doji closed the session at 84.6-86.2 million VND/tael, down 600,000 VND per tael for buying and 500,000 VND per tael cheaper for selling compared to the previous day's closing price.
The world spot gold price closed the week at $2,702/ounce. The February 2025 gold futures price on the Comex New York floor was at $2,748/ounce.
Persistent inflation and rising economic uncertainty, while government debt continues to rise, are helping push gold prices to key resistance above $2,700 an ounce. The bullish momentum is building even as the US dollar remains anchored at high levels.
The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 109.41 points.
Initial jobless claims were higher than expected, signaling some weakness in the labor market, said Alex Ebkarian, managing director at Allegiance Gold.
Federal Reserve Governor Christopher Waller said inflation is likely to continue to decline, allowing the central bank to cut interest rates sooner and more quickly than expected. He predicted three or four quarter-point rate cuts this year, depending on inflation developments.
The Fed will hold a policy meeting on January 28-29. The US central bank is expected to keep interest rates unchanged at 4.25-4.5%.
Analysts say gold could face challenges next week following the inauguration of President-elect Donald Trump. Trump will be inaugurated for a second term as president on January 20.
President Donald Trump is expected to make major changes in domestic and foreign policies, with profound impacts on countries and regions around the world in the coming years. The year 2025 is predicted to be full of volatility in the global financial market.
From China to Europe, from Canada to Mexico, world markets are awaiting the significant impact of Donald Trump's commitment to increase tariffs.
Gold Price Forecast
Increased uncertainty from the new administration and policies is making gold an attractive short-term trade, said Michael Langford, investment director at Scorpion Minerals.
Gold prices could hit $3,200 an ounce this year, according to Ross Norman, CEO of Metals Daily.
The expert said that the rising USD and Treasury yields may only help to restrain the rate of gold price increase. Gold prices may accelerate again when the "handbrake" is released. The reason for the increase in gold prices is due to central bank buying and OTC derivatives activities in Asia.
Norman predicts an average spot gold price of $2,888 per ounce in 2025, with a high of $3,175 per ounce and a low of $2,630 per ounce.
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