Gold price today January 20, 2025: SJC gold plummets, plain rings drop to 86 million VND

At the end of the session on January 20 , the price of gold bars at SJC closed at 84.9-86.9 million VND/tael (buy - sell), equal to the closing price of last week.

At the end of the session, the price of SJC gold rings of 1-5 chi was listed at 84.6-86.3 million VND/tael (buy - sell), unchanged from the closing price last week.

The price of 9999 gold rings at Doji closed the session at 84.4-86 million VND/tael, down 200,000 VND per tael in both directions compared to the end of the trading session last weekend.

This afternoon , the world gold price reversed and increased, surpassing 2,700 USD/ounce. At 4:30 p.m. today (January 20, Vietnam time), the world spot gold price was at 2,705.8 USD/ounce, up 10.8 USD/ounce compared to early this morning.

This afternoon, some brands adjusted the domestic gold ring price to increase according to the world gold price.

Saigon Jewelry Company (SJC) this afternoon raised the price of 1-5 tael gold rings to 84.6-86.3 million VND/tael (buy - sell), an increase of 200 thousand VND per tael in both buying and selling compared to the morning.

Meanwhile, Doji Gold and Gemstone Group this afternoon kept the buying and selling price of 9999 gold rings at 84.4-86 million VND/tael, unchanged from the morning.

Previously, the domestic gold ring price this morning was adjusted down by brands following the world gold price.

Saigon Jewelry Company (SJC) early this morning reduced the price of gold rings of type 1-5 to only 84.4-86.1 million VND/tael (buy - sell), down 200 thousand VND per tael in both buying and selling compared to the end of last week.

Similarly, Doji Gold and Gemstone Group early this morning also pulled the buying and selling price of 9999 gold rings to 84.4-86 million VND/tael, also down 200,000 VND per tael in both directions compared to the closing price last week.

              SJC and Doji gold ring price list updated afternoon of January 20

This afternoon , the price of SJC 9999 gold reversed and increased by 200 thousand VND/tael in both buying and selling compared to the morning, to 84.9-86.9 million VND/tael (buying - selling).

Previously, at the opening of the trading session on January 20 , the price of SJC 9999 gold decreased by 200,000 VND/tael in both buying and selling compared to the end of last week, to 84.7-86.7 million VND/tael (buying - selling).

The price of 9999 gold was listed by Saigon Jewelry Company Limited (SJC) at 8:47 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:50 a.m. as follows:

                          SJC and Doji gold bar price list updated on the afternoon of January 20

The central exchange rate on January 20 announced by the State Bank was 24,341 VND/USD, unchanged from the previous trading session. The USD price at commercial banks this morning (January 20) was commonly listed at 25,120 VND/USD (buy) and 25,510 VND/USD (sell).

At 8:36 a.m. today (January 20, Vietnam time) , the world spot gold price was at 2,695 USD/ounce, down 7 USD/ounce compared to the close last week. The price of gold futures for February 2025 on the Comex New York floor was at 2,735.2 USD/ounce.

On the morning of January 20 , the world gold price converted to USD bank price was over 83.7 million VND/tael, including tax and fees, about 3 million VND/tael lower than the domestic gold price.

At the opening of the trading session last week (January 13), SJC's 9999 gold price was traded at 84.6-86.6 million VND/tael (buy - sell). SJC listed the price of gold rings of type 1-5 at only 84.6-86.4 million VND/tael (buy - sell). Doji announced the price of 9999 gold rings at 85.1-86.4 million VND/tael (buy - sell).

On January 14, the price of plain gold rings and SJC dropped by more than half a million VND. However, on January 15, the price of domestic gold skyrocketed.

On January 16, the price of SJC gold bars increased by nearly 1 million VND per tael (selling price) to 87 million VND, the price of plain gold rings also increased by 400,000 VND.

Continuing the upward trend, on January 17, domestic gold prices rose to VND86.8 million/tael for gold rings and VND87.3 million/tael for gold bars.

Domestic gold prices turned down in the session of January 18, SJC gold bars decreased by 400,000 VND per tael, falling below 87 million VND/tael, Doji plain rings decreased by 600,000 VND/tael (buy).

At the end of the week, the price of gold bars at SJC closed at 84.9-86.9 million VND/tael (buy - sell). The price of 1-5 chi gold rings at SJC was listed at 84.6-86.3 million VND/tael (buy - sell). The price of 9999 gold rings at Doji closed at 84.6-86.2 million VND/tael.

Since the beginning of the week, the price of SJC gold bars has increased by 300,000 VND/tael. Meanwhile, the price of gold rings has decreased by about 200,000 VND/tael.

In the world market, the spot gold price closed the week at 2,702 USD/ounce. The gold futures price for February 2025 on the Comex New York floor was at 2,748 USD/ounce.

According to the weekly Kitco News gold survey, experts and retail investors are both bullish as the market focuses on Donald Trump's second term inauguration.

Analysts note that the gold market may face challenges after the inauguration of President-elect Donald Trump. Trump's comments on using trade tariffs to support US manufacturing continued to boost the USD, while raising fears that inflation and economic growth could be affected by the global trade war.

James Stanley, a Forex expert, believes that Mr. Trump will not curb government spending and pursue austerity policies. This will cause government-issued currencies to lose value. Therefore, gold becomes a safe investment channel.

Carsten Fritsch, precious metals analyst at Commerzbank, said gold could struggle this week if the dollar continues to rise. Earlier, the dollar and bond yields rose without affecting gold. This could cause an asymmetric market reaction, which is not usually long-lasting.

For gold prices to continue to rise, the market requires increased expectations of interest rate cuts, a weakening USD and falling bond yields, he said.

Gold Price Forecast

Some events this week that will impact gold prices include the inauguration of President-elect Donald Trump for a second term, weekly US unemployment claims and home sales,...

Mr. Han Tan, analyst at Exinity Group, said that gold prices are still supported as the market still expects the Federal Reserve (Fed) to cut interest rates in 2025.

Markets are expecting the Fed to cut interest rates by about 37 basis points by the end of this year, compared with about 31 basis points before the inflation data.

Independent analyst Jesse Colombo said that gold reached a new record high against major currencies such as the euro, pound, yuan, CAD and AUD last week, showing that gold is being viewed as a safe and sustainable asset in the global market.

Gold's resistance remains at $3,000 an ounce, he noted, as many analysts expect the precious metal to hit that target in the second half of the year.

“Gold has been on a break for the past two months, but there is a lot of pent-up energy in the market right now, and the potential for gold is huge,” he said. In the short term, gold could go above $2,800 an ounce.