Gold price this afternoon January 16, 2025: World and domestic gold prices increased sharply

Domestic gold price this afternoon January 16, 2025

As of 3:00 p.m. on January 16, 2025, domestic gold prices increased sharply compared to yesterday's trading session.

At Saigon Jewelry Company (SJC), the price of gold bars is listed at VND85 million/tael (buy) and VND87 million/tael (sell). An increase of VND400,000/tael in both buying and selling directions compared to the closing price of yesterday's trading session.

DOJI system listed SJC gold at 85 million VND/tael for buying and 87 million VND/tael for selling. This price increased 400 thousand VND/tael for both buying and selling compared to yesterday.

At Mi Hong Jewelry Company, the buying price of SJC gold is 85.3 million VND/tael and the selling price is 86.3 million VND/tael. Thus, compared to yesterday's session, the buying price and selling price increased by 200 thousand VND/tael.

Bao Tin Minh Chau Company Limited listed the price of SJC gold at 85 million VND/tael (buy) and 87 million VND/tael (sell). This price increased by 400 thousand VND/tael in both buying and selling directions compared to yesterday.

The current buying price of SJC 9999 gold rings is 84.8 million VND/tael and the selling price is 86.5 million VND/tael. An increase of 300 thousand VND/tael for buying and 400 thousand VND/tael for selling compared to the closing price of yesterday's trading session.

For Hung Thinh Vuong 9999 gold ring (DOJI), the buying price decreased to 85 million VND/tael and the selling price to 86.5 million VND/tael, an increase of 200 thousand VND per tael for both buying and selling compared to yesterday.

PNJ plain gold rings were bought at VND85.2 million/tael and sold at VND87 million/tael. The recorded increase was VND400,000/tael for buying - VND600,000/tael for selling.

World gold price this afternoon January 16, 2025

At 8:31 a.m. today (January 16, Vietnam time), the world spot gold price was at 2,699.6 USD/ounce, up 14.6 USD/ounce compared to last night. The price of gold futures for February 2025 on the Comex New York floor was at 2,728.8 USD/ounce.

On the morning of January 16, the world gold price converted to USD bank price was over 83.9 million VND/tael, including tax and fees, about 3.1 million VND/tael lower than the domestic gold price.

The price of gold in the international market continues to increase and is forecast to reach 3,000 USD/ounce this year. In the country, the price of SJC gold bars and plain rings is approaching 87 million VND/tael and the threshold of 90 million is not far away.

Global gold prices rose amid a weakening US dollar after weaker-than-expected PPI manufacturing data and new data showing US inflation is on the decline, thereby increasing hopes that the US Federal Reserve (Fed) will continue to cut interest rates.

Although gold has been stuck at $2,700 an ounce for more than a month, experts say there will be no shortage of catalysts to boost prices in 2025.

In a recent interview with Kitco News, Chris Mancini, portfolio manager of the Gabelli Gold Fund, said the main catalyst is the ongoing US economic uncertainty and its impact on consumer prices.

Gold will rise in price due to uncertainty surrounding the US economy and potential inflation, according to Chris Mancini.

Accordingly, inflation in the US is expected to increase as President-elect Donald Trump carries out plans to extend and expand tax cuts and support the manufacturing sector.

Mancini said a global trade war could slow the US economy and weaken the country's labor market. He did not rule out the possibility of a US recession.

Investors should keep an eye on the U.S. labor market, Chris Mancini noted, as the weakness in the labor market has prompted the Fed to cut interest rates even as inflation remains high. Stagflation will boost gold prices.

Gabelli Gold Fund experts believe that increasing economic instability in the US will push gold prices to $3,000/ounce.