Gold price this afternoon January 17, 2025: Gold price increases to near 5-week high
Gold price this afternoon, January 17, 2025: World gold price increased continuously. Domestic gold price reached 87.3 million VND/tael of gold bar. World gold price also increased, fluctuating near the highest level in 5 weeks and heading for the third consecutive week of increase.
Domestic gold price this afternoon January 17, 2025
As of 3:00 p.m. on January 17, 2025, domestic gold prices increased sharply compared to yesterday's trading session.
At Saigon Jewelry Company (SJC), the price of gold bars was listed at VND85.3 million/tael (buy) and VND87.3 million/tael (sell). An increase of VND300,000/tael in both buying and selling directions compared to the closing price of yesterday's trading session.
DOJI system listed SJC gold at buying price of 85.3 million VND/tael and selling price of 87.3 million VND/tael. This price increased by 300 thousand VND/tael in both buying and selling directions 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 remain unchanged.
Bao Tin Minh Chau Company Limited listed the price of SJC gold at 85.3 million VND/tael (buy) and 87.3 million VND/tael (sell). This price increased by 300 thousand VND/tael in both buying and selling directions compared to yesterday.
The current buying price of SJC 9999 gold ring is 85 million VND/tael and the selling price is 86.7 million VND/tael. An increase of 200 thousand VND/tael for both buying and selling prices compared to the closing price of yesterday's trading session.
For Hung Thinh Vuong 9999 gold ring (DOJI), the buying price decreased to 85.3 million VND/tael and the selling price to 86.8 million VND/tael, an increase of 300 thousand VND per tael for both buying and selling compared to yesterday.
PNJ plain gold rings were bought at VND85.3 million/tael and sold at VND87.3 million/tael. The recorded increase was VND300,000/tael for buying - VND300,000/tael for selling.
| Today (January 17, 2025) | Yesterday (January 16, 2025) | |||
| Purchase price | Selling price | Purchase price | Selling price | |
| SJC | 85,300▲300 | 87,300▲300 | 85,000 | 87,000 |
| DOJI HN | 85,300▲300 | 87,300▲300 | 85,000 | 87,000 |
| DOJI SG | 85,300▲300 | 87,300▲300 | 85,000 | 87,000 |
| BTMC SJC | 85,300▲300 | 87,300▲300 | 85,000 | 87,000 |
| Phu Quy SJC | 85,100▲500 | 87,300▲700 | 84,600 | 86,600 |
| PNJ HCMC | 85,200 | 87,000 | 85,200 | 87,000 |
| PNJ Hanoi | 85,200 | 87,000 | 85,200 | 87,000 |
World gold price this afternoon January 17, 2025
This afternoon, the spot gold price was flat at $2,711.63/ounce. Since the beginning of the week, the gold price has increased by about 1%, after reaching its highest level since December 12, 2024 on January 16. Meanwhile, the US gold futures price decreased slightly by 0.4%, to $2,741.20/ounce.
Gold prices are supported by a weaker dollar after inflation data this week reinforced expectations of a Fed rate cut, said Ajay Kedia, director of Kedia Commodities in Mumbai. “If gold breaks $2,720 an ounce, it could rise to $2,770 an ounce,” Kedia said.
Gold prices rose to a fresh session high just minutes after the manufacturing data was released, along with December retail sales and weekly jobless claims.
The fall in inflation has raised hopes of a more dovish policy from the US Federal Reserve (FED) this year, said senior analyst Jigar Trivedi of Reliance Securities.
“Core inflation unexpectedly slowed, while core consumer prices did not surprise significantly higher. This could support bullion demand, as progress in deflation could prompt the Fed to ease monetary policy, reducing the opportunity cost of holding the precious metal.”
Meanwhile, market analyst Han Tan of Exinity Group said that gold will find itself in a supportive environment, as long as market participants can maintain expectations of a Fed rate cut in 2025.
According to many experts, the inflation index, unemployment data and US retail sales increase, the Fed will delay lowering interest rates and this is a negative factor for gold. On the contrary, gold can increase and conquer the threshold of 2,700 USD/ounce.
Kelvin Wong, senior market analyst for Asia Pacific at Oanda, predicts that if gold prices fall below $2,600 an ounce, the next support level will be around $2,540 an ounce. This could be an attractive price for long-term investors to consider buying.
