Gold price this afternoon January 20, 2025: Gold price may rise above 2,800 USD in the short term

Domestic gold price this afternoon January 20, 2025

As of 3:00 p.m. on January 20, 2025, domestic gold prices decreased compared to yesterday's trading session.

At Saigon Jewelry Company (SJC), the price of gold bars was listed at VND84.9 million/tael (buy) and VND86.9 million/tael (sell). There was no change in both buying and selling prices compared to the end of yesterday's trading session.

DOJI system listed SJC gold at buying price of 84.7 million VND/tael and selling price of 86.7 million VND/tael. This price decreased by 200 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 have not changed.

Bao Tin Minh Chau Company Limited listed the price of SJC gold at 84.9 million VND/tael (buy) and 86.9 million VND/tael (sell). This price remained unchanged in both buying and selling directions compared to yesterday.

The current buying price of SJC 9999 gold ring is 84.6 million VND/tael and the selling price is 86.3 million VND/tael. No change in both buying and selling prices compared to the close of yesterday's trading session.

For Hung Thinh Vuong 9999 gold ring (DOJI), the buying price decreased to 84.4 million VND/tael and the selling price decreased to 86 million VND/tael, down 200 thousand VND per tael for both buying and selling compared to yesterday.

PNJ plain gold rings were bought at 84.7 million VND/tael and sold at 86.2 million VND/tael. The recorded decrease was 300 thousand VND/tael for buying - 700 thousand VND/tael for selling.

World gold price this afternoon January 20, 2025

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 at more than 83.7 million VND/tael, including tax and fees, about 3 million VND/tael lower than the domestic gold price.

With the unpredictability of policies and stances to increase the value of the USD, on Kitco, experts predict that the price of gold will quickly exceed the threshold of 2,800 USD/ounce (87 million VND/tael) if Mr. Trump fulfills many of his campaign commitments, including imposing high taxes on imported goods from China.

According to Forex strategist James Stanley, Mr. Trump will not restrain spending or balance the budget... Therefore, inflation in the US will become persistent. US economic instability increases as government debt escalates. This is also the reason why gold prices increased again last week, Bitcoin rose above the threshold of 105,000 USD/BTC.

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.

The market is 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.

Gold hit a new record high against major currencies such as the euro, pound, yuan, Canadian dollar and Australian dollar last week, showing that gold is being viewed as a safe haven asset with sustainable value in the global market, said independent analyst Jesse Colombo.

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

“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 prices could rise above $2,800 an ounce.