Gold price today January 16, 2025: World gold price and domestic gold price increased sharply

Domestic gold price today January 16, 2025

At the time of survey at 4:30 a.m. on January 16, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.8 million VND/tael for buying and 86.3 million VND/tael for selling. An increase of 200 thousand VND/tael for both buying and selling compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 85.2-86.2 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 500 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 84.6-86.6 million VND/tael (buying - selling), an increase of 200 thousand VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Bao Tin Manh Hai Company is traded by businesses at 84.4-86.4 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to yesterday.

The latest gold price list today, January 16, 2025 is as follows:

World gold price today January 16, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,693.33 USD/Ounce. Today's gold price increased by 30.67 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,740 VND/USD), the world gold price is about 84.51 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.09 million VND/tael higher than the international gold price.

World gold prices rose sharply as investors awaited the US consumer inflation report, which is expected to provide more information on the direction of interest rates decided by the US Federal Reserve (Fed).

World gold prices rebounded after falling sharply in the previous two sessions, from a one-month peak of $2,700/ounce to $2,655/ounce. Bottom-fishing demand and a cooling USD helped gold prices recover.

Gold also increased because the US announced a lower than expected producer price index (PPI).

"If CPI (consumer price index) data is higher than expected, gold prices could fall as this reinforces the view that the Fed will continue to tighten monetary policy in 2025, instead of easing like last year," said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.

December inflation data, due at 1:30 p.m. ET, is being closely watched after last week's strong jobs report showed the U.S. economy is still growing at a solid pace, prompting traders to reduce expectations that the Fed will cut interest rates further.

The CPI is expected to rise 2.9% year-on-year, up from 2.7% in November and up 0.3% from the previous month, according to a Reuters poll.

Meanwhile, producer price index (PPI) data released on Tuesday showed a slight increase in December, but this did not change the view that the Fed will not cut interest rates before the second half of 2024 due to the stable labor market.

Traders now expect the Fed to keep interest rates unchanged at its policy meeting in January. In addition, President-elect Donald Trump is preparing to start a second term, which also puts the market on notice of his policies, which are expected to boost inflation.

Gold, a non-yielding asset, is often used as a hedge against inflation. However, high interest rates can reduce the appeal of gold.

Mr. Wong also commented: "If the gold price falls below $2,600, the next support level will be around $2,540. This could be an attractive price for long-term investors to consider buying."

Spot gold could fall to $2,635, according to Reuters technical analyst Wang Tao.

Meanwhile, silver edged up 0.1% to $29.92 an ounce, while palladium and platinum both fell slightly to $935.25 and $933.70, respectively.

Gold Price Forecast

Investors are now waiting for inflation reports, unemployment figures and US retail sales, which will be released this week. If the indicators are positive, the Fed will delay cutting interest rates, which is a negative factor for gold. On the contrary, gold may surge and conquer the threshold of 2,700 USD/ounce.

According to many analysts, gold will be very active in the next 10 days after being quiet during the New Year holidays. After the holidays, the number of investors returning to the market increased dramatically as they sought to hedge against the risks of rising inflation, economic instability and geopolitical instability. This proves that gold is of great interest compared to other investment channels.

It is forecasted that in the next 10 days, under the strong support of the world gold price which is on an upward trend, it will likely return to the level of 2,700 USD/ounce, gold rings and SJC will continue to rise and may approach the mark of 90 million VND/tael.

God of Wealth Day in 2025 falls on Friday, February 7, 2025 of the Gregorian calendar. Due to the scarcity of raw gold, the price of gold on God of Wealth Day this year is expected to increase sharply.

Gold expert Tran Duy Phuong said that one should only buy gold to get good luck right away, not buy a lot because in 2025, the gold price trend will hardly increase as strongly as in 2024, after a year of increase of about 26% (as of mid-December 2024).