Gold price today January 23, 2025: World gold price and domestic gold price increased to the highest level in more than 11 weeks

At the time of survey at 4:30 a.m. on January 23, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 86.2 million VND/tael for buying and 88.2 million VND/tael for selling. An increase of 700 thousand VND/tael in 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 86.6-87.6 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 300 thousand VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited was traded by businesses at 86.2-88.2 million VND/tael (buying - selling), an increase of 700 thousand VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 85.8-88 million VND/tael (buying - selling), an increase of 300 thousand VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, January 23, 2025 is as follows:

World gold price today January 23, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was 2,757.61 USD/ounce. Today's gold price increased by 62.78 USD/ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,600 VND/USD), the world gold price is about 86.05 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.15 million VND/tael higher than the international gold price.

Gold prices rose to their highest in more than 11 weeks on Wednesday, nearing last year’s record, boosted by safe-haven demand amid uncertainty over US President Donald Trump’s trade policies and a weaker US dollar.

According to Kelvin Wong, senior market analyst for Asia Pacific at OANDA, uncertainty about when and how President Trump will implement trade policies with major US partners has caused the US dollar to fluctuate sharply. This is a key factor driving gold prices higher in the short term. A weaker dollar makes gold more attractive to investors using other currencies. Moreover, gold is always considered a safe investment channel in times of economic and political instability.

President Trump recently announced tariffs on goods from the European Union and is considering a 10% tariff on imports from China starting February 1, 2025. However, if these policies (which are believed to be inflationary) lead the US Federal Reserve to maintain high interest rates for a long time, gold’s appeal as an inflation hedge could diminish. High interest rates typically reduce the appeal of gold because it does not yield a return.

The Fed will hold a policy meeting next week, closely monitoring the Trump administration's new policies and keeping an eye on the bond market, where borrowing costs are rising despite interest rate cuts. The Fed is expected to keep its benchmark interest rate unchanged at this meeting.

Macroeconomic and trade uncertainty and the risk of a worsening fiscal situation are supporting demand for safe haven assets such as gold, ANZ said. While physical demand for gold may decline, investment demand for gold is expected to rise, offsetting the decline.

Meanwhile, spot silver prices fell slightly by 0.1% to $30.83 an ounce. Palladium rose by 0.8% to $964.44, while platinum remained unchanged at $943.25.

Gold price forecast

Gold is expected to fluctuate strongly due to President Donald Trump's unexpected policies. But overall, the general trend of gold is still considered to be upward in the context of the US under Trump being predicted to continue to increase money pumping to stimulate the economy.

Gold price fluctuations also depend on the geopolitical situation in many hot spots around the world such as the Middle East, Ukraine...

Previously, many forecasts said that geopolitical tensions would decrease under Mr. Trump, thereby causing gold prices to fall. In his inaugural speech, Mr. Trump declared that he would prevent wars and bring a new spirit of solidarity to the world.

In the Middle East, Israel and Hamas forces in the Gaza Strip completed the first exchange of hostages and prisoners in phase 1 of the ceasefire agreement. However, the outlook for the region remains unpredictable due to the complexity of this land.

As for Russia and Ukraine, Mr. Trump did not mention it in his inaugural speech, even though during the election campaign, he promised to end this conflict within 24 hours.

Gold prices are also expected to fluctuate strongly when the Trump administration makes tax moves against China.