Gold price today January 6, 2025: Domestic gold price increased sharply for 2 consecutive weeks

Domestic gold price today January 6, 2025

At the time of survey at 4:30 a.m. on January 6, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.55 million VND/tael for buying and 85.5 million VND/tael for selling. An increase of 700 thousand VND/tael for buying and 800 thousand VND/tael for selling compared to the beginning of last week.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 84.8-85.5 million VND/tael for buying and selling. Compared to the beginning of last week, the buying price increased by 600 thousand VND/tael, the selling price increased by 800 thousand VND/tael.

SJC gold price at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 84.1-85.5 million VND/tael (buying - selling, up 1.4 million VND/tael for buying - up 1 million VND/tael for selling compared to the beginning of last week.

At Bao Tin Manh Hai, the price is also being traded at 84.1-85.5 million VND/tael (buy - sell), an increase of 1.4 million VND/tael for buying - an increase of 800 thousand VND/tael for selling compared to the beginning of last week.

The price of plain round gold rings has increased sharply, but people's demand for gold has not decreased. On Tran Nhan Tong Street (Hanoi), Ms. Nguyen Hoai An (Hoan Kiem District) said:

"Many times I came here to queue, but couldn't buy gold rings because the store didn't sell them. Today I came early, the staff announced that they were selling 3 taels of gold per person, so I was able to buy 1 tael."

"For the past few weeks, most stores have not had a fixed opening time for selling gold rings. I have asked the staff many times but they do not know the exact time of sale."

The latest gold price list today, January 6, 2025 is as follows:

World gold price today January 6, 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 2,639.91 USD/Ounce. Today's gold price increased by 17 USD/Ounce compared to last week. Converted to the USD exchange rate, on the free market (25,800 VND/USD), the world gold price is about 83.02 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.48 million VND/tael higher than the international gold price.

Gold prices started 2025 on a steady note, holding above $2,600 an ounce after posting their best performance in 14 years. Gold traded in a narrow range during the two-week holiday period, but analysts say the precious metal will still face pressure from the US dollar when the market reopens.

The dollar is supported by solid economic data, trading at a 25-month high against a basket of currencies. David Morrison, senior market analyst at Trade Nation, said bullish momentum is building in gold and silver, but he is keeping a close eye on the impact of the dollar on gold prices in the coming week.

Alex Kuptsikevich, chief market analyst at FxPro, noted that gold and the US dollar can sometimes move in the same direction. He noted that despite the US dollar gaining 1.5% in the final quarter of the year, gold has strengthened, reflecting the search for safe-haven assets. However, Kuptsikevich also warned of a bearish technical signal for gold after it tested its 50-day moving average.

David Miller, Chief Investment Officer and Senior Portfolio Manager at Catalyst Funds, is bullish on gold in 2025. He believes that gold could continue to rise in price due to the trend of BRICS countries converting their USD reserves to gold to avoid the risk of sanctions. In addition, the US budget deficit is expected to reach $1.9 trillion by 2025, which will also weaken the USD, creating favorable conditions for gold.

With increased demand from BRICS countries and an uncertain macroeconomic environment, gold is expected to maintain its appeal as a safe-haven asset in 2025. This strengthens the long-term outlook for the precious metal, especially as the US dollar comes under pressure from rising budget deficits and public debt.

Gold Price Forecast

Commenting on the gold price trend, some experts said that the US dollar started the new year with very strong growth momentum. Many analysts expect the greenback to continue to increase in value as the strong economy forces the US Federal Reserve (Fed) to implement a more easing cycle.

Meanwhile, gold market analysts say that gold is trending in contrast to the US dollar. The greenback’s strong momentum will create a headwind for gold in the first half of the year. However, despite these challenges, analysts still expect gold prices to rise to $3,000/ounce by the end of 2025.

Kitco News’ annual gold survey shows retail investors are bullish on gold’s potential for price gains in 2025. Meanwhile, major banks and industry experts also predict the precious metal will maintain its strength next year.

According to the survey, 457 investors participated in the gold price forecast. The majority (58%) believe that gold will surpass the $3,000/ounce mark by 2025. Another 22% predict that gold prices will fluctuate between $2,800 and $3,000/ounce. Only 7% think that gold will peak between $2,600 and $2,800, while 13% predict that gold prices will fall to between $2,400 and $2,600/ounce.

Chantelle Schieven, Head of Research at Capitalight Research, said the recent consolidation was a necessary correction after a strong year for gold. She said the current volatility is healthy and not a cause for concern, while affirming that gold still has long-term strength.

Schieven was one of the most bullish analysts in early 2024, predicting gold prices would reach $2,400 an ounce. In fact, gold has already surpassed that level by nearly $400. Looking ahead, she believes that gold still has a lot of upside potential, reinforcing her belief in the long-term prospects of the precious metal.

With consensus from both retail and professional investors, gold is expected to continue to maintain its appeal in 2025. Factors such as a healthy accumulation trend and forecasts for further price increases are reinforcing gold’s position as a safe and potential investment asset.