Gold price today January 8, 2025: World and domestic gold prices skyrocket

Domestic gold price today January 8, 2025

At the time of survey at 4:30 a.m. on January 8, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 84.4 million VND/tael for buying and 85.4 million VND/tael for selling. An increase of 100 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 84.6-85.3 million VND/tael for buying and selling. Compared to yesterday, the buying price increased by 200 thousand VND/tael, the selling price increased by 300 thousand VND/tael compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited was also traded by the enterprise at 83.7-85 million VND/tael (buying - selling, unchanged in both buying and selling directions compared to yesterday.

At Bao Tin Manh Hai, the price is also being traded at 83.7-85 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to yesterday.

The latest gold price list today, January 8, 2025 is as follows:

World gold price today January 8, 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 2,658.69 USD/Ounce. Today's gold price increased by 31.8 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,800 VND/USD), the world gold price is about 83.61 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.69 million VND/tael higher than the international gold price.

Gold prices jumped on the back of a weaker dollar as investors weighed whether President-elect Donald Trump’s tax plans might be less aggressive than expected and awaited U.S. jobs data to gauge the Federal Reserve’s path to interest rate hikes.

Rising U.S. Treasury yields could be a drag on gold’s further gains, according to IG market strategist Yeap Jun Rong. The U.S. 10-year yield hit its highest since May 2024 on Monday, while the dollar hovered near a one-week low.

The dollar fell against other currencies after reports that Trump's advisers were considering plans to impose tariffs only on industries deemed important to US national security or the economy.

However, Mr. Trump denied this information, making the picture of future US trade policy even more unclear.

Investors are looking ahead to Friday's U.S. jobs report for further clues on Fed policy. U.S. job openings data will also be released later in the day, while ADP employment data and the minutes of the Fed's December meeting are due on Wednesday.

According to Yeap, the US non-farm payrolls report will be the main risk event this week. If the unemployment rate holds steady at 4.2%, this could reinforce expectations of a gradual Fed rate cut, causing gold prices to continue to fluctuate in a narrow range.

Along with gold, silver prices also increased by 0.6% to $30.11 an ounce. Platinum prices increased by 0.7% to $940.10, while palladium prices increased slightly by 0.1% to $921.91.

Gold Price Forecast

Fawad Razaqzada, a market analyst at City Index, predicts that despite short-term challenges such as the strength of the greenback and rising bond yields, gold prices will still reach the target of $3,000/ounce in the first half of 2025.

According to Nicky Shiels, Head of Precious Metals Research and Strategy at MKS PAMP, gold prices will trade in a fairly wide range of $2,500 to $3,200 an ounce in 2025. The extent of the price increase depends on the monetary policy of the US Federal Reserve (Fed).

David Miller, senior investment director and portfolio manager at Catalyst Funds, said that gold prices could continue to be supported by the trend of BRICS countries converting USD reserves to gold to avoid risks from sanctions.