Gold price today January 9: Continuing strong increase, reaching the peak of 1,900 USD/ounce

Domestic gold price today

Positive economic signals strengthen the momentum for gold price increase. (Photo: Hoang Ha)

Market opens on January 9,9999 gold price todaySJC increased by 50 thousand VND/tael compared to the end of the trading session last weekend.

Specifically, the price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:24 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 9:16 a.m. as follows:

End of trading session 7/1,9999 gold bar priceat SJC Ho Chi Minh City is 66.45 million VND/tael (buy) - 67.25 million VND/tael (sell). SJC Hanoi is listed at 66.45 million VND/tael (buy) and 67.27 million VND/tael (sell).

The central exchange rate on January 7 announced by the State Bank is 23,605 VND/USD. The USD price at commercial banks is trading around 23,280 VND/USD (buy) and 23,630 VND/USD (sell).

Central rateThe exchange rate announced by the State Bank on January 9 was 23,605 VND/USD. The USD price at commercial banks this morning (January 9) was traded around 23,290 VND/USD (buy) and 23,640 VND/USD (sell).

International gold price today

As of 9:41 am today (January 9, Vietnam time),The world spot gold price stood at around 1,877.8 USD/ounce, up 12.1 USD/ounce compared to last night. The price of gold futures for February delivery on the Comex New York floor was at 1,881.7 USD/ounce, up 15 USD/ounce compared to last night.

Morning of January 9,World gold converted to USD bank pricepriced at nearly 53.52 million VND/tael (excluding taxes and fees), about 13.8 million VND/tael lower than the domestic gold price.

In the world market, the spot gold price closed the trading session at 1,865.7 USD/ounce. The futures gold price traded at 1,866.7 USD/ounce.

Recently, US macroeconomic data showed that the rate of job growth in December 2022 is slowing down, along with decreasing wage pressure. This is a sign that US inflation is cooling down. Average income in December 2022 increased by 4.6%.

Overall, the US economy is on the road to recovery, which has pushed gold prices to their highest level in the past 6 months. Last week, gold prices recorded an increase of 2.4%, approaching the level of 1,900 USD/ounce.

GDP growth in the fourth quarter of 2022 was much better than expected, said Andrew Grantham, senior economist at CIBC Capital Markets. But the Institute for Economic Management's (ISM) report showed that the decline in services index raised concerns that the US economy is losing momentum, possibly starting in 2023.

Gold saw a series of consecutive weeks of gains in December 2022. However, the next target for gold is to surpass the price of $1,896.50/ounce.

Gold Price Forecast

According to CME's FedWatch Tool, 74% of the market is pricing in a 25 basis point rate hike by the Federal Reserve at its next rate hike, down from 50 basis points in the previous rate hike.

Gold prices continue to be priced into the next high depending entirely on the upcoming Fed rate hike, said Commerzbank analyst Barbara Lambrecht.