Gold prices on January 23rd: Global prices reach a peak of $4,934, while domestic prices fall by 1.2 million VND.
The gold market witnessed strong divergence as world prices surpassed the $4,900/ounce mark, while domestic SJC gold bar prices retreated to around 169 million VND/ounce.
On the morning of January 23rd, the gold market witnessed unusually contrasting movements. While global gold prices surged to new record highs, the domestic market saw a sharp decline, narrowing the price difference between the two markets to approximately 12.3 million VND per ounce.
Domestic gold prices have fallen sharply across the board.
In the domestic market, major gold trading businesses simultaneously adjusted their listed prices downwards right from the start of the morning. Specifically, Saigon Jewelry Company (SJC), PNJ, and DOJI listed their buying prices at...167.30 million VND/ounceand sell169.30 million VND/ounceCompared to the previous session, this price has decreased by approximately 1.2 million VND/ounce in both buying and selling directions.
Brands such as Bao Tin Minh Chau and Bao Tin Manh Hai recorded price reductions ranging from 700,000 to 1 million VND per tael. At Phu Quy SJC, the buying price was pushed down to a level lower than the general average, around 166.60 million VND per tael, while the selling price remained at 169.30 million VND per tael.
The gold ring market is also following the downward trend. SJC gold rings are currently trading around 165.20 – 167.70 million VND/ounce, down 700,000 VND/ounce. Other brands such as DOJI and PNJ have also adjusted their prices down by 500,000 to 800,000 VND/ounce, reflecting the cautious sentiment of domestic investors.
Global gold prices hit a new all-time high.
In stark contrast to domestic developments, world gold prices experienced a surge. At the close of trading in the US, the spot gold price settled at...4,934.8 USD/ounce, up 2.14% (equivalent to over $103/ounce) in the last 24 hours. This is the highest level ever for this precious metal.
Summary table of gold price fluctuations (converted):
| Type/Market | Current price | Fluctuation (24h) |
|---|---|---|
| World Gold Prices (Spot) | 4,934.8 USD/ounce | +103 USD |
| SJC gold bars | 169.30 million VND/ounce | -1.2 million VND |
| SJC gold rings | 167.70 million VND/ounce | -0.7 million VND |
| The difference | 12.3 million VND/ounce | Reduce |
Based on the Vietcombank exchange rate (excluding taxes and fees), the current world gold price is equivalent to approximately 157 million VND per tael. The decline in domestic gold prices, combined with the upward trend in the global market, has brought the price difference between the two markets to 12.3 million VND per tael.
Analyzing trends and pressures from monetary policy.
According to Bob Haberkorn, strategist at RJO Futures, despite short-term corrections due to the impact of tariff policies between the US and the EU, gold remains a key store of value. Amidst global geopolitical uncertainty, the precious metal has risen by approximately 64% over the past year and continues its upward trend with a gain of over 11% year-to-date.
The market is currently focusing its attention on the upcoming policy meeting of the US Federal Reserve (Fed). Expectations that the agency will keep interest rates unchanged in a prolonged low-interest rate environment are seen as a key driver of gold's potential for growth in the medium and long term.
