Gold price on January 27 skyrocketed to near record high

Domestic gold price

On January 26, Doji Hanoi listed the price at 66.5 million VND/tael (buy) and 68.5 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael and sold at 67.7 million VND/tael.

Before the January 19 holiday, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.9 million VND/tael (buy) - 67.9 million VND/tael (sell). SJC Hanoi listed at 66.9 million VND/tael (buy) and 67.92 million VND/tael (sell).

Domestic gold prices increase sharply. Photo: Anh Sinh

International gold price

In the world gold market, the spot gold price closed the trading session at 1,937 USD/ounce. The futures gold price traded at 1,938.3 USD/ounce.

The US Dollar Index traded at 102, its lowest level in seven months. US bond yields were low. In addition, economic recession and inflation were factors supporting gold prices.

Central banks buying gold is also a positive signal for the precious metal.

The market is paying attention to the US GDP data for the fourth quarter of 2022. This report may impact the Federal Reserve's stance on raising interest rates in the near future.

The Fed slowed the pace of rate hikes by 50 basis points in December 2022 after four previous 75 basis point rate hikes.