Gold prices soar to 9-month peak
Giá vàng hôm nay 25/1 trên thị trường thế giới tăng trở lại lên quanh đỉnh 9 tháng trong bối cảnh đồng USD vẫn đang trên đà suy yếu và giới đầu tư đánh cược vào khả năng Fed đảo chiều chính sách tiền tệ.
Giá vàng trong nước
End of the last trading session before Lunar New Year - January 19,gold price9999 domestic gold is listed by SJC and Gold and Silver Corporations in the following order of buying and selling:
SJC Hanoi: 66.90 million VND/tael - 67.92 million VND/tael, Doji Hanoi: 66.50 million VND/tael - 67.70 million VND/tael, SJC Ho Chi Minh City: 66.90 million VND/tael - 67.90 million VND/tael, Doji Ho Chi Minh City: 66.70 million VND/tael - 67.70 million VND/tael.
International gold price
On the night of January 24 (Vietnam time), the world gold price for daily delivery stood at around 1,935 USD/ounce. Gold for April delivery on the Comex New York floor was at 1,953 USD/ounce.
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| Gold prices continue to increase sharply today. Photo: Hoang Ha |
The world gold price on the night of January 24 was about 6.3% higher (114 USD/ounce) than at the beginning of 2022. World gold converted to the bank USD price was 55.6 million VND/tael, including taxes and fees, about 12.3 million VND/tael lower than the domestic gold price as of the end of the afternoon session on January 19.
Gold price onmarketGlobal stocks rose back to around a nine-month peak as the US dollar continued to weaken as investors bet on the possibility of a Fed policy reversal.
Gold rose mainly due to the weak US dollar even though the US Federal Reserve (Fed) is likely to continue raising interest rates for the eighth consecutive time at its February meeting.
The DXY index, which measures the US dollar's performance against a basket of major currencies, stood at 102.15, down more than 11.2% from its peak of 115 on September 28, 2022.
Gold also increased because the commodity closely related to gold, oil, increased again to nearly 82 USD/barrel (WTI).
According to plan, the Fed will have a policy meeting from January 31 to February 1.
Following market signals, the Fed will raise interest rates by another 25 basis points to 4.5%-4.75%.
Many forecasts suggest that the Fed could raise interest rates another 25 basis points after that, with the peak interest rate at 5%/year, before cutting 50 basis points in the second half of 2023.
If so, the pressure on the currency market is no longer as high as previously expected. The USD also declined according to the new signals.
Gold rose despite many markets in Asia still being on Lunar New Year holidays, including China and Vietnam.
Gold Price Forecast
The US economy has recently sent out many worrying signals. This is a factor that could make the Fed more cautious in its decisions to tighten monetary policy.
Gold is forecast to continue to increase and could reach $2,000/ounce and set a new record in 2023.
India’s possible reduction in gold import duties and China’s opening up of its economy after the Covid-19 pandemic are expected to boost demand for gold, which will continue to support prices of the precious metal.
According to Goldman Sachs, gold is supported by both the macroeconomic environment and low gold reserves.
Goldman Sachs' head of commodities research Jeff Currie said the outlook for gold in 2023 is very positive as China reopens its economy amid low gold reserves.
According to Bank of America, gold will occupy an important position in institutional investment portfolios within the next 3 years.
