Gold price is waiting for the moment to "jump", China imports 10 tons at once, the US may make "the worst currency mistake"

Gold price today January 10, 2025: World gold prices have gone through a period of leaping and consolidating from below 300 USD/ounce to over 2,000 USD/ounce as it is now. Is the precious metal market preparing for a leap in the near future? Domestic gold prices have risen sharply again, soaring to 86 million VND/tael.

1. PNJ - Updated: 09/01/2025 22:00 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	84,800 ▲300K	86,000 ▲500K
HCMC - SJC	84,500 ▲500K	86,000 ▲500K
Hanoi - PNJ	84,800 ▲300K	86,000 ▲500K
Hanoi - SJC	84,500 ▲500K	86,000 ▲500K
Da Nang - PNJ	84,800 ▲300K	86,000 ▲500K
Da Nang - SJC	84,500 ▲500K	86,000 ▲500K
Western Region - PNJ	84,800 ▲300K	86,000 ▲500K
Western Region - SJC	84,500 ▲500K	86,000 ▲500K
Jewelry gold price - PNJ	84,800 ▲300K	86,000 ▲500K
Jewelry gold price - SJC	84,500 ▲500K	86,000 ▲500K
Jewelry gold price - Southeast	PNJ	84,800 ▲300K
Jewelry gold price - SJC	84,500 ▲500K	86,000 ▲500K
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	84,800 ▲300K
Jewelry gold price - Jewelry gold 999.9	84,800 ▲300K	85,600 ▲300K
Jewelry gold price - Jewelry gold 999	84,710 ▲290K	85,510 ▲290K
Jewelry gold price - Jewelry gold 99	83,840 ▲290K	84,840 ▲290K
Jewelry gold price - 916 gold (22K)	77,510 ▲270K	78,510 ▲270K
Jewelry gold price - 750 gold (18K)	62,950 ▲220K	64,350 ▲220K
Jewelry gold price - 680 gold (16.3K)	56,960 ▲210K	58,360 ▲210K
Jewelry gold price - 650 gold (15.6K)	54,390 ▲190K	55,790 ▲190K
Jewelry gold price - 610 gold (14.6K)	50,970 ▲190K	52,370 ▲190K
Jewelry gold price - 585 gold (14K)	48,830 ▲180K	50,230 ▲180K
Jewelry gold price - 416 gold (10K)	34,360 ▲120K	35,760 ▲120K
Jewelry gold price - 375 gold (9K)	30,850 ▲110K	32,250 ▲110K
Jewelry gold price - 333 gold (8K)	27,000 ▲100K	28,400 ▲100K

Update gold price today 10/1/2025

World gold prices rise, consolidating new levels, despite strong USD.

Gold prices remained high after rising sharply in the previous session amid US President-elect Donald Trump’s insistence that US interest rates should be cut further and China’s second consecutive month of gold purchases. Gold prices also rose despite pressure from a stronger US dollar and rising US bond yields, but the US dollar is unlikely to rise sharply. This also means that global gold prices may rise further.

According to the World & Vietnam Newspaper at 6:10 p.m. on January 9 (Hanoi time), the world gold price traded on the Kitco electronic floor was at 2,665.60 - 2,666.60 USD/ounce , up 2.5 USD compared to the close of the previous trading session. The world gold price converted according to the bank USD exchange rate was over 82.7 million VND/tael (including taxes and fees), about 3.3 million VND/tael lower than the domestic gold price.

Gold prices held firm even as the Federal Reserve took a more dovish stance amid persistent inflationary pressures, according to minutes from its December monetary policy meeting. The Fed cut interest rates by 25 basis points at its most recent meeting but signaled it expected only two more cuts in 2025. Inflation in the U.S. has recently been forecast to pick up again, prompting the Fed to be more cautious about its ongoing rate-cutting cycle. In September, central banks had forecast up to four rate hikes.

$2,000 an ounce has become a historic price level and we are heading much higher without any resistance. "Gold could double, triple from here and potentially go much higher than that," said Peter Schiff, chief market strategist at Euro Pacific Asset Management.

Schiff analyzed the bull runs and consolidations that the gold market has gone through, noting that the price of gold has gone through each of these phases — up more than 28% so far. He said that gold has been in a consolidation phase since 2011, when it traded between $1,500 and $2,000. But that was after a major breakout from 2001 to 2011, when the price of gold “leaped” from under $300 to around $1,900 an ounce.

Therefore, this strategist believes that "at some point in the future, the price of gold will increase high enough for greed to begin to replace fear in the market", at which time gold will make a new breakthrough.

Accordingly, in the opinion of strategist Peter Schiff, selling gold to buy Bitcoin could be the "worst monetary mistake" the US could make. Speaking about the recent controversy caused by US Senator Wyoming Cynthia Lummis when she proposed that the US should convert part of its huge gold reserves into Bitcoin, he even criticized "this idea is harmful to the country". The US currently has more than 8,000 tons of gold on its balance sheet - the largest gold reserve in the world.

Schiff pointed out that creating a strategic Bitcoin reserve by selling some of its gold holdings would be “the worst monetary mistake of all.” Because Bitcoin is not a viable reserve. What makes gold a good reserve is that if the US government needed to sell gold in an emergency to support the USD — a very deep liquid market that could easily absorb the sale. But if the US government tried to sell a large amount of Bitcoin, the market would collapse.”

He bluntly pointed out that, “in fact, the only reason Bitcoin is approaching $100,000 is because everyone is expecting the US government to buy millions of Bitcoins.”

Domestic gold prices increased sharply, soaring to 86 million VND/tael.

The price of SJC gold bars and plain gold rings both increased sharply today, reaching the highest level in a month, reaching 86 million VND/tael (selling), an increase of 500,000 VND/tael. The demand for gold at the end of the year and preparing goods for the God of Wealth Day is predicted to increase.

The closing price of SJC gold bars on January 9 at Saigon Jewelry Company was VND84.5 - 86 million/tael (buy - sell); Bao Tin Minh Chau Company is listing it at VND84.7 - 86 million/tael.

What is new in the market is that although the price of SJC gold bars suddenly climbed to its highest level in the past month, the gap between buying and selling prices has narrowed significantly. Currently, this gap fluctuates only from 1,300,000 - 1,500,000 VND/tael.

Also at the SJC brand, the price of 9999 round smooth gold rings is listed at 84.5 - 85.8 million VND/tael . At other brands, Doji Group closed the session at 84.8 - 85.6 million VND/tael; PNJ closed the session at 84.8 - 86 million VND/tael; Bao Tin Minh Chau Company traded at 84.90 - 86.20 million VND/tael.

Gold price today January 10, 2025: Gold price is waiting for the moment to 'jump', China imports 10 tons at once, the US may make 'the worst currency mistake'. (Source: YouTube)

Summary of SJC gold bar prices and 9999 smooth round gold ring prices at major domestic trading brands at the closing time of the trading session on January 9, 2025:

Saigon Jewelry Company SJC: SJC gold bars 84.5 - 86 million VND/tael; SJC gold rings 84.5 - 85.8 million VND/tael.

DOJI Group: SJC gold bars 84.5 - 86 million VND/tael; 9999 round rings (Hung Thinh Vuong) 84.8 - 85.6 million VND/tael.

PNJ system: SJC gold bars 84.5 - 86 million VND/tael; PNJ 999.9 plain gold rings at 84.8 - 86 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 84.5 - 86 million VND/tael; Phu Quy 999.9 round gold rings: 84.7 - 86.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 84.7 - 86 million VND/tael; round gold ring price is 84.90 - 86.20 million VND/tael.

After the break, China starts buying again

Instability in financial markets is expected to continue to push central banks to increase their gold holdings, including the Chinese giant.

Gold prices remained at a six-week high, buoyed by fresh buying momentum following the People’s Bank of China’s announcement that it would buy 10 tonnes of gold in December. This was the second consecutive month that the Chinese central bank increased its gold reserves after a six-month hiatus. Chinese demand is once again reviving the gold market, extending a trend that began early last year.

“Based on storage data, the People's Bank of China (PBoC) gold reserves are expected to increase by 44 tonnes by 2024 to 2,280 tonnes,” Krishan Gopaul, Senior EMEA Analyst at the World Gold Council (WGC), said in a social media post.

Investors and analysts are closely watching the PBoC’s gold purchases, as the bank’s gold purchases were a key driver of gold prices’ rise to consecutive record highs in 2024. The central bank’s strong appetite for the precious metal also coincided with unprecedented demand from Chinese consumers, which significantly outweighed weaker interest from Western investors.

“It is clear that gold ETFs have become less important for gold price trends. Instead, central bank gold purchases have had a much larger influence over the past three years,” said Carsten Fritsch, precious metals analyst at Commerzbank .

Looking ahead, analysts expect the PBoC to continue buying gold as part of its efforts to diversify its portfolio away from the US dollar and bolster the international standing of the yuan. But despite the recent purchases, gold still accounts for only about 5% of China’s total foreign exchange reserves.

“The Chinese central bank is likely to continue to lean toward its $3 trillion gold reserve target. The metal currently accounts for around 5% of total reserves, compared to 9.3% for the Reserve Bank of India and not even close to the Bank of England or the European Central Bank,” Hamad Hussain, assistant climate and commodities economist at Capital Economics, wrote in a report last month.

In a recent interview with Kitco News , George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors , noted that the People's Bank of China is not done buying gold yet. He noted that central bank demand, led by China, now accounts for 15% of total end-user demand - a trend he predicts will likely continue for the next 14 years.

Source: https://baoquocte.vn/gia-vang-hom-nay-1012025-gia-vang-cho-thoi-diem-nhay-vot-trung-quoc-nhap-lien-10-tan-my-co-the-mac-sai-lam-tien-te-toi-te-nhat-300238.html