Gold price goes down, market reduces expectations, experts still have confidence, SJC gold goes in the same direction

Gold price today January 23, 2024, Gold price decreased as hopes of a Fed rate cut in March faded. There is a disparity between what the Fed announced and what the market priced. Experts emphasize the long-term value and resilience of gold as an investment option. SJC gold is in the same direction.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/23 AND EXCHANGE RATE TODAY 1/23

1. PNJ - Updated: 22/01/2024 23:00 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,750 ▲150K	64,000 ▲150K
HCMC - SJC	73,500 ▼800K	76,000 ▼900K
Hanoi - PNJ	62,750 ▲150K	64,000 ▲150K
Hanoi - SJC	73,500 ▼800K	76,000 ▼900K
Da Nang - PNJ	62,750 ▲150K	64,000 ▲150K
Da Nang - SJC	73,500 ▼800K	76,000 ▼900K
Western Region - PNJ	62,750 ▲150K	64,000 ▲150K
Western Region - SJC	73,500 ▼200K	76,100 ▼700K
Jewelry gold price - PNJ	62,750 ▲150K	64,000 ▲150K
Jewelry gold price - SJC	73,500 ▼800K	76,000 ▼900K
Jewelry gold price - Southeast	PNJ	62,750 ▲150K
Jewelry gold price - SJC	73,500 ▼800K	76,000 ▼900K
Jewelry gold price - Jewelry gold price	PNJ Ring (24K)	62,750 ▲150K
Jewelry Gold Price - 24K Jewelry	62,700 ▲200K	63,500 ▲200K
Jewelry Gold Price - 18K Jewelry	46,380 ▲150K	47,780 ▲150K
Jewelry Gold Price - 14K Jewelry	35,900 ▲120K	37,300 ▲120K
Jewelry Gold Price - 10K Jewelry	25,170 ▲90K	26,570 ▲90K

Domestic gold price on the morning of January 22 decreased by 400 thousand VND/tael compared to the closing price last weekend.

Specifically, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 73.75 - 76.65 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in the buying direction and a decrease of 400 thousand VND/tael in the selling direction compared to the closing price at the end of last week.

Phu Quy Jewelry Group listed the price of SJC gold at 73.8 - 76.3 million VND/tael (buy - sell), down 200,000 VND/tael for buying and down 250,000 VND/tael for selling compared to the closing price last weekend.

Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 73.8 - 76.32 million VND/tael (buy - sell), an increase of 100 thousand VND/tael for buying and a decrease of 400 thousand VND/tael for selling compared to the closing price last weekend.

Gold price today January 23, 2024: Gold price goes down, market reduces expectations, experts still have confidence, SJC gold goes in the same direction. (Source: PTI)

Summary of SJC gold prices at major domestic trading brands at the closing time of January 22:

Saigon Jewelry Company listed the price of SJC gold at 73.5 - 76.0 million VND/tael.

Doji Group currently lists the price of SJC gold at: 73.45 - 75.95 million VND/tael.

PNJ system listed at: 73.5 - 76.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 73.55 - 75.85 million VND/tael; Rong Thang Long gold brand is traded at 63.78 - 64.88 million VND/tael; jewelry gold price is traded at 63.40 - 64.60 million VND/tael.

Thus, compared to the morning session of January 22, at the close of trading session on the same afternoon, the price of SJC gold in Hanoi market listed by Saigon Jewelry Company decreased by 300 thousand VND/tael in both buying and selling directions.

World gold prices increased 0.1% in the morning trading session on January 22 as investors waited for the US to announce new economic growth data.

The US Federal Reserve (Fed) will also release inflation figures later this week before making its interest rate decision next week.

Spot gold rose 0.1% to $2,030.87 an ounce. US gold futures also rose 0.2% to $2,033 an ounce.

The dollar index fell 0.1%, making greenback-denominated gold cheaper for holders of other currencies. The yield on the benchmark 10-year U.S. Treasury note also fell from its highest in more than a month to 4.1149%.

According to the World & Vietnam Newspaper , information on Gold Price , as of 7:01 p.m. Vietnam time on January 22, the world gold price was listed at 2,026.29 USD/ounce, down 0.98 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on January 22, 1 USD = 24,705 VND, the world gold price is equivalent to 60.31 million VND/tael, 15.69 million VND/tael lower than the selling price of SJC gold.

Gold prices fall as Fed rate cut hopes fade

World gold prices fell in the trading session on January 22 as hopes of a Fed rate cut in March faded, while traders awaited important economic data from the country and major central bank policy meetings this week.

Spot gold fell 0.4% to $2,021.39 an ounce at 0955 GMT. US gold futures fell 0.3% to $2,023.20.

“There is a mismatch between what the Fed is saying and what the market is pricing in,” said Carlo Alberto De Casa , market analyst at Kinesis Money. “The market is now re-pricing and changing that view and realizing that there is too much optimism about the (rate cut) decisions of the US central bank.”

The dollar index (.DXY) fell about 0.1%, while the yield on the benchmark 10-year U.S. Treasury note fell from a more than one-month high.

The precious metal fell about 1% last week - its biggest weekly decline in six weeks - after Fed officials said they needed more inflation data before making any rate cut decisions and that the timing of rate cuts would be in March.

Traders are now pricing in a 43.5% chance that the Fed will cut rates in March, according to the CME Fed Watch Tool .

Investors will be looking to the US preliminary PMI report on January 24, the fourth quarter 2023 GDP estimate due on January 25 and personal consumption expenditure data on January 26 for further signals on interest rates.

Higher interest rates increase the opportunity cost of holding bullion.

Meanwhile, according to Livemint , in the Indian market, after hitting a five-week low of Rs 61,400 last week, gold prices on the Multi Commodity Exchange (MCX) have recovered sharply and regained around Rs 600 per 10 gm on MCX.

According to commodity market experts, profit-taking from US Treasury yields and strong US economic data that fueled speculation of a Fed rate cut were some of the key reasons that helped the metal recoup losses over the weekend.

On factors that could impact gold prices in the short term, Sugarndha Sachdeva , founder of WealthWave Insights, said: “The trajectory of gold prices depends on various impactful events during the week. Notably, escalating geopolitical tensions in the Middle East are expected to support the precious metal.

Additionally, investors will closely watch the release of the US PCE price index, advance estimates of fourth-quarter GDP and interest rate decisions from the Bank of Japan and the European Central Bank.

On the short-term outlook for gold, Sugarandha Sachdeva said, “Evaluating the price outlook, gold prices today are facing resistance at ₹62,700/10 gm and have an important support at ₹61,500/10 gm. Considering the strength of the US dollar index, the short-term forecast for gold prices is tilted to the downside.”

“Internationally, gold prices are facing resistance around $2,065/oz and appear poised to test lower levels around $1,965/oz. Despite the potential for intermittent corrections, the longer-term outlook suggests that lower gold prices could present attractive buying opportunities. The overall trend remains positive this year, underscoring gold’s long-term value and potential resilience as an investment option,” Sugarandha added.

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