Gold price on Kitco floor at 9:00 p.m. (January 9, Vietnam time) was trading at 2,672 USD/ounce, up 0.52% compared to the beginning of the session. Gold futures price for February 2025 delivery on Comex New York floor was trading at 2,690.5 USD/ounce.

At the beginning of the trading session on January 9 (US time), the world gold price increased due to strong buying due to the demand for safe havens - the impact of the budget crisis in the UK is at risk of spreading.

UK financial markets have plunged on growing concerns about the government 's budget deficit. The pound has hit its lowest level in more than a year against the dollar.

Gold was also supported by a weaker-than-expected US jobs report for December, while investors were reassured that the US Federal Reserve (Fed) is likely to be less cautious in easing interest rates this year.

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The UK budget crisis helps gold prices increase. Photo: HH

Specifically, according to the report, the US economy only created 122,000 jobs in the private sector last month. Meanwhile, economists ' forecast was an increase of 140,000 jobs.

According to Bart Melek, Head of Commodity Strategy at TD Securities, a weak private sector job market, which leads to lower private payrolls, is a positive factor for gold prices. Basically, the lower-than-expected jobs data shows that the economy is weaker than expected.

One of the most positive signals for gold prices, which investors are most interested in, is after Fed Governor Christopher Waller said that inflation will not stop falling in 2025 and allowed the US Central Bank to continue to reduce interest rates, although the pace is uncertain.

In the domestic market, at the end of the session on January 9, the price of 9999 gold bars at SJC and Doji was listed at VND 84.5 million/tael (buy) and VND 86 million/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 84.5-85.8 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 84.8-86 million VND/tael (buy - sell).

Gold Price Forecast

Goldman Sachs Group Inc. said it no longer expects gold prices to reach $3,000 an ounce by the end of this year, pushing that forecast to mid-2026.

Analysts Lina Thomas and Daan Struyven of this bank predict that the price of gold will reach $ 2,910 / ounce by the end of 2025. The decrease in ETF inflows into gold in December 2024 due to the decrease in uncertainty after the US election is also a factor causing the price of gold to start the new year lower.

Another forecast by Dmitry Puchkarev, a stock market expert at BCS World of Investments, is that gold prices will rise by 2025 to $2,600-2,900 an ounce.

Gold price today January 9, 2025: SJC gold and rings increased sharply, soaring to 86 million . Gold price today January 9, 2025 increased sharply in the domestic market. Both SJC gold bars and plain rings reached 86 million VND/tael (sold), increasing by 500,000 VND per tael. World gold prices increased despite the strong USD.