The price of gold on the Kitco floor at 9:00 p.m. (January 13, Vietnam time) was trading at $2,667.1/ounce, down 0.82% from the beginning of the session. The price of gold futures for February 2025 delivery on the Comex New York floor was trading at $2,688.9/ounce.

At the beginning of the trading session on January 13 (US time), the world gold price fell sharply due to high profit-taking demand in the market after the price increased continuously in recent sessions. In addition, the USD also increased sharply. The DXY index reached 109.9 points, the highest in 2 years.

However, according to analysts, in the last sessions of the week, the gold price continuously approached the level of 2,700 USD/ounce, showing positive signals for the precious metal in the future, despite the great resistance of the recovering USD and rising US Treasury bond yields.

It can be seen that, in the context of many factors against gold, gold is supported by the hedge tool of inflation, financial market volatility, economic and geopolitical tensions.

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Gold prices plummet. Photo: HH

The latest survey results from WisdomTree, an American asset management group, show that the main purpose of using gold in investors' portfolios is "diversification" to spread risks, helping to minimize potential risks in other investments.

Nitesh Shah, head of commodity and macroeconomic research at WisdomTree Europe, said gold is a great portfolio diversifier because it allows investors to improve returns while effectively controlling risk.

Shah analyzed that professional investors are right to see gold as a hedge against inflation, financial market volatility, economic stress and geopolitical instability.

While some of these risks may not be top of mind for investors right now, he said, hedging against potential escalation is still essential.

In the domestic market, at the end of the session on January 13, the price of 9999 gold bars at SJC and Doji was 84.8 million VND/tael (buy) and 86.8 million VND/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 84.7-86.5 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 85.1-86.4 million VND/tael (buy - sell).

Gold Price Forecast

Lukman Otunuga, chief market analyst at FXTM, said gold has performed better in recent sessions, suggesting investors continue to flock to the metal amid concerns about tariffs and inflation under President Trump.

Bank of America, a US multinational bank, and New York-based financial group JPMorgan predict that gold bullion will reach $3,000 an ounce this year. Meanwhile, Union Bank of Switzerland believes that gold will reach $2,900 an ounce by mid-2026.

Gold price forecast for the next 10 days: Finding the momentum to increase, will rings and SJC reach 90 million? A series of economic factors are forecast to strongly support gold in the next 10 days. Gold prices are likely to return to 2,700 USD/ounce. Will rings and SJC thus be given more momentum to increase in price to approach the 90 million VND/tael mark?