Gold price on Kitco floor at 9:00 p.m. (January 16, Vietnam time) was trading at 2,717.5 USD/ounce, up 0.86% compared to the beginning of the session. Gold futures price for February 2025 delivery on Comex New York floor was trading at 2,750.8 USD/ounce.

At the beginning of the trading session in the US market, the world gold price increased sharply, surpassing 2,700 USD/ounce after the report of the number of weekly unemployment benefits applications in the US increased to 217,000, an increase of 14,000 applications compared to the forecast. Retail sales in December increased by 0.4%. These are two factors that helped gold increase sharply in price, when investors expected the US Federal Reserve (Fed) to speed up the loosening of monetary policy.

In addition, gold also received important support from the US dollar and falling bond yields. US core inflation was lower than expected. The precious metals market believes that the Fed's monetary policy easing cycle may not be over yet.

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World gold price increases sharply. Photo: HH

The US core CPI was lower than expected, which is a positive sign for gold, increasing the likelihood that the Fed will continue to cut interest rates this year, according to Bart Melek, commodity strategist at TD Securities.

The market now expects the Fed to cut interest rates by 40 basis points by year-end, compared with around 31 basis points before the inflation data.

Meanwhile, gold is being hammered by the threat of higher tariffs from Donald Trump, who begins his second term next week. Experts say imposing tariffs on a wide range of imports could fuel inflation and further limit the Fed’s ability to cut interest rates.

Many believe that precious metals will have no shortage of bullish catalysts in 2025. According to Chris Mancini, portfolio manager of Gabelli Gold Fund, the main catalyst he is watching is economic uncertainty and the impact on consumer prices.

In the domestic market, at the end of the session on January 16, the price of 9999 gold bars at SJC was 85 million VND/tael (buy) and 87 million VND/tael (sell). Doji also listed the price of gold bars at 85 million VND/tael (buy) and 87 million VND/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 84.8-86.5 million VND/tael (buy - sell). Doji listed the price of 9999 round gold rings at 85-86.5 million VND/tael (buy - sell).

Gold Price Forecast

According to many experts, the inflation index, unemployment data and US retail sales increase, the Fed will delay lowering interest rates and this is a negative factor for gold. On the contrary, gold can increase and conquer the threshold of 2,700 USD/ounce.

Kelvin Wong, senior market analyst for Asia Pacific at Oanda, predicts that if gold prices fall below $2,600 an ounce, the next support level will be around $2,540 an ounce. This could be an attractive price for long-term investors to consider buying.

Gold price today January 16, 2025: SJC gold and rings increased sharply, reaching 87 million VND . Gold price today January 16, 2025 increased sharply in the international market, up to nearly 2,700 USD/ounce, causing domestic gold prices to increase sharply. SJC gold bars increased by nearly 1 million VND per tael (sold) to 87 million VND, plain rings were more expensive by 400,000 VND.