Domestic gold price today January 24, 2024
Early morning of January 24 , SJC gold price 9999 today increased by 200 thousand VND/tael in both buying and selling compared to yesterday's closing price.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:32 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:51 a.m. as follows:
| Buy | Sell | |
| SJC Hanoi | 74,200,000 VND/tael | 76,720,000 VND/tael |
| SJC HCMC | 74,200,000 VND/tael | 76,700,000 VND/tael |
| SJC Danang | 74,200,000 VND/tael | 76,720,000 VND/tael |
| DOJI Hanoi | 74,150,000 VND/tael | 76,650,000 VND/tael |
| DOJI HCMC | 74,150,000 VND/tael | 76,650,000 VND/tael |
SJC and DOJI gold price list updated early morning 24/1
At the end of the trading session on January 23, the domestic price of 9999 gold today was listed by SJC and DOJI Gold and Gemstone Group in the following order of buying and selling:
SJC Hanoi: 74,000,000 VND/tael - 76,520,000 VND/tael
DOJI Hanoi: 73,950,000 VND/tael - 76,450,000 VND/tael
SJC HCMC: 74,000,000 VND/tael - 76,500,000 VND/tael
DOJI HCMC: 73,950,000 VND/tael - 76,450,000 VND/tael
The central exchange rate on January 24, 2024 announced by the State Bank is 24,030 VND/USD, unchanged from the previous session. The USD price at commercial banks this morning (January 24) was listed at 24,365 VND/USD (buy) and 24,735 VND/USD (sell).
International gold price today January 24, 2024
At 8:48 a.m. today (January 24, Vietnam time), the world spot gold price stood at around 2,026.6 USD/ounce, up 0.6 USD/ounce compared to last night. The gold futures price for April 2024 on the Comex New York floor was at 2,048.5 USD/ounce.
As of 7:30 p.m. on January 23 (Vietnam time), the spot gold price on the world market today stood at around $2,026/ounce. Gold for April 2024 delivery on the Comex New York floor was at $2,034/ounce.
The world gold price on the evening of January 23 was about 11% higher (202 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 60.9 million VND/tael, including taxes and fees, about 15.3 million VND/tael lower than the domestic gold price as of the end of the afternoon session on January 23.
World gold prices fell about $10 within a few hours of the end of the trading session on the Asian market. Low demand in the European and American markets has dragged down the price of the precious metal.
World gold prices are under strong downward pressure as the USD rises. Domestically, SJC gold bar prices continue to rise during the peak gold consumption season and before the God of Wealth festival.
The greenback rose sharply when the US market opened. The DXY index - measuring the USD's fluctuations against a basket of six major currencies - increased rapidly from 103 points in the afternoon of January 23 (Vietnam time) to 103.4 points at the beginning of the trading session on January 23 (night of January 23 Vietnam time).
Recently, many forecasts say that the US Federal Reserve (Fed) will not lower interest rates at its meeting in March and will only lower them from mid-2024 at the earliest.
With the rather hawkish statements from Fed officials, financial markets have reduced expectations that the Fed is ready to cut interest rates.
There are two economic reports this week that could change Fed interest rate expectations. On Thursday, the US Commerce Department will release its preliminary report on gross domestic product (GDP) for the fourth quarter of 2023. Many experts forecast that US GDP will increase by 1.7%, the slowest increase since the 0.6% decline recorded in the second quarter of 2022.
Gold Price Forecast
On Friday, the U.S. Commerce Department will release its December report on the personal consumption expenditures (PCE) price index, a measure of inflation favored by the Fed. The PCE is expected to have risen 0.2% in December from the previous month and 3% from a year earlier.
According to experts, if there is a big difference from expectations, the two reports above could cause big fluctuations in the financial market.
According to the latest signals, the market is betting on a 47% chance that the Fed will cut interest rates at its March meeting. This is much lower than the rate of over 80% in mid-January. In addition, investors also expect the Fed to have only 5 interest rate cuts in 2024, instead of 6 times before.
The US's slow rate cut will keep the USD high, thereby putting pressure on gold.
However, precious metals are benefiting from geopolitical uncertainties around the world and the conflict between the two economic powers, the US and China.
Gold is forecast to rise rapidly in the second half of 2024.
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