Gold price on Kitco floor at 9:00 p.m. (January 23, Vietnam time) was trading at 2,739.3 USD/ounce, down 0.69% compared to the beginning of the session. Gold futures price for February 2025 delivery on Comex New York floor was trading at 2,750.2 USD/ounce.

At the beginning of the trading session on January 23 (US time), the world gold price fell sharply due to profit-taking pressure from investors. Gold has continuously increased sharply since Mr. Trump took office as US President on January 20. Mr. Trump's threats to impose tariffs on the EU and China also caused the gold price to increase sharply.

Investors are now concerned that the Federal Reserve (Fed) will be a long way from cutting interest rates due to recent economic data that has been increasingly positive. The Fed said it needs to see more inflation data before making any announcement about cutting interest rates, and that the cut could not happen until the third quarter of 2025.

Recent better US economic data suggests the Fed may have to delay rate cuts longer, and a higher interest rate environment increases the opportunity cost of holding bullion, according to Jim Wyckoff, senior analyst at Kitco Metals.

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Under pressure to take profits, world gold prices fell sharply. Photo: HH

This expert commented that in the US stock market, stock investors are trading very strongly so gold is less interested.

Another factor that investors are paying attention to is President Trump's announcement that he will impose tariffs on goods from the European Union and is considering applying a 10% tariff on Chinese imports from February 1.

However, if these policies are seen as inflationary, causing the Fed to maintain high interest rates for an extended period, gold's appeal as an inflation hedge could diminish.

In the domestic market, at the end of the session on January 23, the price of 9999 gold bars at SJC and Doji was 86.1 million VND/tael (buy) and 88.1 million VND/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 86.1-87.8 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 84.4-86 million VND/tael (buy - sell).

Gold Price Forecast

According to experts' forecasts, in general, the general trend of gold is still assessed to be upward in the context that the US under Mr. Trump is expected to continue to increase money pumping to stimulate the economy.

In addition, gold price fluctuations also depend on the geopolitical situation in the Middle East, Ukraine...

Many forecasts suggest that geopolitical tensions will ease under Trump, which will push gold prices down. In his inaugural address, Trump vowed to prevent wars and conflicts in hot spots around the world.

Gold price today January 23, 2025 suddenly fell, SJC gold decreased by 300 thousand VND/tael . Domestic gold price today January 23, 2025 suddenly plummeted at the end of the session. SJC gold bars suddenly fell by 300 thousand VND/tael, plain rings remained the same. World gold price decreased.