As of 5:00 p.m. on January 28 (Vietnam time), the spot gold price today on the world market was at $2,740/ounce. Gold for April 2025 delivery on the Comex New York floor was at $2,775/ounce.

The world gold price on the night of January 28 was about 32.8% higher (677 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 84.4 million/tael, including taxes and fees, about VND 4.5 million/tael lower than the domestic gold price as of the end of the afternoon session on January 28.

Gold prices in the international market fell sharply due to the surge in the USD and the plunge in US stocks after the "earthquake" that Chinese AI startup DeepSeek caused in the global technology industry.

Gold prices fell mainly due to the USD reversing and investors selling gold to offset losses caused by the US technology stocks plummeting since January 27.

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World gold prices drop sharply. Photo: HH

The US dollar rose rapidly as money sought refuge in safe-haven assets, including the greenback, and withdrew sharply from high-risk assets, including stocks on the stock exchange, especially technology stocks.

The global technology industry has just experienced a storm after Chinese AI startup DeepSeek caused a stir with its “cheap AI” model, which costs a fraction of the cost of existing US models, but is described as being as effective as, or even better than, models like ChatGPT or Claude from the US.

American AI giants are in a state of fear over China's DeepSeek.

Chip giant Nvidia's market capitalization evaporated by several hundred billion USD in just one session. Many leading AI-related stocks fell by 10-20% such as Broadcom, AMD, Vistra, Constellation Energy...

CEO Mark Zuckerberg's Meta sets up a 'war room' to decode China's game-changing model. Just days ago, Mark Zuckerberg announced that Meta plans to invest $65 billion to build AI infrastructure by 2025 to compete with OpenAI and Google. But now, the most formidable competitor may be DeepSeek.

The emergence of DeepSeek at the beginning of the new year could make the technology war between the US and China more unpredictable. The US economy as well as the world could also change a lot.

In the domestic market, businesses have closed for Tet. At the end of the trading session before the holiday, on January 25, the price of 9999 gold bars at SJC and Doji was listed at VND86.8-88.8 million/tael (buy-sell), an increase of VND600,000 compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 86.3-88 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 86.6-88.1 million VND/tael (buy - sell), an increase of 400,000 VND/tael compared to the previous session.

Gold Price Forecast

Gold prices were expected to continue rising sharply. According to the Kitco News gold survey, up to 80% of experts expect gold prices to rise this week, although the Lunar New Year holiday in many Asian countries slows the increase in gold prices.

Some forecasts say that gold will increase sharply after the Asian holiday, will soon rise above the threshold of 2,800 USD and will reach 3,000 USD/ounce by the end of this year.

However, the gold price outlook may have changed following the emergence of Chinese AI startup DeepSeek.

Investors are assessing the implications of this tech storm, with the focus on US-China relations, including trade and technology. The US has previously tried to block China’s progress in AI through regulations banning the export of chips and advanced semiconductor technology.

Will Donald Trump's policy change after launching a massive $500 billion AI project - Stargate? On January 27, Trump noted that DeepSeek AI is a wake-up call for American industries.

In the short term, gold prices are affected by the US dollar. The US Federal Reserve (Fed) will meet on January 28-29. Last week, Mr. Trump put pressure on the Fed and wanted the agency to accelerate the process of lowering interest rates.

Gold price today January 28, 2025: Holding breath waiting for a new record Gold price today January 28, 2025 on the international market increased slightly after profit-taking pressure from investors. Gold price is expected to break the record in the near future. The domestic gold market is on Tet holiday.