Gold price today January 7, 2024, SJC gold price still increases, widening the gap with the world, the State does not protect, the market falls into a tug of war

Gold price today January 7, 2024, SJC gold price closed the week still high, the world market 'opened' the year smoothly, investors tried to predict the Fed's next move.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/1 and EXCHANGE RATE TODAY 7/1

1. PNJ - Updated: 06/01/2024 22:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,000	63,100
HCMC - SJC	72,500	75,200
Hanoi - PNJ	62,000	63,100
Hanoi - SJC	72,500	75,200
Da Nang - PNJ	62,000	63,100
Da Nang - SJC	72,500	75,200
Western Region - PNJ	62,000	63,100
Western Region - SJC	72,200 ▲100K	75,200 ▲100K
Jewelry gold price - PNJ	62,000	63,100
Jewelry gold price - SJC	72,500	75,200
Jewelry gold price - Southeast	PNJ	62,000
Jewelry gold price - SJC	72,500	75,200
Jewelry gold price - Jewelry gold price	PNJ Ring (24K)	62,000
Jewelry Gold Price - 24K Jewelry	61,900	62,700
Jewelry Gold Price - 18K Jewelry	45,780	47,180
Jewelry Gold Price - 14K Jewelry	35,430	36,830
Jewelry Gold Price - 10K Jewelry	24,830	26,230

Domestic gold prices continued to increase sharply this week.

Domestic gold price on the morning of January 2, in Hanoi market, DOJI Gold and Gemstone Group listed SJC gold price at 69 - 74 million VND/tael (buy - sell), increased 1 million VND/tael in buying price and remained unchanged in selling price compared to the closing price yesterday.

By the morning session of January 4, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 71.9 - 75 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling compared to the closing session on January 3.

On the morning of January 5, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 72 - 75 million VND/tael (buy - sell), keeping the same price for both buying and selling compared to the closing price yesterday.

At the end of the week session on January 6, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 72 - 75 million VND/tael (buy - sell).

Thus, compared to the first session of the week on January 2 (69 - 74 million VND/tael), the price of SJC gold in the Hanoi market listed by DOJI Gold and Gemstone Group increased by 3 million VND/tael for buying and increased by 1 million VND/tael for selling.

Gold price today January 7, 2024, SJC gold price still increases, widening the gap with the world, the State does not protect, the market falls into a tug-of-war. (Source: Kitco News)

This week, on January 3, at a press conference to deploy tasks for 2024, Deputy Governor of the State Bank Dao Minh Tu said that the State does not encourage trading in gold bars, does not protect the price of gold bars, and does not accept the large price difference between domestic and international gold, between SJC gold and other types of gold bars.

According to Deputy Governor Dao Minh Tu, all these issues will be considered in the upcoming amendment to Decree 24/2012/ND-CP issued in 2012 on the management of gold trading activities and will be amended in a way that ensures both management and marketability. The State Bank will implement and seek public opinions in the coming time.

Regarding the proposal to remove the monopoly of SJC gold bars according to the provisions of Decree 24, Deputy Governor Dao Minh Tu said that regardless of the SJC gold brand or many other gold brands, the ultimate goal is to stabilize the gold bar market, ensuring the interests of 100 million people. The interests of the group of gold trading enterprises are very small, the State does not protect the price of gold bars, but always respects the people's rights to buy, sell, preserve and store gold.

World gold prices fell in the trading session on January 5 and recorded the first weekly decline in the past month, after the non-agricultural employment report was better than expected.

At the end of the session, gold futures on the COMEX floor of the New York Mercantile Exchange (USA) fell 20 US cents, less than 0.1%, to $2,049.80/ounce. For the week, gold prices fell nearly 1.1% after three consecutive weeks of increases, according to Dow Jones Market Data.

According to The Gioi & Viet Nam Newspaper , at 1:32 p.m. on January 6 (Vietnam time), the world gold price at goldprice.org was at 2,045.57 USD/ounce, an increase of 1.06 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of January 6:

Saigon Jewelry Company listed the price of SJC gold at 72 - 75 million VND/tael.

Doji Group currently lists the price of SJC gold at: 72 - 75 million VND/tael.

PNJ system listed at: 72.5 - 75.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 72.25 - 74.75 million VND/tael; Rong Thang Long gold brand is traded at 62.58 - 63.68 million VND/tael; jewelry gold price is traded at 62.20 - 63.40 million VND/tael.

Converted according to the USD price at Vietcombank on January 6, 1 USD = 24,530 VND, the world gold price is equivalent to 60.45 million VND/tael, 14.55 million VND/tael lower than the selling price of SJC gold.

Gold price stuck, market focuses on Fed's move

According to many analysts, the gold market had a favorable start after the first trading week of 2024 even with the price drop, consolidating at a high of 2,000 - 2,050 USD/ounce.

Gold futures for February delivery ended the week at around $2,050 an ounce, down 1% from the previous week.

Markets remain in a tug-of-war as investors try to predict the next move by the Federal Reserve, with markets currently pricing in a 68% chance of a first rate cut at the March monetary policy meeting, according to some analysts.

However, some economists say that after the December jobs data, it is unlikely that the US central bank will be ready to cut interest rates like that at the start of the new year. The latest jobs data showed that 216,000 jobs were created last month and wages rose 0.4%.

“The jobs report reinforces the view that the Fed will likely continue to push back on the market-priced rate cut until the signal becomes clearer,” analysts at TD Securities said. “That said, we do expect inflation to continue to decline in the next few reports, which would open the door for a rate cut in Q2.”

Meanwhile, Philip Streible , chief market strategist at Blue Line Futures, said rate cut expectations remain high as some analysts believe the latest jobs report shows cracks in the labor market are starting to appear. He noted that the large number of government jobs in the December report appeared to have skewed the data.

Streible added that with a rate cut in March, gold would be well supported above $2,000 an ounce; however, he said he did not know if there would be enough momentum to push prices above $2,050 an ounce.

“There is a coin flip right now and that will keep gold in this consolidation range,” he said.

Meanwhile, James Stanley , senior market strategist at Forex.com, said this week’s price action suggests gold is limited to $2,050 in the near term. However, he added that the downside in gold will be difficult as the Fed is still expected to cut interest rates this year.

“I think this resistance will hold long enough to pull back… but that could take a month or two. When the Fed officially pivots, that could be successful… Ideally, gold should push below $2,000 an ounce and take out some of the pre-emptive buying. Then, increased buying could push prices higher,” Stanley said.

Last week, the world gold price fell immediately after the US employment data was released. Earlier in the week, the gold price also fell consecutively in the first two sessions of 2024 due to pressure from the strengthening of the USD and uncertainty about the timing of a potential interest rate cut as shown in the minutes of the latest policy meeting of the Fed. However, the gold price then increased again in the session on January 4.

Although the Fed predicted that interest rates would likely fall this year, the jobs report released on January 5 reinforced the possibility of a “soft landing” of the US economy, as well as the stance of maintaining interest rates at high levels for a longer period of time.

Mr. Jerry Braakman , President and Chief Investment Officer of First American Trust, commented that this is not beneficial for gold prices, because this precious metal often reacts positively to lower interest rates, a weaker USD and slowing economic growth.

However, he said that we should not focus too much on the monthly jobs report. This expert still predicts that the US economy will weaken this year, causing the Fed to lower interest rates, thereby supporting gold prices.

Source