Gold price is high, gold bars are still "hot", will it reach 2,300 USD/ounce this year?

Gold price today, January 6, 2024, in the domestic market fluctuates around 75 million VND/tael (selling). WisdomTree, a global exchange-traded fund, predicts that gold will increase throughout 2024 and may conquer the level of 2,300 USD/ounce.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/6 and EXCHANGE RATE TODAY 1/6

1. PNJ - Updated: 01/05/2024 23:00 - Time of website supply - ▼ / ▲ 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	72,100	75,100
Jewelry gold price - PNJ	62,000	63,100 ▲100K
Jewelry gold price - SJC	72,500 ▲10600K	75,200 ▲12500K
Jewelry gold price - Southeast	PNJ ▼45780K	62,000 ▲14820K
Jewelry gold price - SJC	72,500 ▲37070K	75,200 ▲38370K
Jewelry gold price - Jewelry gold price	PNJ Ring (24K) ▼24830K	62,000 ▲35770K
Jewelry Gold Price - 24K Jewelry	61,900 ▲61900K	62,700 ▲62700K
Jewelry Gold Price - 18K Jewelry	45,780 ▲45780K	47,180 ▲47180K
Jewelry Gold Price - 14K Jewelry	35,430 ▲35430K	36,830 ▲36830K
Jewelry Gold Price - 10K Jewelry	24,830 ▲24830K	26,230 ▲26230K

Domestic gold prices did not record any new fluctuations in the afternoon trading session on January 5. Specifically: SJC Company traded SJC gold at 72 million VND/tael for buying and 75 million VND/tael for selling, unchanged from the previous afternoon.

Similarly, PNJ Company also reported the SJC gold price unchanged from yesterday, at 72.5 million VND/tael for buying and 75.2 million VND/tael for selling. Doji Group also kept the previous day's price at 72 million VND/tael for buying and 75 million VND/tael for selling.

Gold prices did not fluctuate much after the Governor of the State Bank of Vietnam (SBV) issued Decision 02/2024 amending and supplementing Decision 1623/2012 on the organization and management of gold bar production by the SBV.

For those who bought gold at the peak on December 26, 2023 at a price of over 80 million VND/tael, now selling is suffering a loss of more than 8 million VND/tael due to the low gold price plus the difference between buying and selling at this time.

World gold prices began to rise again in the trading session on January 4, after 4 sessions of decline, as investors waited for the US employment report to assess the interest rate roadmap of the US Federal Reserve (Fed).

However, according to TG&VN at 7:00 p.m. on January 5, the world gold price on the Kitco exchange was at 2,039.6 - 2,040.6 USD/ounce, down slightly by 4 USD compared to the previous session.

The U.S. private sector added more jobs than expected in December 2023, employment data firm ADP said, a sign that a “healthy” labor market could continue to support the economy despite rising interest rates.

According to ADP data, the number of jobs in the US private sector increased by 164,000 jobs last month, much higher than the revised increase of 101,000 jobs in November 2023. The leisure and hospitality sector led the increase, although the number of jobs in other sectors such as manufacturing decreased.

Wage growth also slowed last month, to 5.4% year-over-year, a slowdown that began in September 2022, according to the ADP report.

Minutes of the Fed's last meeting of 2023 released on January 3 showed that officials were increasingly confident that inflation was under control but did not specify when they would start cutting interest rates.

Still, traders are betting on a roughly 65% chance the Fed will cut rates at its March policy meeting, according to the CME FedWatch tool.

Gold price today January 6, 2024: Gold price is high, gold bars are still 'hot', will it reach 2,300 USD/ounce this year? (Source: Kitco News)

Summary of SJC gold prices at major domestic trading brands at the closing time of January 6, 2024:

Saigon Jewelry Company listed the price of SJC gold at 72.00 - 75.02 million VND/tael.

Doji Group currently lists SJC gold price at: 72.00 - 75.00 million VND/tael.

PNJ system listed at: 72.50 - 75.20 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 72.05 - 74.75 million VND/tael; Rong Thang Long gold brand is traded at 62.53 - 63.63 million VND/tael; jewelry gold price is traded at 62.10 - 63.30 million VND/tael.

Demand for gold bars will remain strong

According to financial market analyst Kyle Rodda of Capital.com, gold prices will be under downward pressure in the coming days as expectations of the Fed cutting interest rates early this year decrease.

The Royal Mint, the UK government's money-making agency, believes that demand for gold bars will remain strong until 2024.

The possibility of central bank rate cuts in 2024 is boosting the gold and precious metals markets, as the prospect of lower interest rates will boost demand from investors and consumers for non-yielding assets like gold, said Royal Mint market analyst Stuart O'Reilly.

Currently, investors are focusing on information about when the Fed will start the process of cutting interest rates in 2024. Experts remain optimistic about gold in the medium term, believing that sooner or later the Fed will have to cut interest rates.

ANZ Bank recently raised its 12-month gold price forecast to $2,200 an ounce, from $2,150 previously.

Sharing the same view, WisdomTree, a global exchange-traded fund, forecasts gold to rise throughout 2024 and could conquer $2,300/ounce.

In the domestic market, gold prices are also predicted by experts to increase in 2024, due to the impact of world prices. In the next few months, demand for gold is forecast to be high as some Asian countries, including China and India, are at the peak of gold consumption this year.

According to the General Statistics Office, the gold price index in December 2023 increased by 3.98% over the previous month; increased by 13.13% over the same period last year; the average in 2023 increased by 4.16%.

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