SJC gold price skyrockets, world moves up slightly, reveals the person who collects the most gold

Gold prices today, February 1, 2024, continued to increase in the domestic and world markets. Mr. Joseph Cavatoni, chief market strategist at WGC, commented that central banks continue to be key customers buying gold.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/2 and EXCHANGE RATE TODAY 1/2

1. PNJ - Updated: January 31, 2024 21:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,900 ▲100K	64,250 ▲100K
HCMC - SJC	75,400 ▲500K	77,900 ▲500K
Hanoi - PNJ	62,900 ▲100K	64,250 ▲100K
Hanoi - SJC	75,400 ▲500K	77,900 ▲500K
Da Nang - PNJ	62,900 ▲100K	64,250 ▲100K
Da Nang - SJC	75,400 ▲500K	77,900 ▲500K
Western Region - PNJ	62,900 ▲100K	64,250 ▲100K
Western Region - SJC	75,400 ▲500K	77,900 ▲500K
Jewelry gold price - PNJ	62,900 ▲100K	64,250 ▲100K
Jewelry gold price - SJC	75,400 ▲500K	77,900 ▲500K
Jewelry gold price - Southeast	PNJ	62,900 ▲100K
Jewelry gold price - SJC	75,400 ▲500K	77,900 ▲500K
Jewelry gold price - Jewelry gold price	PNJ Ring (24K)	62,900 ▲100K
Jewelry Gold Price - 24K Jewelry	62,850 ▲100K	63,650 ▲100K
Jewelry Gold Price - 18K Jewelry	46,490 ▲80K	47,890 ▲80K
Jewelry Gold Price - 14K Jewelry	35,990 ▲60K	37,390 ▲60K
Jewelry Gold Price - 10K Jewelry	25,230 ▲40K	26,630 ▲40K

Domestic gold prices in the trading session on January 31 continued to increase sharply by 500,000 VND in both directions, reaching a peak of more than 77.92 million VND/tael.

Specifically, Saigon Jewelry Company listed the buying and selling price of SJC gold at 75.4 - 77.92 million VND/tael, an increase of 500,000 VND/tael compared to the previous trading session.

Doji Gold listed the gold price at 75.25 - 77.85 million VND/tael, an increase of 400,000 VND/tael for buying and 500,000 VND for selling compared to the previous session's close.

Experts believe that the domestic gold market will have unexpected developments in an upward trend in 2024 and break the records set if the State Bank does not allow gold imports. Gold has increased sharply in recent times due to high demand while the supply of SJC gold is limited.

World gold prices increased slightly in the afternoon trading session on January 31 (Vietnam time).

According to TG&VN at 7:00 p.m. on January 31, the world gold price on the Kitco exchange was at 2,037.1 - 2,032.1 USD/ounce, a slight increase of 0.5 USD compared to the previous trading session.

Gold's safe-haven demand eased slightly. After the weekend attack in Jordan that killed three US soldiers, the market is waiting for the US military's response. Gold could rise sharply if the US carries out a retaliatory attack...

According to experts, the US Federal Reserve's (Fed) monetary policy stance is currently the most important driver of gold prices.

They said that the market's expectation that the Fed will actively cut interest rates could push gold to $2,200/ounce with an average annual price of up to $2,100/ounce.

Sharing the same view, many experts predict that gold prices will conquer new highs in 2024 and this precious metal could reach $2,250/ounce due to falling interest rates.

Additionally, continued central bank additions and investors returning to exchange-traded funds could be other positive factors for gold.

Gold price today 2/1/2024: SJC gold price skyrocketed, the world edged up slightly, revealing the person who bought the most gold. (Source: FXstreet)

Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of January 31, 2024:

Saigon Jewelry Company listed the price of SJC gold bars at 75.40 - 77.92 million VND/tael.

Doji Group currently lists the price of SJC gold bars at: 75.25 - 77.85 million VND/tael.

Phu Quy Group listed the price of SJC gold bars at: 75.40 - 77.80 million VND/tael.

PNJ system listed gold bar price at: 75.20 - 77.90 million VND/tael.

SJC gold bar price at Bao Tin Minh Chau is listed at: 75.45 - 77.80 million VND/tael.

Gold jewelry market may face difficulties

Gold demand hit a record in 2023 and is expected to continue rising into 2024 as the prospect of a Fed rate cut could support prices for the precious metal, according to the World Gold Council (WGC).

Gold consumption rose about 3% to 4,899 tonnes last year, driven by strong demand in the over-the-counter (OTC) market, or gold traded outside exchanges, as well as central bank purchases, the WGC’s annual report showed. The figure was the highest since 2010.

Mr. Joseph Cavatoni, chief market strategist at WGC, commented that central banks continue to be key customers buying gold.

The precious metal has gained 13% in 2023 and hit a record high in early December, driven by economic concerns, geopolitical tensions and expectations that the Fed will start easing monetary policy after a campaign of rate hikes to curb inflation.

Investors typically want to own gold during a rate-cutting cycle because the metal benefits from lower bond yields and a weaker US dollar.

Annual growth in gold demand on the OTC market reached 753% last year, the highest since at least 2011, WGC data showed.

Investors are expected to continue to accumulate gold rapidly this year, thanks to the prospect of the Fed shifting to easing monetary policy, according to Mr. Cavatoni.

“The excitement in the OTC market and central bank buying could push gold prices to $2,200 an ounce or even higher,” the expert stressed. In December 2023, spot gold prices jumped to $2,135.39 an ounce.

The WGC said the gold jewelry market could face difficulties this year due to the economic slowdown and high prices. WGC estimated gold jewelry consumption at around 2,093 tonnes in 2023.

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