Domestic gold price
Closing the session before the Lunar New Year holiday January 19, gold price 9999 pieces at SJC HCMC are 66.9 million VND/tael (buy in) – 67.9 million VND/tael (sold out). SJC Hanoi listed at 66.9 million dong/tael (buy in) and 67.92 million dong/tael (sold out).
Doji Hanoi listed at 66.5 million dong/tael (buy in) and 67.7 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael, sold it at 67.7 million VND/tael.
The central exchange rate on January 19 announced by the State Bank was 23,605 VND/USD, a slight decrease of 1 VND compared to yesterday. With a margin of +/-5% according to regulations, the fluctuation range of USD exchange rate is respectively 22,425 – 23,795 VND/USD.
Domestic gold market and many Asian countries enter the Lunar New Year holiday.
Gold price chart. (Photo: Duy Anh)
International gold price
Above world gold market, spot gold price closed the session at 1,926 USD/ounce. Gold futures price traded at 1,927.3 USD/ounce.
At the current price, the world gold price converted to VND (taxes and processing fees included) is regarding 12.8 million VND/tael between the domestic SJC gold price.
Gold’s rally since early January has sent the precious metal to a nine-month high. Gold hit a nine-month high of $1,939 an ounce on Friday.
Since the beginning of the year, the price of gold has increased by 5%. The demand for the haven asset and the technical rally make gold attractive to investors.
Gold price is forecast to increase in 2023. (Photo: Anh Sinh)
The dollar fell following a series of data continued to show the US economy is slowing following several rate hikes. Investors believe that the Federal Reserve (Fed) pauses monetary tightening policy this year.
The Fed started raising interest rates in March 2022 and accelerated in June 2022 to a high. The Fed’s interest rate is currently in the range of 4.25-4.5%. It is expected that the Fed will continue to raise interest rates by 0.25 percentage points at its meeting from January 31 to February 1.
Gold price forecast
Edward Moya, senior market analyst at OANDA, told Kitco News that gold’s resistance level is at $2,000 an ounce. Overall, gold prices are still strong and might hit $2,000 an ounce by the end of this year and possibly even by the end of the quarter.
“Year-to-date, gold has had a good start. I still maintain a bullish outlook in 2023,” he said.
According to Frank Cholly, senior market strategist at RJO Futures, the uptrend in gold is pretty solid. Gold prices are hitting highs amid a falling USD. Any correction at this level is a buying opportunity. He expressed optimism regarding gold’s prospects in the near future, before gold drops to $ 1,850 / ounce.
This expert said that the target of $ 2,000 / ounce is still far away. “Gold had some trouble before breaking through $1,950 an ounce. But the path to $2,000 an ounce is very bright,” he said.