Gold price today Gold is down, investors should be cautious

Domestic gold price

At the end of the trading session on January 16, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.4 million dong/tael (buying in) and 67.2 million dong/tael (sold out). SJC Hanoi listed at 66.4 million dong/tael (buy in) and 67.22 million dong/tael (sold out).

Doji Hanoi listed at 66.2 million dong/tael (buy in) and 67.2 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 66.1 million dong/tael, sold at 67.1 million dong/tael.

Investors are cautious regarding gold’s price increase. (Photo: Hoang Ha)

International gold price

In the world gold market, spot gold price closed at 1,915.4 USD/ounce. Gold futures price traded at 1,919.7 USD/ounce. Compared to the world gold price, the retail price of SJC gold bars is 10.5 million dong/tael higher.

The Kitco News Gold Price Survey for the first week of 2023 shows that Wall Street analysts and Main Street investors are optimistic regarding a sharp rise in gold prices. Many predictions, the next target of gold price to $ 2,000 / ounce is only a matter of time.

Phillip Streible, head of market strategy at Blue Line Futures, also said that gold is attractive to investors, the price reaching $ 2,000 / ounce is not surprising.

But in another direction, analysts also warn investors, not to follow the market, which may face many risks.

Streible said, he patiently waits for the price of gold to fall to buy and confirmed that gold prices in the short-term may decline.

Daniel Pavillonis, senior commodities broker at RJO Futures, said he is also optimistic regarding gold in the near term, but he did not forget to recommend that investors should not buy at current prices, if wise. can take profits right now.

Gold price forecast

This past week, 18 Wall Street analysts participated in the Kitco News Gold Price Survey. Of the participants, 11 analysts, or 61%, think gold is bullish in the near term. Three analysts, or 17%, think prices will fall next week and four analysts, or 22%, think gold prices will move sideways.

Meanwhile, with 825 votes in online polls, 524 people (64%) expect gold to rise in the near term. Another 190, or 23%, say that the price of gold will fall, while 111 people, or 13%, think the price of gold will go flat.