Gold Prices Hold Steady in Anticipation of Key US Economic Data


Gold Prices Hold Steady in Anticipation of Key US Economic Data

International gold prices exhibit fluctuations as investors await crucial US economic reports this week. The domestic gold bar price, as of this morning (January 24), rose to over 76.5 million VND/tael, presenting a significant margin compared to the converted world gold price, which surpassed 16 million VND/tael.

Illustration photo – Photo: Bloomberg.

At 10:00 a.m. today, Phu Quy Group listed the price of SJC gold bars in the Hanoi market at 74.2 million VND/tael (buying) and 76.6 million VND/tael (selling). This represents an increase of 400,000 VND/tael compared to the same time yesterday morning.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars at 74.2 million VND/tael (buying) and 76.7 million VND/tael (selling), marking a 400,000 VND/tael increase at each price end.

Simultaneously, the spot price of gold in the Asian market stood at 2,024.7 USD/oz, reflecting a 5.2 USD/oz decrease compared to Tuesday’s closing session in the US, equivalent to a nearly 0.3% decline. Converted at Vietcombank’s USD selling exchange rate, this price is about 60.35 million VND/tael.

Compared to yesterday morning, the converted world gold price has increased by 150,000 VND/tael. The retail price of SJC gold bars is approximately 16.3-16.4 million VND/tael higher than the converted world gold price, while gold ring prices are 4.5-4.6 million VND/tael higher.

During the New York session on the previous night, the spot gold price closed at 2,029.9 USD/oz, up 7.7 USD/oz compared to the previous session’s close, marking a nearly 0.4% increase.

Analyst Daniel Pavilonis of RJO Futures noted, “Gold prices are maintaining the 2,000 USD/oz mark, and the market seems to be in a neutral state because after every attempt to rise higher, the price immediately turns down. There is still too much uncertainty for gold prices related to the US economic issue.”

In the upcoming sessions, investors in the international gold market will closely watch US economic reports, including the purchasing managers’ index (PMI) released on Wednesday, gross domestic product data (GDP) on Thursday, and the personal consumption expenditures price index (PCE) on Friday.

These reports garner special attention as stronger-than-expected US economic data has tempered expectations of an imminent interest rate cut by the Federal Reserve. Experts suggest the Fed may wait until June to initiate any rate adjustments.

World gold price developments in the past year. Unit: USD/oz.

As the Fed meeting scheduled for January 30-31 approaches, market expectations lean towards the central bank maintaining interest rates at the current 5.25-5.5%, the highest in 22 years.

According to CMC Markets analyst Michael Hewson, the recovery of gold prices appears to be weakening, posing the risk of further declines if the Fed delays market expectations regarding a rate cut.

The recent upward trend in US Treasury bond yields and the USD exchange rate is also unfavorable for gold prices, although geopolitical tensions in the Middle East continue to support the metal.

The 10-year US Treasury bond yield exceeded the 4.1% threshold, reaching 4.14% at the close of Tuesday’s session. The Dollar Index, measuring the strength of the USD against major currencies, closed Tuesday’s session above 103.6 points.

In the domestic market this morning, Vietcombank quoted USD prices at 24,370 VND (buy) and 24,740 VND (sell), marking a 20 VND increase at each price compared to yesterday morning.

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