Update on the closing price of gold on January 14: Massive decrease

Update SJC gold price

As of 7:00 p.m., the price of SJC gold bars was listed by Saigon Jewelry Company at 84.4-86.4 million VND/tael (buy - sell).

The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.

Meanwhile, DOJI Group listed the price of SJC gold at 84.4-86.4 million VND/tael (buy - sell); down 400,000 VND/tael for both selling and buying.

The difference between buying and selling price of SJC gold at DOJI Group is at 2 million VND/tael.

Bao Tin Minh Chau listed SJC gold price at 84.4-86.4 million VND/tael (buy - sell); down 400,000 VND/tael for both selling and buying.

The difference between buying and selling price of SJC gold at Bao Tin Minh Chau is at 2 million VND/tael.

Price of round gold ring 9999

As of 5:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 84.6-86.1 million VND/tael (buy - sell); down 500,000 VND/tael for buying and down 300,000 VND/tael for selling compared to the closing price of yesterday afternoon's trading session.

Bao Tin Minh Chau listed the price of gold rings at 84.8-86.3 million VND/tael (buy - sell), down 400,000 VND/tael for buying and down 300,000 VND/tael for selling compared to the closing price of yesterday afternoon's trading session.

World gold price

As of 5:00 p.m., the world gold price listed on Kitco was at 2,667.4 USD/ounce, down 11.8 USD/ounce compared to the same time of the previous session.

Gold Price Forecast

World gold prices fell despite the decline in the USD index. Recorded at 5:00 p.m. on January 14, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 109,400 points (down 0.38%).

Gold prices will remain relatively well-positioned despite high bond yields and a lower likelihood of a rate cut by the US Federal Reserve (FED), according to precious metals analysts at Heraeus.

In their latest update, analysts said that while China's resumption of gold purchases at the end of the year has received much attention, Poland will be the country leading central banks in 2024.

“The People’s Bank of China bought 5 tonnes of gold in November, adding to 9.3 tonnes in December, marking a return to steady gold purchases to end 2024 after a six-month hiatus.

However, in 2024, Poland led central banks in gold purchases, with a total of 89.5 tonnes from the beginning of the year to November, much higher than China's 33.9 tonnes over the same period.

The top four countries for central bank gold demand in 2024 are Poland, Türkiye, India and China (in that order) – accounting for 72% of total demand, reaching 270.8 tonnes as of November. Of these, Turkey and India are net buyers every month in 2024, while Poland has been a consistent buyer since April,” they wrote.

The latest survey results from WisdomTree, an American asset management group, show that the main purpose of using gold in investors' portfolios is "diversification" to spread risks, helping to minimize potential risks in other investments.

Nitesh Shah, head of commodity and macroeconomic research at WisdomTree Europe, said gold is a great portfolio diversifier because it allows investors to improve returns while effectively controlling risk.