Update on closing gold price on January 27: Many supporting factors

Update SJC gold price

As of 6:30 p.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND86.8-88.8 million/tael (buy - sell); both buying and selling prices remained unchanged.

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 86.9-88.9 million VND/tael (buy - sell); keeping both buying and selling prices unchanged.

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 86.9-88.9 million VND/tael (buy - sell); increased 100,000 VND/tael for both buying and selling.

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 6:30 p.m. today, the price of round gold rings listed by DOJI Group is at 86.6-88.1 million VND/tael (buy - sell); both buying and selling prices remain unchanged compared to the closing price of yesterday's trading session.

Bao Tin Minh Chau listed the price of gold rings at 86.6-88.9 million VND/tael (buy - sell), keeping both buying and selling prices unchanged compared to the closing price of yesterday's trading session.

World gold price

As of 6:30 p.m., the world gold price listed on Kitco was at 2,769.7 USD/ounce, down 1.1 USD/ounce compared to the same time of the previous session.

Gold Price Forecast

World gold prices are high amid a decline in the USD index. Recorded at 6:30 p.m. on January 27, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 106.935 points (down 0.29%).

Supporting factors such as US policy fluctuations, banks' gold accumulation trend and the global economic situation are pushing gold prices higher.

The latest Kitco News gold survey shows that industry experts are extremely bullish on gold prices. The largest majority in months of 10 analysts participating in the Kitco News gold survey predicts higher prices in the coming days.

Eight experts (80%) expect gold prices to rise next week, only one expert (10%) predicts a fall, and another expert believes gold will move sideways in the short term.

Adrian Day, chairman of Adrian Day Asset Management, said he expects gold prices to continue to rise. “The current momentum is certainly in favor of gold, even as North American investors continue to sell,” he said.

Darin Newsom, senior market analyst at Barchart.com, said there is little to stop gold from setting new highs as global markets continue to react to the unpredictability of the new US President.

“At this point, we can ignore technical and fundamental analysis,” he said. “Gold is a safe-haven market in the midst of the chaos surrounding the new US administration. No one can predict what the next words or actions will be.”

“I still expect gold to rise,” said Marc Chandler, CEO of Bannockburn Global Forex. “A new record high is likely as the dollar corrects lower. Trump’s stance may also encourage some central banks to accumulate gold.”

“This week the European Central Bank, the Bank of Canada and possibly Sweden's Riksbank will cut interest rates, while the Fed will keep them unchanged,” Chandler added.