Gold price update morning of January 24: Decline due to profit taking activities

Update SJC gold price

As of 6:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND86.1-88.1 million/tael (buy - sell); down VND100,000/tael for both buying and selling.

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 86.1-88.1 million VND/tael (buy - sell); down 100,000 VND/tael for both buying and selling.

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 86.1-88.1 million VND/tael (buy - sell); down 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 6:00 a.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 86.4-87.9 million VND/tael (buy - sell); an increase of 200,000 VND/tael for both buying and selling compared to the beginning of the trading session yesterday morning.

Bao Tin Minh Chau listed the price of gold rings at 86.4-88.05 million VND/tael (buy - sell), an increase of 200,000 VND/tael for buying and a decrease of 100,000 VND/tael for selling compared to early this morning.

World gold price

As of 4:00 a.m. on January 24, the world gold price listed on Kitco was at 2,753.6 USD/ounce, down 3 USD/ounce compared to early this morning.

Gold Price Forecast

World gold prices fell despite the cooling of the USD index. Recorded at 4:00 a.m. on January 24, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 107,910 points (down 0.05%).

According to Kitco - Gold prices fell due to profit-taking and price correction after the recent rally. However, gold prices recovered more than half of the decline recorded at the beginning of the previous trading session.

The US dollar has retreated from its intraday highs and is now slightly lower, providing buying momentum for gold, although buying was limited by rising US Treasury yields today.

February gold futures fell $7.50 to $2,763.40 an ounce, while March silver futures fell $0.645 to $30.775 an ounce.

The Bank of Japan (BOJ) will announce its interest rate decision on Friday (local time). The market expects the BOJ to continue raising interest rates by another 25 basis points. Previously, in June 2024, the BOJ raised interest rates by 15 basis points.

Next week, the European Central Bank (ECB) and the US Federal Reserve (FED) will hold monetary policy meetings. The ECB is expected to cut interest rates by 25 basis points, while the FED will keep interest rates unchanged.

In major peripheral markets, Nymex crude oil futures fell, trading around $74.60 a barrel. The yield on the 10-year US Treasury note is currently at 4.65%.

February gold futures are currently in an uptrend, with buyers having the upper hand in the short term. The buyers are aiming to push prices above the strong resistance at the high of $2,826.30 per ounce. On the other hand, the sellers are aiming to push prices below the important support level of $2,675 per ounce.

Currently, the nearest resistance levels are $2,766.40/ounce (overnight high) and $2,774.4/ounce (this week's high). Meanwhile, the nearest support levels are $2,750/ounce and $2,741/ounce (daily low).