From January 24, 2025, the domestic gold market has been inactive, entering the Lunar New Year holiday. Before the holiday, domestic gold prices had many breakthrough sessions. There were sessions where gold prices recorded an increase of up to 800,000 VND/tael.
At the closing time of the last trading session of the Lunar New Year, the domestic price of SJC gold bars was listed by Saigon Jewelry Company at VND86.9-88.9 million/tael (buy - sell). DOJI Group listed the price of SJC gold at VND86.9-88.9 million/tael (buy - sell).
At the same time, the price of round gold rings was listed by DOJI Group at 86.6-88.1 million VND/tael (buy - sell). Bao Tin Minh Chau listed the price of gold rings at 86.6-88.8 million VND/tael (buy - sell).
For the world market, the gold price listed on Kitco is at 2,778.2 USD/ounce.
Early this morning (February 3, 2025), the domestic gold price has not been adjusted. However, some businesses said that they will start trading again. Although they have not given a specific price, the media representative of a gold and gemstone business brand in Hanoi said that the domestic gold price will increase on the first day of the new year.
"Domestic gold prices are likely to increase because world gold prices have increased sharply during the Tet holiday. The demand for gold at the beginning of the year and on the God of Wealth's day are also factors driving up prices," this person said.
It can be seen that, despite many ups and downs, in nearly 10 days of domestic market stagnation, the world gold price has increased sharply. Although it decreased at the end of last week, early this morning, this precious metal is still anchored at 2,797.9 USD/ounce, up nearly 20 USD/ounce compared to the closing price of the last trading session of the Lunar New Year (January 24, 2025).
Notably, the world gold price this week received many positive forecasts from experts. According to the latest weekly gold survey of Kitco News, industry experts still maintain a positive view on this precious metal. Meanwhile, retail investors also predict that gold prices will reach higher levels in the near future.
Nine experts, or 69%, expect gold prices to break record highs this week. Four experts, or 31%, predict gold prices will fall. None expect gold to trade sideways or consolidate this week.
Meanwhile, 147 investors participated in Kitco's online poll. 101 traders, or 69%, forecast gold prices will rise next week, while 27, or 18%, expect gold to fall. The remaining 19 investors, or 13%, said gold will be flat in the short term.
The domestic gold market often fluctuates according to the world gold trend. In particular, in recent times, the price of 9999 smooth round gold rings has been similar to the international market. Therefore, gold buyers should monitor the world gold price, and consider economic and geopolitical factors... that may affect this precious metal before deciding to trade.
Some economic data that could influence world gold prices next week includes US labor market information with the December non-farm payrolls report released on Friday.
Gold traders will also be watching a host of other key US economic data, including the ISM Manufacturing PMI on Monday, the JOLTS job vacancy report, the ISM Services PMI and the ADP jobs report on Tuesday and Wednesday.
The Bank of England's monetary policy decision and US weekly jobless claims on Thursday, along with the University of Michigan's preliminary consumer confidence index for January on Friday, will also be market-moving factors.
