Gold prices today January 6, 2024 on the world market decreased after the US employment report was released. Investors sold gold strongly, making the international market quiet.
Domestic gold price
Closing the session on January 5, the price of 9999 gold bars at SJC Ho Chi Minh City was 72 million VND/tael (buying) and 75 million VND/tael (selling). SJC Hanoi listed at 72 million VND/tael (buy) and 75.02 million VND/tael (sell).
DOJI Hanoi listed at 72 million VND/tael (buy) and 75 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 72 million VND/tael, sold it at 75 million VND/tael.
International gold price
Gold price on Kitco (at 9:00 p.m., January 5) is trading at 2,028 USD/ounce. Gold futures price for delivery in February 2024 on the Comex New York floor is trading at 2,045 USD/ounce.
World gold price decreased. (Photo: Reuters)
At the current price, the world gold price converted to VND (taxes and processing fees included), the difference between the domestic SJC gold price is about 13.8 million VND/tael.
The gold market witnessed strong selling pressure as the US labor force continued to operate strongly, creating more jobs than expected in December.
According to the Bureau of Labor Statistics, the number of nonfarm jobs in the US increased by 216,000 last month, higher than the number forecast by economists. The unemployment rate was unchanged at 3.7%.
Economists note that the Federal Reserve (Fed) believes it needs to see a slowdown in the labor market before easing monetary policies.
During the December 2023 policy meeting, the Fed expressed a surprisingly dovish attitude and predicted a 0.75 percentage point reduction in interest rates in 2024.
Tensions are rising in the Middle East but have not yet translated into solid safe-haven demand for gold.
Gold price forecast
According to CME Group’s FedWatch tool, traders see a 66.4% chance of the Fed cutting interest rates by 0.25% in March and a nearly 93% probability of a further cut in May.
Experts predict that gold prices will set record highs in 2024, when lower interest rates reduce the opportunity cost of holding non-interest-bearing assets like gold.
In their 2024 outlook, analysts at BCA Research said gold prices are expected to increase to $2,200 this year.
