Gold Prices Maintain Amid Anticipation of Key US Economic Data


Gold Prices Maintain Amid Anticipation of Key US Economic Data

Global gold prices are experiencing fluctuations as investors eagerly await critical economic reports from the United States. The domestic price of gold bars in Vietnam rose to over 76.5 million VND/tael on the morning of January 24, marking a notable difference compared to the converted world gold price, which increased by over 16 million VND/tael.

Illustration photo – Photo: Bloomberg.

At 10:00 a.m. today, Phu Quy Group listed the price of SJC gold bars in the Hanoi market at 74.2 million VND/tael (buying) and 76.6 million VND/tael (selling). This reflects an increase of 400,000 VND/tael compared to the same time yesterday.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 74.2 million VND/tael and 76.7 million VND/tael, marking a 400,000 VND/tael increase at each price end.

Simultaneously, the spot price of gold in the Asian market stood at 2,024.7 USD/oz, down 5.2 USD/oz compared to Tuesday’s closing session in the US, equivalent to a decrease of nearly 0.3%. This price corresponds to about 60.35 million VND/tael if converted according to the USD selling exchange rate at Vietcombank.

Compared to yesterday morning, the converted world gold price has increased by 150,000 VND/tael. Retail prices of SJC gold bars are approximately 16.3-16.4 million VND/tael higher, while the price of gold rings is 4.5-4.6 million VND/tael higher compared to the converted world gold price.

Strategist Daniel Pavilonis of RJO Futures commented that “Gold prices are maintaining the 2,000 USD/oz mark, and the market seems to be in a neutral state.” Investors are closely monitoring US economic reports, including the purchasing managers’ index (PMI), GDP data, and the personal consumption expenditures price index (PCE), scheduled for release later this week.

These economic indicators are of particular interest as robust US economic data has recently led to a reduction in expectations regarding potential Federal Reserve interest rate cuts. Analysts, surveyed by Reuters, suggest that the Fed may delay interest rate cuts until June.

World gold price developments in the past year. Unit: USD/oz.

As the upcoming Fed meeting on January 30-31 approaches, the market anticipates that the central bank will maintain interest rates at 5.25-5.5%, the highest level in 22 years.

CMC Markets analyst Michael Hewson notes that gold price recoveries appear to be weakening, raising the possibility of further weakening if the Fed pushes back market expectations regarding interest rate reductions.

The recent upward trend in US Treasury bond yields and the strength of the USD exchange rate may impact gold prices negatively, despite ongoing support from geopolitical tensions in the Middle East.

The 10-year US Treasury bond yield exceeded the 4.1% threshold, reaching 4.14% at the close of Tuesday’s session. The Dollar Index, measuring the USD’s strength against major currencies, closed above 103.6 points on Tuesday, up from 103.3 points in the previous session.

In the domestic market, Vietcombank quoted USD prices at 24,370 VND (buy) and 24,740 VND (sell), reflecting a 20 VND increase at each price compared to yesterday morning.

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