Gold prices today January 20 were determined by 14 Wall Street analysts who participated in Kitco News’s Gold Survey and only 42% of them think gold will increase next week.
Gold price today January 20: Losing momentum, world gold decreased slightly
Gold started the week high trading near $2,050 an ounce, boosted by safe-haven demand amid the Middle East conflict and stubborn market sentiment that interest rate cuts are coming soon. . But as the shortened holiday week wore on, a steady stream of hawkish central bank comments weakened investors’ appetite for the yellow metal.
World gold prices fell slightly after the latest data showed an unexpected decline in the US housing market in December. Gold closed this week at 2,029.5 USD/ounce, up 6.81 USD/ounce. compared to yesterday, but only increased by 0.01% compared to last month.
Evolution of world gold prices. Source: Tradingeconomics
According to National Association of Realtors (NAR) data released Friday morning, existing home sales fell 1% in December compared with expectations for a 0.3% increase and following an increase 0.8% in November.
Total existing home sales – completed transactions including single-family homes, townhomes, condominiums and co-ops – fell to a seasonally adjusted annual rate of 3.78 million in December, down from 3.82 million in November. Year-on-year, sales decreased 6.2% compared to December 2022, to 4.09 million, the lowest level in nearly 30 years.
“Sales in the final month of the year appear to be bottoming out before moving higher into the new year,” said NAR chief economist Lawrence Yun.
Total housing inventory was 1.00 million units at the end of December, down 11.5% from November but up 4.2% from the 960,000 units recorded a year ago. Unsold inventory is currently at a 3.2 month supply at the current sales pace, down from 3.5 months in November but up from 2.9 months in December 2022.
Economists continue to pay attention to the U.S. housing market because it is a major contributor to economic activity. The housing sector struggled as the Federal Reserve sharply increased interest rates at the fastest pace in 40 years.
Kitco News’ latest weekly gold survey shows institutional experts and retail traders are moving toward consensus in their expectations for gold prices next week.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said he is optimistic about gold prices next week. With Treasury yields rising and the US dollar strengthening, gold continues to face a moderate headwind.
Sean Lusk, co-head of commercial hedging at Walsh Trading, said gold is losing support at current levels and he believes a break below $2,000 an ounce “could actually happen.”
This week, 14 Wall Street analysts participated in the Kitco News Gold Survey, and they show that last week’s bullish trend has weakened significantly. Six analysts, or 42%, expect to see higher gold prices next week, while four analysts, or 29%, expect prices to decline and another four, the remaining 29%, are bullish. neutral point on gold next week.
Meanwhile, 150 votes were cast in Kitco’s online polls and this week retail traders almost exactly mirrored the views of experts. 66 retail investors, accounting for 44%, expect gold to increase next week. Another 44 respondents, or 29%, predicted lower prices, while 40 respondents, or 27%, remained neutral on the precious metals’ short-term outlook.
Gold price today January 20: Domestic gold increased sharply
Today’s SJC gold price nationwide is close to the threshold of 77 million VND/tael. Currently, the prices of gold bars for brands are listed specifically as follows:
SJC gold price in Hanoi and Da Nang area is at 74.3 million VND/tael purchased and 76.82 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang areas but selling is 20,000 VND lower. Thus, compared to yesterday morning, SJC gold price continues to be adjusted to increase by 300,000 VND in both directions.
SJC gold bars are being purchased by Phu Quy at the price of 74.3 million VND/tael and sold at 76.7 million VND/tael, an increase of 350,000 VND in both directions compared to yesterday morning.
PNJ also adjusted the price of SJC gold by 300,000 VND on the buying side and 600,000 VND on the selling side to 74.3 million VND/tael and 76.9 million VND/tael, respectively.
Meanwhile, Bao Tin Minh Chau increased the buying price by 200,000 VND and the selling price by 250,000 VND to 74.3 million VND/tael and 76.7 million VND/tael, respectively.
DOJI in the Hanoi area also adjusted an increase of 300,000 VND in both directions to 74.25 million VND/buying amount and 76.75 million VND/selling amount, respectively. In Ho Chi Minh City, SJC gold is being bought and sold by this brand at the same level as in the Hanoi area.
The difference between domestic and world gold prices is about over 16 million VND/tael.
Domestic SJC gold price developments. Source: giavang.org
Unit: x1000 VND/tael
| Area | System | Buy into | Sold out |
|---|---|---|---|
| City. Ho Chi Minh | SJC | 74.300 | 76.800 |
| PNJ | 72.500 | 75.200 | |
| Mi Hong | 74.500 | 76.000 | |
| Hanoi | SJC | 74.300 | 76.820 |
| PNJ | 72.500 | 75.200 | |
| Bao Tin Minh Chau | 74.500 | 76.900 | |
| wealth | 74.050 | 76.500 | |
| Danang | SJC | 74.300 | 76.820 |
| PNJ | 72.500 | 75.200 | |
| Nha Trang | SJC | 74.300 | 76.820 |
| Ca Mau | SJC | 74.300 | 76.820 |
| Hue | SJC | 74.270 | 76.820 |
| Bien Hoa | SJC | 74.300 | 76.800 |
| West | SJC | 74.300 | 76.800 |
| Quang Ngai | SJC | 74.300 | 76.800 |
| Bac Lieu | SJC | 74.300 | 76.820 |
| Ha Long | SJC | 74.280 | 76.820 |
| West | PNJ | 72.100 | 75.100 |
| Ben tre | Mi Hong | 74.500 | 76.000 |
| Tien Giang | Mi Hong | 74.500 | 76.000 |
| Updated at 07:40:22 January 20, 2024 |
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