LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/16 AND EXCHANGE RATE TODAY 2/16
| 1. SJC - Updated: 02/15/2024 15:56 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 76,500 ▼200K | 78,800 ▼100K |
| SJC 5c | 76,500 ▼200K | 78,820 ▼100K |
| SJC 2c, 1c, 5 phan | 76,500 ▼200K | 78,830 ▼100K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 63,200 ▼200K | 64,400 ▼200K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 63,200 ▼200K | 64,500 ▼200K |
| Jewelry 99.99% | 63,000 ▼200K | 64,000 ▼200K |
| Jewelry 99% | 62,066 ▼198K | 63,366 ▼198K |
| Jewelry 68% | 41,674 ▼136K | 43,674 ▼136K |
| Jewelry 41.7% | 24,841 ▼83K | 26,841 ▼83K |
Domestic gold prices fell sharply right after Tet, following the world trend, but remained at a high level.
The price of SJC gold bars on February 15 decreased by more than 1 million VND/tael in both directions, compared to the end of yesterday, fluctuating from about 75.3 - 77.7 million VND/tael.
The price of gold rings also decreased following the general trend, the price of gold rings of the brand Rong Thang Long gold of Bao Tin Minh Chau decreased to 64.78 - 65.88 million VND/tael (buy - sell).
Thus, unlike the forecast, the price of gold will increase sharply after the Lunar New Year holiday of Giap Thin, followed by the God of Wealth day (January 10). At that time, domestic demand often increases dramatically, and prices sometimes increase by several million VND per tael compared to before Tet. For example, in 2023, the price of gold during the Lunar New Year frenzy jumped from 67 million VND at the beginning of the year to a peak of 80.3 million VND per tael. Gold traders admit that on the God of Wealth day every year, the number of customers increases dramatically by 20-40 times compared to normal days despite the strong increase in gold prices.
For many Vietnamese, gold is not simply a means of investment, a safe haven to prevent risks, buying gold on God of Wealth day is also to pray for luck and fortune.
Therefore, some people predict that the market during the God of Wealth week, the price of gold rings and jewelry may increase sharply and set a new record, after reaching a peak of 66 million VND/tael on the 30th of Tet. The price of SJC gold bars may also increase accordingly. The price of SJC gold may quickly set a new peak if the world gold price increases sharply as predicted.
However, some experts believe that the price outlook for SJC gold bars, gold rings, and jewelry gold in the year of the Dragon 2024 is still unclear. It currently depends on fluctuations in world gold prices, as well as domestic gold market management policies. In addition, this year, during the Tet holiday, some businesses still maintain online gold sales channels, so the possibility of a sudden increase in demand may not be as strong as in previous years.
World gold prices have plummeted in recent sessions, stopping at $1,990/ounce, then rising back to $2,000 in the afternoon session of February 15. World gold prices are currently hovering near a two-month low as investors assess comments from two Fed officials on the unexpected increase in US inflation in January.
According to TG&VN at 9:05 p.m. on February 15 (Hanoi time), the world gold price traded on Kitco floor was at 2,002.20 - 2,003.20 USD/ounce, up 10.3 USD compared to the previous session. The gold price for April delivery on Comex New York floor traded at 2,005 USD/ounce.
World gold converted to USD exchange rate is equivalent to 59.6 million VND/tael (including tax and fees), increasingly different from world gold price - currently at times about 20 million VND/tael lower than domestic gold price; ring gold price is also 5.2 million VND/tael higher than world gold price.
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| Gold price today February 16, 2024: Gold price drops sharply after Tet Giap Thin, unusually different from the world, will the market still increase on God of Wealth day? (Source: Kitco News) |
Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of February 14, 2024:
Saigon Jewelry Company listed the price of SJC gold bars at 76.50 - 78.82 million VND/tael.
Doji Group currently lists the price of SJC gold bars at: 76.05 - 78.45 million VND/tael.
Phu Quy Group listed the price of SJC gold bars at: 76.40 - 78.20 million VND/tael.
PNJ system listed SJC gold bar price at: 76.05 - 78.20 million VND/tael.
SJC gold bar price at Bao Tin Minh Chau is listed at: 76.70 - 78.70 million VND/tael.
New peak of gold price in 2024?
Central bank gold demand has dominated the market over the past two years and that trend is expected to continue through 2024, although the pace may slow slightly.
In his latest social media comments, Krishan Gopaul, Senior Analyst at the World Gold Council (WGC), said that gold demand remains very high at the beginning of the year. The Reserve Bank of India, the Central Bank of Turkey, and the People's Bank of China (PBOC) all increased their gold reserves in the first month of the new year. China bought 10 tons of gold in January, India bought 9 tons, and Turkey added 12 tons. This is the 15th consecutive month that the PBOC has increased its gold reserves, bringing its total holdings to 2,245 tons.
It is no surprise that central banks and consumers are increasing their holdings of gold as it is an important safe-haven asset as the economy continues to struggle, said George Milling-Stanley, chief gold strategist at State Street Global Advisors.
Immediately after the US announced higher-than-expected inflation, market indicators based on signals from the CME Fedwatch tool showed that there was an 8.5% chance that the Fed would cut interest rates at its March meeting, while the possibility was 37.5% at the May meeting. However, the possibility of a rate cut in June was over 50%.
As such, the gold market could come under pressure from a strong US dollar in the coming months. And barring major volatility, the US greenback could enter a period of decline from the second half of 2024.
The Fed has signaled a reversal in monetary policy, possibly cutting interest rates three times (25 basis points each time) from the current 23-year high of 5.25-5.5%/year. The USD is expected to depreciate for a long time, and this is the driving force for gold to rise.
However, gold had a very strong price increase in December 2023 to catch up with the falling USD wave. Therefore, many organizations predict that the increase in gold will not be too strong, although it may reach a new peak in 2024. Many organizations predict that gold will reach 2,200 USD/ounce this year.
With the trend of the Fed and other countries loosening monetary policy from mid-2024, gold prices are expected to increase by the end of 2024, even until 2025.
Bank of America expects gold prices to rise to $2,400/ounce (equivalent to VND72 million/tael) in 2024.
Japan's Saxo Bank predicts gold will hit $2,300 an ounce. If the difference remains at the current VND18 million/tael, the price of gold bars could rise to VND90 million/tael.
In 2024, geopolitical instability in many parts of the world shows no signs of abating. The Russia-Ukraine situation has not cooled down. In the Middle East, tensions continue to escalate after the conflict between Israel and Hamas. The continued retaliation of the Houti forces in Yemen against the US and UK by attacking many ships passing through the Red Sea area also adds to the world's instability.
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