LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/16 and EXCHANGE RATE TODAY 7/16
| 1. PNJ - Updated: 07/16/2023 03:30 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 56,000 | 57,100 |
| HCMC - SJC | 66,750 | 67,300 |
| Hanoi - PNJ | 56,000 | 57,100 |
| Hanoi - SJC | 66,750 | 67,300 |
| Da Nang - PNJ | 56,000 | 57,100 |
| Da Nang - SJC | 66,750 | 67,300 |
| Western Region - PNJ | 56,000 | 57,100 |
| Western Region - SJC | 66,500 | 67,200 |
| Jewelry gold price - PNJ rings (24K) | 56,000 | 57,000 |
| Jewelry Gold Price - 24K Jewelry | 55,800 | 56,600 |
| Jewelry Gold Price - 18K Jewelry | 41,200 | 42,600 |
| Jewelry Gold Price - 14K Jewelry | 31,860 | 33,260 |
| Jewelry Gold Price - 10K Jewelry | 22,300 | 23,700 |
World gold prices and domestic gold prices both increased this week.
On the morning of July 10, opening the trading session, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.45 - 67.07 million VND/tael (buy - sell), unchanged in the buying direction and decreased by 100 thousand VND/tael in the selling direction compared to the closing price at the end of the week.
After 3 sessions in the middle of the week (July 11-13) recorded increases, by the morning session of July 14, domestic gold prices were stable. At the opening of the trading session, SJC gold price in Hanoi market was listed by Saigon Jewelry Company at 66.75 - 67.37 million VND/tael (buy - sell), unchanged compared to the closing price yesterday.
At the end of the week on July 15, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 66.5 - 67.2 million VND/tael.
Thus, compared to the first session of the week on July 10 (at 66.45 - 67.07 million VND/tael), the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company increased by 50 thousand VND/tael for buying and increased by 130 thousand VND/tael for selling.
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| Gold price today July 16, 2023, Gold price increased, precious metal is still 'not out of the woods' and may be attacked by bears, SJC gold scores points. (Source: Shutterstock) |
In the world market, after a quiet trading session at the beginning of the week and witnessing a slight decrease at the end of the week (July 14), the positive developments in the mid-week sessions still helped spot gold prices enjoy the best week of increase since April 2023.
In the last trading session of the week on July 14, the spot gold price decreased slightly by 0.1% to 1,959.27 USD/ounce, but still increased by about 1.8% last week, marking the strongest weekly increase since April 2023. The futures price of gold was almost unchanged compared to the previous session, standing at 1,964.40 USD/ounce.
Gold hit its highest level since June 16, 2023 earlier this week, after data showed the US consumer price index in June recorded its lowest annual increase in more than two years.
According to the World & Vietnam , the world gold price closed the trading week (July 14) on the Kitco floor at 1,955.3 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of July 15:
Saigon Jewelry Company listed the price of SJC gold at 66.5 - 67.2 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.7 - 67.35 million VND/tael.
Phu Quy Group listed at: 66.7 - 67.35 million VND/tael.
PNJ system listed at: 66.75 - 67.3 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.7 - 67.2 million VND/tael; Rong Thang Long gold brand is traded at 55.93 - 56.78 million VND/tael; jewelry gold price is traded at 55.35 - 56.55 million VND/tael.
Converted according to the USD price at Vietcombank on July 15, 1 USD = 23,810 VND, the world gold price is equivalent to 56.09 million VND/tael, 11.11 million VND/tael lower than the selling price of SJC gold.
It's too early to be optimistic.
According to analysts, the gold market will remain very sensitive to the US Federal Reserve's interest rate outlook, so it is too early to predict a rally in the precious metal after prices increased by more than $30/ounce this week.
Gold prices rose after the US inflation report for June showed price pressures rising at the slowest pace in two years. The consumer price index (CPI) of the world's No. 1 economy rose 3% last month from a year earlier, while the core CPI, which excludes energy and food prices, was 4.8%, both below analysts' estimates.
Comex August gold futures last traded at $1,961.70, up just over $30 for the week, after holding steady at $1,900 an ounce.
“It’s a vote of confidence that gold is holding above $1,900 an ounce despite everyone expecting a Fed rate hike in July,” said Everett Millman, precious metals expert at Gainesville Coins. “The Fed will be driving the gold market for the next few months. Higher rates for longer will be negative for prices. The current reaction in gold means that either all the rate hikes are not priced in or that market expectations are not matching reality.”
The Fed is still planning to raise interest rates at least twice this year, with market expectations for the July meeting calling for a 96% chance of a 25 basis point hike. A second rate hike has not yet been priced in, which is why analysts remain cautious on gold in the short term.
“If anything, people want to be bullish on gold for any weak reason, including the hope that the Fed will quickly introduce support measures and end its tightening program,” said Bart Melek , head of global commodity strategy at TD Securities. “At this point, it’s too early to be overly optimistic about the outlook for gold.”
While the inflation story is looking better, challenges remain, especially as energy prices spike.
“We have seen a significant increase in oil prices recently as OPEC continues to reduce supply. The big benefit we have received from cheaper energy could reverse to some extent in the coming months,” Mr Melek warned.
Plus, the Fed is unlikely to change its hawkish tone anytime soon. “I doubt the Fed will start easing,” he noted. “The data could surprise to the upside and the Fed would be firm. And that could be a problem for gold.”
What the Fed will do next remains a big mystery, said analyst Millman, noting that it is difficult to predict how some of the lagged effects of such an aggressive tightening of monetary policy will affect markets.
The key question for markets is not how much the Fed will raise, but how long rates will stay high before the agency starts cutting.
“If they cut rates later this year or early next year, the market will react strongly,” he said. “It’s important to know what the next step is — how long rates will stay high and when the rate cut will happen. That’s what’s keeping gold where it is.”
Millman noted that based on previous statements, the Fed may have been wrong to tighten policy, which means interest rates will stay higher for longer.
Meanwhile, analyst Millman said he is not ready to turn bullish yet. According to him, the next major resistance level is at $1,975-80 and support is at $1,900/ounce.
Commenting on Kitco News , analyst Neils Christensen wrote: “Weak inflation this week has pushed the gold market to a three-week high, with prices holding above $1,950 an ounce while market sentiment has once again turned bullish, however, there is still reason to be cautious at these levels.
Gold is still “not out of the woods” and could still be attacked by bears as the Fed’s monetary policies remain the most prominent driver in the market.
While gold prices appear to be on the right side of $1,950, there is still some way to go to break out as investors continue to sit on the sidelines. According to some analysts, the gold market needs a clear sign from the Fed that it is done raising interest rates before investors return to the market.
Gold prices to watch
Gold's latest move is likely to be short-lived, with short covering sending prices higher, Melek said.
Immediate resistance is at $1,966 an ounce and $1,970, and support is at $1,930, $1,900 and then $1,896, Melek added.
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