LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/18 and EXCHANGE RATE TODAY 2/18
| 1. SJC - Updated: 02/17/2024 08:30 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 76,100 ▼100K | 78,600 ▲200K |
| SJC 5c | 76,100 ▼100K | 78,620 ▲200K |
| SJC 2c, 1c, 5 phan | 76,100 ▼100K | 78,630 ▲200K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 63,650 ▲150K | 64,850 ▲250K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 63,650 ▲150K | 64,950 ▲250K |
| Jewelry 99.99% | 63,450 ▲150K | 64,450 ▲250K |
| Jewelry 99% | 62,512 ▲248K | 63,812 ▲248K |
| Jewelry 68% | 41,980 ▲170K | 43,980 ▲170K |
| Jewelry 41.7% | 25,028 ▲104K | 27,028 ▲104K |
Domestic gold prices fluctuated strongly last week.
In the first trading session after the 2024 Lunar New Year holiday (February 15), domestic gold prices were listed by businesses at around 78 million VND/tael.
Accordingly, Phu Quy Jewelry Group listed the price of SJC gold at 76.45 - 78.05 million VND/tael (buy - sell), down 200,000 VND/tael for buying and 900,000 VND/tael for selling compared to the previous session.
Following the increase in world gold prices, domestic gold prices on the morning of February 16 (ie January 7th of the lunar calendar), close to the God of Wealth Day (January 10th of the lunar calendar), increased by 200,000 VND/tael.
Specifically, Phu Quy Jewelry Group listed the price of SJC gold at 76.75 - 78.95 million VND/tael (buy - sell), an increase of 400 thousand VND/tael for buying and an increase of 200 thousand VND/tael for selling compared to the previous session.
At the end of the week on February 17, in the Hanoi market, Phu Quy Jewelry Group listed the price of SJC gold at 76.0 - 78.2 million VND/tael (buy - sell).
Thus, compared to the morning session of February 15 (at 76.45 - 78.05 million VND/tael), the price of SJC gold in the Hanoi market in the weekend session of January 17 listed by Phu Quy Gold and Gemstone Group decreased by 450 thousand VND/tael for buying and increased by 150 thousand VND/tael for selling.
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| Gold price today February 18, 2024, SJC gold price increased sharply near the God of Wealth day, far surpassing world price, analysts doubt the strength of precious metal. (Source: Kitco News) |
World gold prices increased in the last trading session of the week on February 16, but recorded the second consecutive week of price decline, after high inflation data in the US reduced the possibility that the US Federal Reserve (Fed) will soon lower interest rates.
Closing this session, gold futures prices increased 0.5% to 2024.1 USD/ounce, but decreased when calculating the whole past week.
According to The Gioi & Viet Nam Newspaper , at 1:49 p.m. on February 17 (Vietnam time), the world gold price at goldprice.org was at 2,012.99 USD/ounce, an increase of 9.39 USD/ounce compared to the previous trading session.
Summary of SJC gold prices at major domestic trading brands at the closing time of February 17:
Saigon Jewelry Company listed at 76.1 - 78.6 million VND/tael.
Doji Group is currently listed at: 76.05 - 78.55 million VND/tael.
PNJ system listed at: 76.6 - 78.8 million VND/tael.
Phu Quy Gold and Silver Group listed at 76.0 - 78.2 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 76.25 - 78.25 million VND/tael; Rong Thang Long gold brand is traded at 65.08 - 66.18 million VND/tael; jewelry gold price is traded at 64.50 - 65.80 million VND/tael.
Converted according to the USD price at Vietcombank on February 17, 1 USD = 24,680 VND, the world gold price is equivalent to 59.86 million VND/tael, 18.74 million VND/tael lower than the selling price of SJC gold.
On the occasion of God of Wealth Day, most people choose to buy gold rings because of their affordable price and small denomination, suitable for buying for luck, while gold bars have higher denominations, requiring buyers to have larger finances. Therefore, the price of gold rings often increases when buying on this occasion.
Moreover, gold rings are popular because in 2023, while the price of gold bars only increased by 15%, the price of gold rings increased by 20%, a very attractive profit.
Some "tips" for buying gold that those who want to buy can refer to. For example, you should choose to buy plain round gold rings in blister packs, because the un-blister packs make it difficult to determine the quality and age of the gold; you should choose to buy gold at reputable stores, get full invoices to ensure quality as well as convenience for buying and selling transactions. As for gold bars, buyers only have one choice with the exclusive SJC brand, but must be careful in the preservation stage.
With gold jewelry, buyers have to pay for the gold plating; while gold-plated products cannot be resold to gold shops. Therefore, gold buyers should consider carefully if they buy these products because they are not sure of making a profit.
Analysts doubt gold's strength
As expected, the gold market took direction from inflation data this week, with the only significant move being a sharp drop in prices on Tuesday morning following hotter-than-expected US CPI data for January, sending spot gold plunging from just under $2,030 an ounce to $1,991 an hour and a half later.
The latest Kitco News weekly gold survey shows that Wall Street and Main Street are once again divided on price expectations, with a large percentage of retail investors seeing potential for higher prices next week, while analysts see a chance for lower prices in the precious metal.
“April gold broke out of its previous short-term sideways trend this week, extending its intermediate-term downtrend to a low of $1,996.40. At the same time, the longer-term uptrend in the U.S. dollar index is gaining momentum. The next downside target for April gold is $1,970.50 an ounce,” said Darin Newsom, senior market analyst at Barchart.com.
Adam Button , head of currency strategy at Forexlive.com, predicts gold prices will fall next week.
Mark Leibovit at VR Metals/Resource Letter, said he expects gold prices to recover after a possible correction.
Adrian Day , chairman of Adrian Day Asset Management, sees gold continuing to trade sideways in a price channel next week. “Gold will bounce back and forth with various economic reports until it becomes clear that the Fed will cut rates. We are not there yet,” he said.
James Stanley , senior market strategist at Forex.com, remains bullish on gold’s near-term outlook. Stanley said the spot price’s test below $2,000 this week showed that it can’t hold that level for long. “I think we’ll see the bulls try to push it back to $2,039 an ounce next week,” he said.
This week, 14 analysts participated in the Kitco News Gold Survey, and Wall Street appears to see little upside potential for gold in the near term. Only three experts, or 21%, expect higher gold prices next week, while a majority of eight analysts, or 57%, predict lower prices and another three experts, or 21%, predict that gold prices will trade sideways this coming week.
Meanwhile, 221 votes were cast in Kitco’s online poll, with the majority of Main Street remaining bullish. Ninety-four retail investors, or 42%, expect gold to rise next week. Another 72%, or 33%, predict lower prices, while 55 respondents, or 25%, are neutral on the precious metal’s near-term outlook.
Ole Hansen , head of commodity strategy at Saxo Bank, will be watching Chinese buyers as they return from a week of holiday following the Lunar New Year. “Gold is likely to struggle in the short term but with expectations of a rate cut fading, I look forward to seeing how Chinese investors react to slightly lower prices next week,” he said.
“I like lower gold prices. US inflation - CPI and PPI - came in a little stronger than expected. That helped lift the dollar. For me , the greenback and the exchange rate are more important drivers of gold than its inflation hedge function,” said Marc Chandler, CEO of Bannockburn Global Forex.
“I like the $1,950-$65/ounce area,” Chandler said.
And Kitco senior analyst Jim Wyckoff sees gold prices falling next week.
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