LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/17 AND EXCHANGE RATE TODAY 2/17
| 1. SJC - Updated: 02/16/2024 16:30 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 76,200 ▼300K | 78,400 ▼400K |
| SJC 5c | 76,200 ▼300K | 78,420 ▼400K |
| SJC 2c, 1c, 5 phan | 76,200 ▼300K | 78,430 ▼400K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 63,500 ▲300K | 64,600 ▲200K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 63,500 ▲300K | 64,700 ▲200K |
| Jewelry 99.99% | 63,300 ▲300K | 64,200 ▲200K |
| Jewelry 99% | 62,264 ▲198K | 63,564 ▲198K |
| Jewelry 68% | 41,810 ▲136K | 43,810 ▲136K |
| Jewelry 41.7% | 24,924 ▲83K | 26,924 ▲83K |
Domestic gold prices turned down and traded below 79 million VND/tael in the trading session on February 16.
There are only a few days left until the God of Wealth's Day on January 10 - the day when, according to folk beliefs, buying gold brings good luck all year round. According to experts, the number of customers transacting at gold shops will also increase, expected to increase by about 20% - 30% compared to the same period in 2023.
World gold prices increased sharply in the context of the USD turning to decrease.
According to TG&VN at 6:00 p.m. on February 16, the world gold price on the Kitco exchange was at 2,006.7 - 2,007.7 USD/ounce, up 2.7 USD compared to the previous trading session.
US retail sales fell 0.8% in January, more than the 0.3% decline that Dow Jones economists had forecast. The yield on the benchmark 10-year US Treasury note fell to 4.23%.
In addition, a report from the US Department of Labor said that the number of initial unemployment claims decreased by 8,000 to an adjusted level of 212,000. Previously, the US consumer price index in January increased sharply, causing many analysts to believe that the path to bring inflation back to the US Federal Reserve's 2% target is still long. This means that the time for the Fed to cut interest rates may be longer than expected.
Investors are awaiting producer price index (PPI) data due out later today and comments from several Fed officials for clues on when the Fed might start cutting interest rates...
Traders reduced bets on rate cuts in May and June, although traders still priced in a 51% chance of a 25 basis point cut in June, the CME Fedwatch tool showed.
In the Asian market, precious metal prices headed for a second consecutive week of decline in the session on February 16.
Spot gold price was trading at 2,003.30 USD/ounce - recorded at 4:00 p.m. on October 16.
 |
| Gold price today February 17, 2024: SJC gold price moves in the opposite direction before God of Wealth's day, the world 'shines'. (Source: Forbes) |
Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of February 16, 2024:
Saigon Jewelry Company listed the price of SJC gold bars at 76.20 - 78.42 million VND/tael.
Doji Group currently lists the price of SJC gold bars at: 76.15 - 78.35 million VND/tael.
Phu Quy Group listed the price of SJC gold bars at: 76.30 - 78.30 million VND/tael.
PNJ system listed SJC gold bar price at: 76.60 - 78.80 million VND/tael.
SJC gold bar price at Bao Tin Minh Chau is listed at: 76.70 - 78.70 million VND/tael.
Vietnamese people tend to hold more gold rings than gold bars.
The main driver for gold in the short term is interest rate expectations – there is a risk that gold will continue to be under pressure in the short term until the Fed actually says it is time to cut rates, said Chris Gaffney, president of world markets at EverBank.
In addition, central banks' demand for gold also supported the increase in gold prices, as many central banks such as the Reserve Bank of India and the Central Bank of Türkiye, and the People's Bank of China (PBOC) all increased their gold reserves in the first month of the new year.
Specifically, China bought 10 tons of gold in January, India bought 9 tons, Türkiye added 12 tons. This is the 15th consecutive month that PBOC has increased its gold reserves, bringing the total amount of gold held 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.
Regarding the domestic market, Mr. Huynh Trung Khanh, an expert from the World Gold Council, said that not only SJC gold bars but also the demand for gold rings among the people is high and the current supply is still lacking because businesses are not allowed to import gold for jewelry.
In addition, the authorities' efforts to crack down on illegal gold trading lines have led to a shortage of raw gold in the market. These factors combined to cause the price of gold rings to skyrocket.
Mr. Nguyen The Hung, Vietnam Gold Business Association, said that people tend to invest and hold more gold rings than SJC gold bars. Although the current price of SJC gold has decreased, it is still 15 million VND/tael higher than the world gold price.
Meanwhile, the price of gold rings is only 1-2 million VND/tael higher than the world gold price and is closely following the increasing trend of world gold.
"At this time, when the world gold price depends on many geopolitical and economic factors... with many big fluctuations, investors should be cautious and choose to invest. With plain rings and gold jewelry, investors should choose reputable units to ensure quality and price," Mr. Hung emphasized.
Source
Comment (0)