Gold price today July 16, 2024, World gold price increased slightly, holding steady at a high level. The precious metal market continues to receive positive information supporting the price increase. Gold rings fluctuate, SJC narrows the gap with the world.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/16 and EXCHANGE RATE TODAY 7/16
| 1. SJC - Updated: 07/15/2024 08:32 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 75,480 | 76,980 |
| SJC 5c | 75,480 | 77,000 |
| SJC 2c, 1c, 5 phan | 75,480 | 77,010 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 75,150 | 76,650 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 75,150 | 76,750 |
| Jewelry 99.99% | 75,050 | 76,050 |
| Jewelry 99% | 73,297 | 75,297 |
| Jewelry 68% | 49,369 | 51,869 |
| Jewelry 41.7% | 29,366 | 31,866 |
Update gold price today 7/16/2024
Domestic gold price on July 15 was stable.
The domestic gold bar price on the morning of July 15 continued to remain below the 77 million VND/tael mark. Meanwhile, the price of gold rings varied between brands in both buying and selling directions, while maintaining a higher price than SJC gold bars in selling direction.
Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), unchanged from yesterday's closing price.
At Saigon Jewelry Company (SJC), the listed price of SJC gold is also at 75.98 - 76.98 million VND/tael (buy - sell), unchanged from yesterday's closing price. The difference between the two buying and selling prices narrowed to 1.5 million VND/tael.
Similarly, the price of gold rings on July 15 remained unchanged. However, there was a difference of 400,000 VND/tael between the selling and buying prices of the brands in the selling direction.
Specifically, at DOJI Gold and Gemstone Group, the listed price of gold rings is at 75.9 - 77.15 million VND/tael (buy - sell), keeping the listed price for buying and selling unchanged compared to the previous session's closing price.
Saigon Jewelry Company (SJC) listed the price of gold rings at 75.15 - 76.75 million VND/tael (buy - sell), keeping the listed price for buying and selling unchanged compared to yesterday's closing price. The price of gold rings has dropped to over 77 million VND/tael for selling.
Basically, the market has not fluctuated much. However, experts warn that this is the time to closely monitor market developments next week.
Following the Government's direction requiring the State Bank to proactively and effectively implement solutions to strictly manage and control activities and transactions in the gold market, and immediately handle the high difference between domestic and international gold prices, the gold bar market has maintained a sideways trend in recent times.
 |
| Gold price today Gold price today July 16, 2024: Gold price increases, shines as a 'safe haven', gold rings leave important milestone, seems to have 'run out of steam'? July 16, 2024. (Source: Kitco News) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of July 15 :
Saigon Jewelry Group listed SJC gold price at: 75.48 - 76.98 million VND/tael.
Doji Group listed SJC gold price at: 74.98 - 76.98 million VND/tael.
PNJ system listed at: 75.48 - 76.98 million VND/tael.
Phu Quy Gold and Silver Group listed at: 75.80 - 76.98 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 75.88 - 76.98 million VND/tael; Thang Long Dragon Gold brand gold bars are traded at 75.68 - 76.98 million VND/tael; Thang Long Dragon Gold jewelry price 999.9 is traded at 74.80 - 76.70 million VND/tael.
According to the World & Vietnam Newspaper , information on Kitco News , as of 6:55 p.m. Vietnam time on July 15, the world gold price was listed at 2,418.8 USD/ounce, an increase of 7.3 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on July 15, 1 USD = 25,457 VND, the world gold price is equivalent to 74.19 million VND/tael, 2.79 million VND/tael lower than the selling price of SJC gold.
World gold prices increased slightly and are still holding steady above the high threshold of 2,400 USD/ounce due to expectations that the US Federal Reserve (Fed) will cut interest rates sooner than expected. The world precious metal market will receive a number of important economic reports and speeches from Fed officials.
Spot gold was at $2,413.09 an ounce at 1044 GMT. U.S. gold futures were down 0.1 percent at $2,418.00.
The lower-than-expected US CPI reading, coupled with the fact that Fed Chairman Powell is talking about making significant progress in reducing inflation, has kept gold prices around $2,400 an ounce, said StoneX analyst Rhona O'Connell .
Data released last week reinforced views that the deflationary trend has resumed and raised hopes of a Fed rate cut, helping gold rise to its highest since May 22 on Thursday.
According to the CME FedWatch Tool , markets see a 94% chance the US will cut interest rates in September.
Fed Chairman Jerome Powell speaks later on July 15, and several other officials are scheduled to speak this week. Data sets due this week include U.S. retail sales, industrial production for June and weekly jobless claims.
“If retail sales unexpectedly fall, that would reinforce rate cut expectations and support gold. Fed officials may be relatively optimistic, but they will certainly say they want the data to trend in line before committing to a cut,” O’Connell added.
On the physical front, analysts at ANZ wrote in a note that Indian gold demand is likely to remain strong despite higher prices, given forecasts for above-average rainfall and a favourable macroeconomic backdrop.
However, experts predict that there will not be much change in market expectations for Fed rate cuts and that will push gold prices up.
Alex Kuptsikevich , senior market analyst at FxPro, said that gold's holding above $2,400 an ounce is a good sign. The precious metal has ended a long-term consolidation phase and is expected to reach a new record high hundreds of dollars higher than the previous level with resistance at $2,850 an ounce.
Naeem Aslam, chief investment strategist at Zaye Capital Markets, said that at this point, a rate cut in September is very likely. The market is waiting for some important economic reports coming out, but he does not expect them to have much impact. However, that continues to support the new rally in gold.
Carsten Fritsch , commodities analyst at Commerzbank, also expects gold to hit an all-time high in the coming days. The September rate cut is almost fully priced in. Therefore, gold prices could return to new record highs in the coming days.
In addition to geopolitical risks, gold prices this week are also influenced by US economic data and the European Central Bank (ECB) policy meeting.
In addition, gold prices will benefit from the trend of net buying of gold by central banks. Emerging economies such as China, India, Russia and Türkiye have been buying gold heavily in recent years to diversify their foreign exchange reserves and reduce their dependence on the US dollar. This trend is expected to continue.
“Central banks are still net buyers of gold. Every time they buy, they buy tons,” said Everett Millman, chief strategist at Gainesville Coins. Millman said he wouldn’t be surprised if gold prices rose to $2,700 by the end of the year, a 12% increase from current levels.
In addition to central bank demand, Mr. Millman mentioned the role of gold as a “safe haven” in the context of a series of important elections this year, including the US presidential election. The reluctance of politicians to cut budget deficits in order to please voters is increasing concerns about the world’s huge public debt. This increases the attractiveness of gold.
Source: https://baoquocte.vn/gia-vang-hom-nay-1672024-gia-vang-tang-toa-sang-voi-vai-tro-ham-tru-an-vang-nhan-roi-moc-quan-trong-duong-nhu-da-hut-hoi-278764.html
Comment (0)