LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/19 and EXCHANGE RATE TODAY 2/19
| 1. SJC - Updated: 02/18/2024 09:54 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 75,800 ▼300K | 78,400 ▼200K |
| SJC 5c | 75,800 ▼300K | 78,420 ▼200K |
| SJC 2c, 1c, 5 phan | 75,800 ▼300K | 78,430 ▼200K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 63,400 ▼250K | 64,700 ▼150K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 63,400 ▼250K | 64,800 ▼150K |
| Jewelry 99.99% | 63,100 ▼350K | 64,300 ▼150K |
| Jewelry 99% | 62,163 ▼349K | 63,663 ▼149K |
| Jewelry 68% | 41,878 ▼102K | 43,878 ▼102K |
| Jewelry 41.7% | 24,966 ▼62K | 26,966 ▼62K |
Domestic gold prices fluctuated strongly before and during today - the God of Wealth's day, the 10th day of the first lunar month, the Year of the Dragon.
In particular, the price of SJC gold bars continued to be listed at a high level of over 78.60 million VND/tael for selling, notably, the difference between buying and selling prices jumped to 2.5 million VND/tael.
At the close of trading on February 18 (the 9th day of the first lunar month), close to the God of Wealth's day, the price of SJC gold bars traded at Saigon Jewelry Company was at 75.80 - 78.40 million VND/tael (buy - sell).
At Bao Tin Minh Chau, SJC gold bar price closed at 75.85 - 78.05 million VND/tael.
The price of gold rings and jewelry has increased and continuously set new records, 6 million VND per tael higher than the world price. However, with the mentality of "buying gold for luck", the shopping atmosphere is bustling at many gold trading establishments.
At Bao Tin Minh Chau, the closing price on February 18 was 64.78 - 65.88 million VND/tael. DOJI Group listed the price of SJC gold at 64.2 - 65.65 million VND/tael.
For the past ten years, on the day of the God of Wealth, people have flocked to buy gold to pray for luck and prosperity, causing the demand for gold to skyrocket. Accordingly, on the occasion of the God of Wealth, the price of gold on the market always fluctuates strongly in an upward direction.
This year is no exception, although the world gold price plummeted to the $2,000/ounce mark, then fluctuated around this threshold, the domestic price remained high. However, experts predict that the gold price on God of Wealth Day this year will be lower than the peak price at the end of 2023.
World gold prices have remained almost unchanged under many pressures, including rising inflation.
Despite facing many factors, the world gold price still maintained the important milestone of 2,000 USD/ounce at the end of this week's session. The world gold price recorded at the end of last week's session (February 16) on the Kitco exchange was at 2,013.20 - 2,014.20 USD/ounce, an increase of 9.2 USD compared to the previous trading session.
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| Gold price today February 19, 2024: Domestic gold price fluctuates strongly, many records are set on God of Wealth day. (Source: Vietnamnet) |
Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of last week's session (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.
Gold price increased on God of Wealth day, then decreased sharply?
Many domestic experts predict that the price of gold on God of Wealth Day this year will be lower than the peak price at the end of 2023. Because famous gold distributors have prepared unique products to serve the diverse needs of customers. Online shopping services are also developing strongly, customers can order before Tet, causing the number of people coming to the store to decrease compared to previous years, while businesses are no longer passive.
According to business units, this year, the number of customers coming to buy gold mainly buy small amounts of gold, very few people buy large amounts. Many people often buy gold for luck on the first day of spring rather than buying it for investment and storage. Therefore, the plain round ring product is still expected to be the most popular product this time due to its popularity and convenience.
The question is, will the price of God of Wealth gold this year increase or decrease sharply like every year? This scenario is entirely possible to repeat, due to the phenomenon of sudden increase in market demand. In addition, recently, the State Bank said that it will take measures to stabilize the gold market. The price of SJC gold bars or gold rings, etc. is currently facing the risk of a sharp decrease if the gold management policy changes. However, the risk of decrease for SJC gold bars will be greater than that for gold rings due to the much larger difference with world prices.
Meanwhile, global gold prices continued to record a weekly decline as economic data in the US caused traders to push back the prospect of a US Federal Reserve interest rate cut. Atlanta Fed President Raphael Bostic said that more time is needed to consider the prospect of a rate cut. Although gold is considered a hedge against inflation, higher interest rates have reduced the appeal of the precious metal.
Ole Hansen, head of commodity strategy at Saxo Bank , expressed a long-term bullish view. The Fed’s stance on interest rate cuts and the path forward may have become clearer, giving investors a better idea of where gold is headed. Meanwhile, physical gold demand in Asia continues to rise, supporting gold prices to remain stable. In the physical market, demand for gold in the Chinese market increased during the New Year holiday, while gold prices in India rose to their highest in more than four months this week on higher demand as jewelers stock up for the wedding season.
Analyst Everett Millman at Gainesville Coins said that gold prices will likely have difficulty rising above the $2,000/ounce threshold, so it will likely be pushed down to $1,960/ounce.
A better-than-expected US economy has led many investors to believe the Fed will delay its monetary policy easing. The Fed is currently holding interest rates at their highest level in more than 20 years, aiming to bring inflation back to its 2% target.
The market currently rates a 10% chance of a rate cut in March. According to the CME FedWatch Interest Rate Forecast Tool, there is only a 33% chance that the Fed will adjust interest rates in May. Many views suggest that the Fed will start cutting interest rates in June. The Fed must maintain a longer-term tightening of monetary policy, which continues to put pressure on gold.
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