Domestic gold price today April 18, 2024
At the end of the trading session on April 17, the domestic 9999 gold price was listed by SJC and DOJI Gold and Gemstone Group in the following order of buying and selling:
SJC Hanoi : 82,100,000 VND/tael - 84,120,000 VND/tael
DOJI Hanoi: 82,000,000 VND/tael - 84,000,000 VND/tael
SJC HCMC: 82,100,000 VND/tael - 84,100,000 VND/tael
DOJI HCMC: 82,000,000 VND/tael - 84,000,000 VND/tael
The central exchange rate on April 17, 2024 announced by the State Bank is 24,231 VND/USD, an increase of 90 VND compared to the previous trading session. The USD price at commercial banks this morning (April 18) was listed at 25,100 VND/USD (buy) and 25,440 VND/USD (sell).
International gold price today April 18, 2024
At 8:32 a.m. today (April 18, Vietnam time), the world spot gold price stood at around 2,365.1 USD/ounce, down 26.9 USD/ounce compared to last night. The price of gold futures for June 2024 on the Comex New York floor was at 2,384.2 USD/ounce.
As of 8:50 p.m. on April 17 (Vietnam time), the spot gold price today on the world market was at $2,392/ounce. Gold for June 2024 delivery on the Comex New York floor was at $2,408/ounce.
The world gold price on the night of April 17 was about 15.9% higher (329 USD/ounce) than at the end of 2023. World gold converted to the bank USD price was 74 million VND/tael, including taxes and fees, about 10 million VND/tael lower than the domestic gold price as of the end of the afternoon session on April 17.
The world gold price is still in an upward trend and could break out to a new historical peak at any time. Investors are cautious about the possibility of conflict in the Middle East, between Israel and Iran.
Currently, investors are limiting transactions to wait and see what happens in the Middle East.
Investors fear the Middle East could descend into a full-blown war after Israeli officials said Tel Aviv would respond to Iran's drone and missile attack on Israel on April 14. On April 15, the Israeli cabinet remained determined to respond to Iran's attack but did not specify a time. Meanwhile, Iran said it would strike back "in seconds" if Israel retaliated.
World gold prices continue to rise despite Iranian Foreign Minister Amir-Abdollahian saying in phone calls with his Chinese and Indonesian counterparts that Iran is willing to exercise restraint and does not want to escalate the situation in the Middle East.
Mr. Amir-Abdollahian affirmed that Iran's drone and missile attacks on Israel were within the framework of international law.
In addition, according to a survey by Hebrew University (Israel) published on April 16, up to three-quarters of Israelis oppose a retaliatory attack on Iran.
Demand for gold from Asia remains strong. According to Bloomberg, Americans are rushing to sell gold as prices soar, while Chinese people are rushing to buy gold.
Domestically, gold prices tend to increase even though SJC gold bars are under strong selling pressure due to information that the State Bank of Vietnam (SBV) is preparing to auction gold to increase the supply of this precious metal to the market.
SJC gold bar price has increased following world price and USD/VND exchange rate which has increased sharply in recent days.
In the session of April 17, the State Bank of Vietnam unexpectedly raised the central exchange rate by 90 VND (equivalent to an increase of 0.37% in just one session) to 24,231 VND/USD. Exchange rates at commercial banks also skyrocketed. The USD price compared to VND at Vietcombank increased by 4.18% since the beginning of the year and reached 25,440 VND/USD recorded on April 17. In the free market, the USD selling price has increased to 25,670 VND/USD.
Gold Price Forecast
World gold prices are forecast to increase sharply at any time if the Middle East becomes more unstable.
On the other hand, precious metals were also restrained from increasing thanks to a rising USD globally.
The greenback hit a November peak, while it rose to its highest level against the Japanese yen in 34 years.
The US dollar rose after the US Federal Reserve (Fed) repeatedly sent tough signals about its monetary policy stance. It is likely that the Fed will continue to delay cutting interest rates at its May and June meetings. It is likely that the Fed will cut interest rates for the first time in September.
A strong US dollar always puts pressure on gold, thereby curbing the metal's rise.
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