| SJC gold price drops to 78.62 million VND/tael, should you buy gold today? 999.9 gold price drops sharply near God of Wealth day, 0.5-1 tael gold ring is on the rise |
Domestic gold price
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| SJC gold price traded at Saigon Jewelry Company |
Gold price at noon on February 20, SJC gold price was traded by DOJI Group at 74.90 - 77.60 million VND/tael, down 550,000 VND/tael for buying and down 550,000 VND/tael for selling compared to the previous closing price. The buying - selling difference continued to widen from 2.0 million VND to 2.3 million VND/tael.
SJC gold price traded at Saigon Jewelry Company is at 75.40 - 77.70, down 430,000 VND/tael for buying and down 450,000 VND/tael for selling compared to yesterday's closing price.
SJC gold price at Bao Tin Minh Chau Company is at 75.45 - 77.60 million VND/tael, down sharply by 700,000 VND/tael for buying and 650,000 VND/tael for selling compared to the previous closing price. The difference between buying and selling prices increased from 2.2 million VND to 2.75 million VND/tael.
At Bao Tin Manh Hai, SJC gold is being traded at 75.40-77.72 million VND/tael for buying and selling, down 520 thousand VND/tael for buying and down 480 thousand VND/tael for selling compared to yesterday.
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The price of 999.9 gold rings after the God of Wealth's day decreased by nearly 600,000 VND/tael. Specifically, the price of Thang Long Dragon gold rings at Bao Tin Minh Chau Company stood at 64.08 - 65.23 million VND/tael for buying and selling, down 460,000 VND/tael for buying, but up 450,000 VND/tael for selling compared to the previous closing price.
Thang Long 999.9 (24k) dragon gold jewelry is trading around 63.80 - 65.00. Thang Long 99.99 (24k) dragon gold jewelry is trading around 63.70 - 64.90 million VND/tael.
Similarly, Thang Long Gold Dragon blister rings and Kim Gia Bao blister rings are being traded at Bao Tin Manh Hai Company at around 64.08 - 65.23 million VND/tael for buying and selling, down 570 thousand VND/tael for buying and down 560 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Bao Tin Manh Hai Company |
The price of 999.9 gold is around 63.77 - 65.00 million VND/tael, down 480 thousand VND/tael for buying and down 460 thousand VND/tael for selling compared to yesterday. The price of 99.9 gold is currently around 63.67 - 64.90 million VND/tael, down 560 thousand VND/tael for buying and down 540 thousand VND/tael for selling compared to yesterday.
World gold price
World gold prices increased with spot gold increasing by 2.1 USD to 2,017.4 USD/ounce. Gold futures last traded at 2,029.4 USD/ounce, up 5.3 USD compared to early this morning. Converted according to Vietcombank exchange rate, excluding taxes and fees. The difference between domestic and world gold prices is about 18 million VND.
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| World gold price chart this afternoon |
Gold continues to recover from last week’s sell-off after testing support at $2,000 an ounce. Although gold is starting the trading week with modest gains, some analysts believe it will remain stuck in a range with support at $2,000 an ounce and resistance around $2,050 an ounce.
Investors are now waiting for a signal from the US Federal Reserve (Fed) to adjust interest rates. According to the Fed's interest rate tracker, markets are pricing in a 74% chance of a rate cut in June.
The market is awaiting the release of the minutes of the Fed's January 2024 policy meeting on February 21, the number of weekly US unemployment claims and the speeches of Fed officials, from which investors will have more clues about when the Fed might start cutting interest rates.
According to market analyst James Hyerczyk of FXempire.com, the precious metal remains an important safe-haven asset as developments in the Middle East heighten geopolitical uncertainty. Gold’s recent rally has been driven by a weaker US dollar and concerns about rising tensions in the Middle East, which have helped boost its status as a preferred safe-haven asset.
Along with gold’s safe-haven appeal, analysts note that investors should pay attention to demand for the precious metal from Asian markets, which have reopened after the Lunar New Year holiday.
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