LIVE UPDATE TABLE OF GOLD PRICE TODAY 22/2 and EXCHANGE RATE TODAY 22/2
| 1. SJC - Updated: 21/02/2024 13:39 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 75,800 | 78,000 |
| SJC 5c | 75,800 | 78,020 |
| SJC 2c, 1c, 5c | 75,800 | 78,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 63,450 | 64,650 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 63,450 | 64,750 |
| Jewelry 99.99% | 63,150 | 64,250 |
| Jewelry 99% | 62,114 | 63,614 |
| Jewelry 68% | 41,844 | 43,844 |
| Jewelry 41.7% | 24,945 | 26,945 |
Domestic gold prices turned down and cooled down after the God of Wealth day. Specifically, the price of SJC gold bars was listed by Saigon Jewelry Company (SJC) at 75.80 million VND/tael for buying and 78.02 million VND/tael for selling, an increase of 200,000 VND/tael compared to the end of yesterday.
Doji Group adjusted the buying price down by VND100,000/tael to VND75.75 million/tael and the selling price down by VND200,000/tael to VND77.95 million/tael.
Phu Quy Group is trading SJC gold at a buying price of VND76.05 million/tael - VND150,000/tael and a selling price of VND78 million/tael - down VND200,000/tael.
Meanwhile, the price of 24K gold rings and jewelry of all kinds continued to fall sharply after the God of Wealth Day when the demand for buying gold for luck was no longer there. Currently, the price of gold rings and jewelry traded by SJC company is 63.45 million VND/tael for buying and 64.75 million VND/tael for selling.
World gold prices increased slightly in the afternoon trading session on February 21 thanks to the decrease in the USD, while the market is looking forward to the minutes of the January meeting of the US Federal Reserve (Fed).
However, the precious metal has largely remained within the $2,000-$2,050/ounce range established over the past month, as the outlook for gold is overshadowed by the prospect of higher-for-longer U.S. interest rates.
According to TG&VN at 7:00 p.m. on February 21, the world gold price on the Kitco exchange was at 2,2028.2 - 2,029.2 USD/ounce, up 4.2 USD compared to the previous trading session.
Currently, the market focus is on the minutes of the Fed's late January meeting for further signals on the trajectory of US interest rates.
The central bank kept interest rates steady at the meeting, but largely downplayed expectations of an early rate cut.
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| Gold price today September 15: (Source: NDTV) |
Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of February 21, 2024:
Saigon Jewelry Company listed the price of SJC gold bars at 75.80 - 78.02 million VND/tael.
Doji Group currently lists the price of SJC gold bars at: 75.75 - 77.95 million VND/tael.
Phu Quy Group listed the price of SJC gold bars at: 76.05 - 78.00 million VND/tael.
PNJ system listed gold bar price at: 75.80 - 78.00 million VND/tael.
SJC gold bar price at Bao Tin Minh Chau is listed at: 75.90 - 77.95 million VND/tael.
Gold price could jump to $3,000/ounce?
In an interview with CNBC , Mr. Aakash Doshi, head of North American commodity research at Citi bank, predicted that gold prices could skyrocket to $3,000/ounce and oil prices could climb to $100/barrel within the next 12-18 months.
According to Mr. Doshi, the above scenario will happen if the market receives one of three catalysts: central banks increase gold buying activities, the risk of stagflation or the global economy deepens recession.
Citi analysts said the most likely scenario that could cause gold prices to surge to $3,000 an ounce is a rapid acceleration of the de-dollarization trend by central banks in emerging markets, leading to a crisis of confidence in the currency.
Central banks have been buying gold at record levels in recent years as they seek to diversify their reserves and reduce credit risk, Citi said. Central banks in China and Russia are leading the buying, while India, Türkiye and Brazil have also increased purchases of bullion.
The World Gold Council estimated in January 2024 that global central banks had purchased more than 1,000 tonnes of gold for two consecutive years. Doshi predicted that if that number doubled to 2,000 tonnes, gold prices would receive a strong boost.
Another factor that could push gold prices to $3,000 an ounce is a deep global recession, which would prompt the US Federal Reserve to cut interest rates quickly.
However, Mr. Doshi noted that this is a low probability scenario.
Gold prices tend to move inversely to interest rates. When interest rates fall, gold becomes more attractive compared to fixed-income assets such as bonds, which offer lower returns in a low-interest-rate environment.
Ignoring the above three catalysts, Citi forecasts gold prices at $2,150/ounce in the second half of 2024 and gold prices will average more than $2,000/ounce in the first half of the year.
“A new record price could be reached by the end of 2024,” Mr. Doshi stressed.
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