LIVE UPDATE TABLE OF GOLD PRICE TODAY 17/1 and EXCHANGE RATE TODAY 17/1
| 1. PNJ - Updated: 17/01/2024 00:00 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 63,050 | 64,150 |
| HCMC - SJC | 74,500 | 76,700 |
| Hanoi - PNJ | 63,050 | 64,150 |
| Hanoi - SJC | 74,500 | 76,700 |
| Da Nang - PNJ | 63,050 | 64,150 |
| Da Nang - SJC | 74,500 | 76,700 |
| Western Region - PNJ | 63,050 | 64,150 |
| Western Region - SJC | 74,000 | 76,600 |
| Jewelry gold price - PNJ | 63,050 | 64,150 |
| Jewelry gold price - SJC | 74,500 | 76,700 |
| Jewelry gold price - Southeast | PNJ | 63,050 |
| Jewelry gold price - SJC | 74,500 | 76,700 |
| Jewelry gold price - Jewelry gold price | PNJ Ring (24K) | 63,050 |
| Jewelry Gold Price - 24K Jewelry | 62,950 | 63,750 |
| Jewelry Gold Price - 18K Jewelry | 46,560 | 47,960 |
| Jewelry Gold Price - 14K Jewelry | 36,040 | 37,440 |
| Jewelry Gold Price - 10K Jewelry | 25,270 | 26,670 |
Domestic gold price today continues to break out, 15.2 million VND/tael higher than world price.
At the end of the trading session on January 16, the price of SJC gold bars remained firmly at a record high, despite a slight decrease.
Saigon Jewelry Company, Doji Group and PNJ system maintained high levels all day.
Thus, the price of SJC gold bars has continuously conquered new peaks in recent days. Sometimes, in just one day, the price of SJC gold has exceeded 1 million VND/tael. However, experts warn short-term investors to be cautious of risks, especially when the price difference between SJC gold in both buying and selling directions is kept at a very wide distance by traders.
The price of gold rings and jewelry gold increased sharply by more than half a million VND during the day, setting a record of increasing close to the threshold of 65 million VND/tael. At Bao Tin Minh Chau, the Rong Thang Long gold brand traded at 63.83 - 64.93 million VND/tael; the price of jewelry gold traded at 63.35 - 64.65 million VND/tael.
The price of plain round rings at Saigon Jewelry Company (SJC) increased by half a million VND in both directions, to 62.9 - 64.05 million VND per tael. 99.99% jewelry gold also increased by about half a million VND to 62.8 - 63.75 million VND.
The world gold price continues to rise and then stay high as the role of a safe haven for assets is increasingly noticed, in the context of geopolitical instability in the Middle East that is at risk of lasting, and some other "hot spots" have not shown signs of abating. Many organizations assess that the world political situation has the potential to destroy the hope of recovery of the global economy. In this context, gold is seen as a channel to shelter from the storm and thus has more motivation to increase in price.
Tensions in the Middle East have increased as many fuel tankers have been blocked in the Red Sea. Recently, many shipping companies have decided not to pass through the Red Sea due to unsafe conditions and have diverted to the Cape of Good Hope in South Africa. With these latest developments, experts and investors around the world are concerned that the conflict will spread to the Middle East, thereby pushing up prices and negatively affecting the global supply chain. In addition, global shipping is also under pressure due to drought in the Panama Canal.
According to TG&VN at 8:00 p.m. on January 16, the world gold price traded on the Kitco floor was at 2,037.80 - 2,038.80 USD/ounce, down 16.5 USD compared to the previous session's close. The price of gold for February 2024 delivery on the Comex New York floor was at 2,060 USD/ounce.
Despite the large profit-taking pressure as gold approaches an important resistance level, demand for the precious metal remains high.
Converted to the USD exchange rate, the world gold price is about 61.3 million VND/tael, including taxes and fees, about 15.2 million VND/tael lower than the domestic gold price.
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| Gold price today January 17, 2024: Domestic gold price is increasingly higher than the world price, despite the 'profit-taking wave' of gold continuing to climb to the top. (Source: Kitco News) |
Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of January 16, 2024:
Saigon Jewelry Company listed SJC gold price at 74.00 - 76.52 million VND/tael.
Doji Group currently lists the price of SJC gold at: 73.95 - 76.45 million VND/tael.
Phu Quy Group listed SJC gold price at: 73.90 - 76.20 million VND/tael.
PNJ system listed at: 74.50 - 76.70 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 74.10 - 76.15 million VND/tael.
Gold prices still have momentum to increase?
Gold prices were expected to rise this week not only due to geopolitical tensions but also due to negative signals from the US economy. The US producer price index (PPI) fell, increasing the possibility that the US Federal Reserve (Fed) would cut interest rates sooner than expected.
Currently, the world gold price is gradually increasing but is facing a strong resistance level: 2,088 USD/ounce. This is the peak level set in December 2023. Profit-taking selling pressure often increases when gold approaches such levels.
Gold prices fell sharply in the evening trading session on January 16 due to the rising US dollar and US bond yields, while the market awaited speeches from several Fed officials this week. “Looking at what is happening in the market, it can be said that the story is mainly based on the strength of the US dollar and this is detrimental to gold prices,” said Ricardo Evangelista, senior analyst at ActivTrades.
“I see some support for gold just above $2,000, but I don’t see much upside right now because of the stronger dollar and rising Treasury yields,” added Ricardo Evangelista.
The dollar index rose 0.8% to its highest in more than a month, making gold less attractive to buyers using other currencies,
How will the price of SJC gold evolve at this time? This is the question that many market participants are asking right now. Domestic experts believe that the upward trend in the price of SJC gold will continue until the first half of 2024, the remaining half will decrease but not too much, then go sideways. The factor supporting the price of SJC gold next year is the positive outlook for world gold prices. Accordingly, the market expects the Fed to cut interest rates next year, causing the USD to weaken. This makes buying gold with other currencies cheaper, thereby boosting demand and prices will go up.
Normally, after a sharp increase in the price of a commodity or asset, there is an equally “shocking” drop. However, with SJC gold, it is different. The limited supply of SJC will help prevent the decline while supporting the increase. Therefore, if the world gold price drops sharply, SJC gold may also drop but not too sharply, then stabilize again.
Decree 24 has prevented SJC from being produced in the past 10 years. Meanwhile, a large amount of SJC gold has been used for jewelry, causing the already low supply to decrease further. Therefore, SJC gold is expected to create a new price level after this price increase.
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