Gold price today February 16, 2024 on the international market is around the important milestone of 2,000 USD/ounce. According to analysts, if gold falls below this price, it will be difficult for gold to recover soon.
Domestic gold price
Closing the trading session on February 15, the price of 9999 gold bars at SJC Ho Chi Minh City was 76.5 million VND/tael (buy) and 78.8 million VND/tael (sell). SJC Hanoi listed at 76.5 million VND/tael (buy) and 78.82 million VND/tael (sell).
DOJI Hanoi listed at 76.35 million VND/tael (buy) and 78.75 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 76.45 million VND/tael, sold it at 78.75 million VND/tael.
International gold price
The world gold price on Kitco at 8:30 p.m. on February 15 (Vietnam time) reached 2,000.3 USD/ounce. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,008.6 USD/ounce.
At the current price, the world gold price converted to VND (taxes and processing fees included) differs from the domestic SJC gold price at about 17.35 million VND/tael.
World gold prices fall into a dangerous zone. (Photo: Kitco)
World gold prices moved sideways at the beginning of the trading session on February 15 (US time) because the selling pressure of investors was much reduced compared to previous sessions.
According to analysts, if the gold price falls below 2,000 USD/ounce, it will be a dangerous level and may take a long time to recover, unless the US Federal Reserve (Fed) has credit. A positive sign that interest rates will soon be cut.
Besides, gold prices have little chance of recovery because investors’ expectations of interest rate cuts soon are decreasing. In addition, the continued rise of the USD also puts pressure on gold.
Meanwhile, the recently released US consumer price index (CPI) for January showed that US inflation is still higher than expected. Therefore, expectations of the Fed’s interest rate cuts are getting further and further away.
Gold price forecast
James Stanley, senior strategist at FOREX.com, said that the price range from $1,975 to $1,978 per ounce will continue in the near future.
The CME Fedwatch tool shows traders reducing bets on interest rate cuts in May and June, although traders are still pricing in a 51% chance of a 25 basis point cut in June.
According to Capitalight Research expert Chantelle Schieven, if the Fed soon loosens monetary policy, it will spur new investment demand for gold, pushing the price to $2,400/ounce.
