Gold price today February 18, SJC gold bars are listed at a high level of over 78.6 million VND/tael close to the day of Than Tai. The difference between buying and selling prices is up to 2.5 million VND/tael.
Domestic gold price
Closing the session on February 17, the price of gold bars at SJC Ho Chi Minh City was 76.1 million VND/tael (buy) and 78.6 million VND/tael (sell). SJC Hanoi listed at 76.1 million VND/tael (buy) and 78.62 million VND/tael (sell).
DOJI Hanoi listed SJC gold bars at 76.05 million VND/tael (buy) and 78.55 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 76.1 million VND/tael, sold it at 78.6 million VND/tael.
International gold price
Gold price on Kitco (at 8:00 p.m. on February 17, Vietnam time) traded at 2,013 USD/ounce, up 0.46%. Gold futures price for delivery in April 2024 on the Comex New York floor traded at 2,025 USD/ounce, down 0.53% on the day.
Inflationary pressure is increasing, negatively impacting the gold market. According to some analysts, despite many influencing factors, the gold price still maintained the important milestone of 2,000 USD/ounce at the end of this week’s session.
People buy gold in advance because of the God of Wealth. (Photo: Tam An)
Better production indexes and consumer prices in the US have made many investors think that the Federal Reserve (Fed) will delay the loosening of monetary policy. The Fed is currently keeping interest rates at the highest level in more than 20 years, aiming to bring inflation to its target level of 2%.
Currently, the market assesses there is only a 10% chance of interest rate cuts in March. The Fed must maintain a longer-term tightening of monetary policy, which continues to put pressure on gold.
According to the CME FedWatch Interest Rate Forecasting Tool, there is only a 33% chance that the Fed will adjust interest rates in May. Many people believe that the Fed will start reducing interest rates in June.
The USD index closed the week down, which supported gold prices. The US Dollar Index (DXY) measures the greenback’s fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 104.28 points.
Gold price forecast
Ole Hansen, head of commodity strategy at Saxo Bank, expressed an optimistic long-term view. The Fed’s stance on interest rate cuts and roadmap may be clearer, investors understand the direction of gold.
Meanwhile, physical gold demand in Asia continues to increase, supporting gold prices to remain stable.
Mr. Everett Millman, analyst at Gainesville Coins, said that gold prices may find it difficult to increase sharply above the threshold of 2,000 USD/ounce.
He predicts that gold prices will continue to fall to 1,960 USD/ounce.