Domestic gold price this afternoon July 16, 2024

At the time of survey at 2:00 p.m. on July 16, 2024, the gold price today, July 16, on the trading floors of some companies is as follows:

The price of SJC gold listed by the gold house is 75.48 million VND/tael for buying and 76.98 million VND/tael for selling.

DOJI listed the price of 9999 gold this afternoon at 75.50 million VND/tael for buying and 76.98 million VND/tael for selling. The gold price increased by 520,000 VND/tael for buying.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 76.20 - 76.98 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 75.88 - 76.98 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 76.23 - 76.98 million VND/tael (buy - sell). Gold price increased by 230,000 VND/tael for buying.

SJC gold bars in this afternoon's trading session continued to record adjustments in a few gold brands, specifically, DOJI Group raised the buying price of SJC gold bars to 75.5 million VND/tael - an increase of 520,000 VND/tael, Bao Tin Manh Hai brand also slightly increased by 230,000 VND/tael, bringing the price to 76.23 million VND/tael.

Meanwhile, gold rings have made a strong breakthrough and continued to increase at brands. Specifically, Bao Tin Minh Chau Company increased the price of Thang Long gold rings to 76.18-77.48 million VND/tael (buy - sell). Compared to yesterday's trading session, the price of Thang Long gold rings has increased by 500,000 VND/tael in both buying and selling.

Similarly, DOJI Gold and Gemstone Group also raised the price of 9999 plain round gold rings to 76.25 - 77.5 million VND/tael for both buying and selling, a slight increase of 50,000 VND/tael.

Meanwhile, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 75.45-76.85 million VND/tael (buy - sell), 300,000 VND higher per tael for buying and 200,000 VND higher per tael for selling compared to yesterday's session.

The central exchange rate listed by the State Bank is 24,245 VND/USD, down 3 VND/USD. The USD price at commercial banks is traded around 25,207 VND/USD for buying and 25,457 VND/USD for selling.

Gold price today July 16, 2024. Photo: illustration.

World gold price today July 16, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 2:00 p.m. today, Vietnam time, was at 2,425.14 USD/ounce. The gold price this afternoon is 12.78 USD/ounce higher than the closing price of the trading session. Converted according to the current exchange rate at Vietcombank, the world gold price is about 73.443 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 2.037 million VND/tael higher than the international gold price.

Gold price fluctuation chart in the last 24 hours

The world spot gold price stood at 2,425.14 USD/ounce compared to the same time yesterday, up more than 12 USD/ounce. The yellow precious metal increased in the context of the market expecting the US Federal Reserve (FED) to loosen monetary policy when the consumer price index report for June is released.

In addition, gold prices are still supported to increase, and are even believed to be able to reach many new records due to concerns of instability before and after elections in many countries around the world.

Gold Price Forecast

FxPro senior market analyst Alex Kuptsikevich said that the fact that gold is still holding the $2,400/ounce mark is a good sign. He commented that the signals showing the possibility of the Fed cutting interest rates are becoming clearer.

Carsten Fritsch, commodities analyst at Commerzbank, also expects gold to hit an all-time high next week. A September rate cut is all but certain.