Gold price update on the morning of February 16: Gold rings and gold bars plummet

Updated SJC gold price

As of 6:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at 87.3-90.3 million VND/tael (buy - sell), down 1 million VND/tael for both buying and selling.

The difference between the buying and selling prices of SJC gold at Saigon Jewelry Company SJC is at 3 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 87.3-90.3 million VND/tael (buy - sell), down 1 million VND/tael for both buying and selling. The difference between the buying and selling prices of SJC gold was listed by Bao Tin Minh Chau at 3 million VND/tael.

DOJI Group listed the price of SJC gold bars at 87.3-90.3 million VND/tael (buy - sell), down 1 million VND/tael for both buying and selling. The difference between the buying and selling prices of SJC gold was listed by DOJI at 3 million VND/tael.

9999 round gold ring price

As of 6:00 a.m. today, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 88.3-90.3 million VND/tael (buy - sell); down 1 million VND/tael for buying and down 800,000 VND/tael for selling. The difference between buying and selling is listed at 2 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 88.45-90.3 million VND/tael (buy - sell); down 850,000 VND/tael for buying and down 1 million VND/tael for selling. The difference between buying and selling is 1.85 million VND/tael.

Potential risks

In recent days, the world gold price has fluctuated very strongly, so gold companies have extended the gap between the buying and selling prices of SJC gold bars to 3 million VND/tael. While for 9999 gold rings, the difference is about 2 million VND/tael. This difference is 2-3 times higher than the normal time and pushes the risk to buyers.

When buying gold, buyers must pay according to the selling price of the gold shop (higher than their buying price). If they immediately resell, they will have to pay a loss equal to the difference. For example, if you buy SJC gold bars at 90.3 million VND/tael and sell them immediately, you will only earn 87.3 million VND/tael, and lose 3 million VND/tael immediately.

If the gold price increases but the difference is still large, buyers need the gold price to increase more strongly than the difference to make a profit. For example, if the gold price increases by only 2 million VND/tael but the difference remains at 3 million VND/tael, buyers will still not be able to make a profit.

World gold price

As of 6:00 a.m. on February 16, the world gold price listed on Kitco was at 2,882.4 USD/ounce.

Gold price forecast

World gold prices fell sharply in the last trading session of the week despite the decline of the USD. Recorded at 6:00 a.m. on February 16, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 106.580 points (down 0.6%).

The latest weekly gold survey from Kitco News shows that industry experts are still bullish but more divided than last week. Meanwhile, retail traders are also cautious in expecting gold prices to continue to rise.

Of the 14 experts participating in the Kitco News Gold Survey, 10 people (equivalent to 71%) predict that gold prices will continue to increase next week. Two (14%) see the precious metal falling. The remaining two predict gold prices will remain flat.

Meanwhile, Kitco's online poll attracted 201 votes. Small investors are also less optimistic but still maintain a positive view on the outlook for gold. 131 retail traders (65%) expect gold prices to rise next week. 48 people (24%) predict prices will fall and the remaining 22 people (11%) see gold moving sideways in the short term.

After a volatile week with a series of economic data and news strongly impacting the market, next week is expected to be less stressful when the US market closes on Monday on the occasion of President's Day.

Economic data that could impact gold prices this week include: Empire State Production Survey - an economic index released monthly by the US Federal Reserve (FED) branch in New York, to assess the performance of the manufacturing sector in New York state on Tuesday.

Minutes of the Fed's most recent monetary policy meeting and data on Construction Start-ups and US Housing Construction Permits on Wednesday; US weekly jobless claims report and Philadelphia Federal Reserve Production Survey on Thursday morning. Finally, the S&P Flash PMI and the US home sales report on Friday.