Domestic and world gold prices both reversed and increased sharply yesterday and today. Meanwhile, investors are still holding their breath waiting for the FOMC minutes to be released on Wednesday afternoon, along with comments from Fed officials, to shed light on the timing of monetary easing.
Gold price today December 21: World gold increased when China lowered mortgage interest rates
World gold rose to about $2,030 an ounce on Tuesday, amid falling Treasury yields and a weakening dollar. At 7:00 a.m. this morning, February 21, the world gold price was trading at 2,023.9 USD/ounce, up 0.3% on the day.
Evolution of world gold prices. Source: Tradingeconomics
Gold prices increased partly because China reduced the base interest rate for mortgages in an effort to restart the struggling housing/real estate sector. This boosts the demand for gold purchasing in the world’s second largest economy.
Investors are holding their breath as the FOMC minutes are due to be released Wednesday afternoon, which, along with comments from Fed officials, could shed light on the timing of monetary easing.
Last week, data showed US consumer prices and producer prices rose more than expected in January, while retail sales unexpectedly fell. Traders have now pushed back expectations for the Federal Reserve’s first rate cut to June from March.
Banks around the world also saw less than 100 basis points of total easing this year, down significantly from a cut of about 150 basis points in early 2023.
Meanwhile, rising tensions in the Middle East have fueled demand for safe-haven assets after Yemen’s Houthi rebel group launched more attacks on Red Sea shipping lanes.
Technically, gold futures have the overall near-term technical advantage, according to Jim Wyckoff, a financial analyst with FWN news agency. Price is in a 2.5-month downtrend on the daily bar chart. The bulls’ next upside price objective is to mount solid resistance at the February high of $2,083.20. While the Bears are pushing futures prices below the $1,950.00 technical support level. The first level of resistance is seen at $2,040.00 and then at $2,050.00. First support is seen at $2,023.90 and then at last Friday’s low at $2,006.60.
Gold price today February 21: Domestic gold reversed to increase
After strange fluctuations on the day of the God of Wealth, the domestic gold price reversed and increased sharply, exceeding the threshold of 78 million VND/tael. SJC gold price in Hanoi and Da Nang area is listed at 75.9 million VND/tael purchased and 78.22 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling is 20,000 VND lower. Thus, compared to yesterday morning, the price of SJC gold bars was adjusted to increase by 900,000 VND on the buying side and 200,000 VND on the selling side.
SJC gold price at Doji Group on Hanoi market, buying – selling around 75.85 – 78.15 million VND/tael, increased sharply by 950,000 VND/tael on the buying side and up 250,000 VND/tael on the selling side compared to the closing session. before. The difference between buying and selling continued to decrease from 3 million VND to 2.3 million VND/tael.
SJC gold price at Bao Tin Minh Chau Company stood at 76.25 – 78.15 million VND/tael, a sharp increase of 1 million VND/tael for buying and an increase of 150,000 VND/tael for selling compared to the previous closing session. The difference between buying and selling decreased from 2.75 million VND to 1.9 million VND/tael.
Meanwhile, SJC gold price in Phu Quy was listed at 76.2 million VND/tael purchased and 78.2 million VND/tael sold, an increase of 1 million VND in buying price and 200,000 VND in selling price.
PNJ is buying at 76 million VND/tael and selling at 78.2 million VND/tael, an increase of 1 million VND in buying price and 250,000 VND in selling price compared to yesterday morning.
Domestic SJC gold price developments. Source: giavang.org
Unit: x1000 VND/tael
| Area | System | Buy into | Sold out |
|---|---|---|---|
| City. Ho Chi Minh | SJC | 75.900 | 78.200 |
| PNJ | 76.000 | 78.200 | |
| Mi Hong | 76.400 | 77.400 | |
| Hanoi | SJC | 75.900 | 78.220 |
| PNJ | 76.000 | 78.200 | |
| Bao Tin Minh Chau | 76.250 | 78.150 | |
| wealth | 76.200 | 78.200 | |
| Danang | SJC | 75.900 | 78.220 |
| PNJ | 76.000 | 78.200 | |
| Nha Trang | SJC | 75.900 | 78.220 |
| Ca Mau | SJC | 75.900 | 78.220 |
| Hue | SJC | 75.870 | 78.220 |
| Bien Hoa | SJC | 75.900 | 78.200 |
| West | SJC | 75.900 | 78.200 |
| Quang Ngai | SJC | 75.900 | 78.200 |
| Bac Lieu | SJC | 75.900 | 78.220 |
| Ha Long | SJC | 75.880 | 78.220 |
| South East | PNJ | 76.000 | 78.200 |
| Ben tre | Mi Hong | 76.400 | 77.400 |
| Tien Giang | Mi Hong | 76.400 | 77.400 |
| Updated at 07:00:22 February 21, 2024 |
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