World gold plummets, expert’s unexpected prediction about gold price in 2024

Gold prices continued to decline due to selling pressure, following the US inflation report on Tuesday. Currently, gold price is trading around 1,993 USD/ounce.

Gold price today February 15: Despite the plunge in gold, there are still experts who are optimistic about gold prices

Gold prices continued to decline due to selling pressure, following the US inflation report on Tuesday. Data showing that US inflation has not yet cooled has ended hopes that the Federal Reserve would cut interest rates this spring. Gold price at 7am this morning (Vietnam time) is at 1,993 USD/ounce, up 0.07% compared to the same survey time yesterday morning.

Evolution of world gold prices. Source: Tradingeconomics

After the inflation report, traders reduced their forecast for the number of 25 basis point rate cuts in 2024 from four to three and suggested that the US Central Bank would likely wait until June before make a decision to cut interest rates.

The next US inflation report comes with Friday’s producer price index report for January, which is forecast to have risen 0.1% from December, compared with a 0.1% monthly decline. in the December PPI report.

However, Chantelle Schieven, head of research at Capitalight Research, said that despite optimism, the US is still not immune to recession and the longer the Federal Reserve maintains its grip on the economy, the worse the relationship will be. the greater the threat. Schieven said it was only a matter of time before the Federal Reserve abandoned its inflation target and cut interest rates to support the economy. This change in monetary policy will spur new investment demand for gold, pushing prices significantly higher, she added. As momentum increases, Schieven predicts gold will peak at $2,400 an ounce this year with an average price of $2,170 an ounce. Schieven is the most optimistic gold analyst in the London Bullion Market’s 2024 price outlook survey.

Key outside markets today saw the US dollar index slightly weaker after hitting a three-month high on Tuesday. The yield on the benchmark 10-year US Treasury note is currently at 4.291%.

Today’s US data includes the weekly MBA mortgage applications survey and weekly DOE liquid energy stocks report.

Gold price today February 15: SJC gold is still close to the threshold of 79 million VND/tael

This morning, gold prices for brands were still anchored at nearly 79 million VND/tael. Currently, gold bar prices for brands are listed specifically as follows:

SJC gold price in Hanoi and Da Nang area is listed at 76.7 million VND/tael purchased and 78.92 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang areas but selling is 20,000 VND lower.

DOJI listed the price of SJC gold bars at 76.55 million VND/tael purchased and 78.85 million VND/tael sold.

SJC gold bar price was listed by Phu Quy at 76.65 million VND/tael purchased and 78.9 million VND/tael sold.

Meanwhile, SJC gold bars are being bought by PNJ brand at 76.7 million VND/tael and sold at 78.9 million VND/tael.

The buying price and selling price of SJC gold of Bao Tin Minh Chau brand are 76.75 million VND/tael and 78.85 million VND/tael, respectively.

Gold price today February 15: World gold plummets, expert's unexpected prediction about gold price in 2024 - Photo 2.

Domestic SJC gold price developments. Source:

Unit: x1000 VND/tael

Area System Buy into Sold out
City. Ho Chi Minh SJC 76.700 78.900
PNJ 72.500 75.200
Mi Hong 76.300 77.300
Hanoi SJC 76.700 78.920
PNJ 72.500 75.200
Bao Tin Minh Chau 76.550 78.650
wealth 74.050 76.500
Danang SJC 76.700 78.920
PNJ 72.500 75.200
Nha Trang SJC 76.700 78.920
Ca Mau SJC 76.700 78.920
Hue SJC 76.670 78.920
Bien Hoa SJC 76.700 78.900
West SJC 76.700 78.900
Quang Ngai SJC 76.700 78.900
Bac Lieu SJC 76.700 78.920
Ha Long SJC 76.680 78.920
West PNJ 72.100 75.100
Ben tre Mi Hong 76.300 77.300
Tien Giang Mi Hong 76.300 77.300
Updated at 07:50:22 February 15, 2024

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