Gold price today February 16, 2025: World and domestic gold prices fell sharply due to the price being too high

Domestic gold price today February 16, 2025

At the time of survey at 4:30 a.m. on February 16, 2025, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 87.3 million VND/tael for buying and 90.3 million VND/tael for selling. A sharp decrease of 1 million VND/tael in both buying and selling directions compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 88.8-89.8 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 100 thousand VND/tael for buying and decreased by 400 thousand VND/tael for selling compared to yesterday.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 87.3-90.3 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 87.5-90.3 million VND/tael (buy - sell), down 800 thousand VND/tael in buying - down 1 million VND/tael in selling compared to yesterday.

The latest gold price list today, February 16, 2025 is as follows:

For about a week now, the gold market has no longer seen a shortage of supply, people can freely buy gold rings, even SJC gold bars. However, the market no longer has scenes of people lining up to buy gold.

Gold expert Tran Duy Phuong analyzed that for about a week now, the demand for gold has been low, and the psychological factor of fearing that investing at this time will be risky has caused many people to not buy but sell to take profits. Accordingly, gold traders have not adjusted gold prices to increase sharply according to world prices. Therefore, the difference between domestic and world gold is almost equal.

Gold companies have widened the difference between the buying and selling price of SJC gold bars to VND3 million/tael. Meanwhile, for 9999 gold rings, the difference is about VND2.8 million/tael.

This difference is 2-3 times higher than normal times and puts the risk on the buyer.

According to Mr. Phuong, supply is greater than demand, the price is too high so not many people invest. However, Mr. Phuong believes that domestic gold prices will hardly decrease sharply, and will likely increase again.

World gold price today February 16, 2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:00 a.m. today, Vietnam time, was 2,882.85 USD/ounce. Today's gold price decreased by 40.44 USD compared to yesterday. Converted according to the USD exchange rate, on the free market (25,750 VND/USD), the world gold price is about 90.46 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 160,000 VND/tael lower than the international gold price.

The world gold price suddenly dropped more than $40 per ounce, bringing the price below $2,900 per ounce. However, the gold price this week still ended with a significant increase of more than 0.8%. The reason is that investors took profits before the end of the week. Economic data from the US was quite mixed, the USD fell to its lowest level in a year and US Treasury bond yields also fell sharply.

According to a report from JS Global, the world gold price is on track to increase for the 7th consecutive week due to concerns about the global trade war, especially after US President Donald Trump pushed for tariff measures. However, profit-taking at the end of the week caused the gold price to decrease slightly.

Adnan Agar, director of Interactive Commodities, said that although gold prices have fallen slightly, the precious metal is experiencing minor corrections around $50-60, which could signal a further rally in the future.

World gold prices rose sharply last week partly due to increased trade tensions after US President Donald Trump signed an executive order targeting foreign trade policies. This plan applies tariffs to countries that tax goods imported from the US, raising concerns about a prolonged trade confrontation.

While Trump did not immediately impose tariffs, the move added uncertainty to global markets. That uncertainty has supported gold prices, as investors worry about retaliation from major trading partners and the broader economic impact of potential new tariffs.

Recent reports on US inflation have shown stronger-than-expected price increases, raising concerns that inflation is persistent. The consumer price index (CPI) rose 0.5% in January, beating expectations, while producer inflation, as measured by the Producer Price Index (PPI), rose 3.5% year-on-year. Both figures suggest inflationary pressures that could make the Fed more cautious about cutting interest rates.

According to the World Gold Council (WGC), central banks bought more than 1,000 tons of gold in 2024, the third consecutive year they did so. In particular, after Mr. Trump's election victory, central banks' gold purchases increased by more than 54% compared to the same period last year, reaching 333 tons.

Gold Price Forecast

Kevin Grady, president of Phoenix Futures and Options, said the strong demand for physical gold in the US to avoid tariffs is continuing to distort the physical gold market.

This expert is optimistic about gold prices in the short and long term. He believes that the world gold price could reach the 3,000 USD/ounce mark.

With the US Bank Holiday next Monday (Presidents Day), the market is likely to be less volatile. However, if gold closes at current levels, there could be another correction of about $30-40 before prices rebound. The market will be watching these movements closely to predict the next direction of gold prices.

Although gold prices are correcting lower and hitting a two-day low of $2,878 an ounce, the uptrend remains intact. The Relative Strength Index (RSI) has exited overbought territory after being there for much of February, suggesting that the decline could be halted if buyers defend the February 12 low of $2,864 an ounce.

The psychological level of $2,850/ounce is the first important support. If this level is broken, gold prices could continue to fall to $2,790/ounce (October 31 high) and then $2,730/ounce (January 27 low).

If gold breaks above $2,900 an ounce, the next resistance will be the record high of $2,942 an ounce. A break above this level could see gold heading towards $2,950 an ounce and $3,000 an ounce.

The overall uptrend in gold prices remains intact, with trade war risks and inflation concerns continuing to drive demand for safe-haven assets. While weak retail sales have somewhat eased concerns about aggressive Fed tightening, upcoming inflation data (PCE Index) will be the key to determining where gold prices go next.