Gold price update at the close of the session on July 11: Sideways, experts forecast short-term prospects

SJC gold bar price

As of 8:00 PM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 146.3-149.9 million VND/tael (buying - selling), down 300,000 VND/tael on the buying side and unchanged on the selling side. The difference between buying and selling prices is at the threshold of 3.6 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 146.9-149.9 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar prices are listed by Bao Tin Minh Chau at the threshold of 145-149 million VND/tael (buying - selling), unchanged. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 8:00 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 145.3-148.8 million VND/tael (buying - selling), down 200,000 VND/tael on the buying side and unchanged on the selling side. The difference between buying and selling prices is at 3.5 million VND/tael.

DOJI listed gold ring prices at 145-149 million VND/tael (buying - selling), unchanged. The difference between buying and selling prices is at 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at 145-149 million VND/tael (buying - selling), unchanged. The difference between buying and selling prices is at 4 million VND/tael.

World gold price

At 8:00 PM, world gold prices were listed around the threshold of 4,110.4 USD/ounce, an increase of 8.5 USD compared to the previous day.

Gold price forecast

Short-term gold price prospects are becoming unpredictable as supporting and pressing factors are constantly intertwined. The precious metal still receives support from geopolitical tensions and safe-haven demand, but is also under pressure from the USD, US bond yields and the possibility of the Fed continuing to maintain a cautious monetary policy.

In the past week, world gold prices at one point exceeded 4,200 USD/ounce due to concerns about the US-Iran conflict and the risk of disruption of transportation through the Strait of Hormuz. However, prices quickly turned around when the market paid attention to inflationary pressure and the content of the June meeting minutes of the US Federal Open Market Committee.

The minutes show that many policymakers are still particularly concerned about the risk of prolonged inflation. Some members even left open the possibility of continuing to raise interest rates if prices are not controlled. This tough stance has supported the USD and bond yields, causing gold to fall to nearly 4,020 USD/ounce at times.

The latest survey results also reflect a clear differentiation. Among the 13 participating experts, 5 predicted gold prices would increase, 3 predicted prices would decrease, and 5 thought the market would move sideways. For individual investors, 42% expected prices to increase, while 38% predicted a decrease, and 20% predicted prices would continue to accumulate.

A group of experts said that gold prices could remain above the 4,100 USD/ounce mark if geopolitical risks continue to increase and the USD weakens. Conversely, cautious views believe that the precious metal is unlikely to break through strongly when the Fed has not signaled clear policy easing.

In the long term, gold buying activities by central banks continue to create a significant supporting foundation. The World Gold Council said that central banks net bought 41 tons of gold in May. Up to 45% of surveyed central banks expect to increase reserves in the next 12 months, a record high.

The fact that many countries take advantage of buying when prices adjust shows that gold is still considered a strategic asset to hedge against currency fluctuations, geopolitical risks and fragmentation of the global financial system.