Gold price update closing session 12. 7: Heavy losses after a week of spending

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at the threshold of 146.9-149.9 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (July 5), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 1.5 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 146.9-149.9 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (July 5), the price of SJC gold bars at DOJI decreased by 1.5 million VND/tael in both buying and selling directions.

If buying SJC gold bars on July 5th and selling them on today's session (July 12th), buyers at Saigon Jewelry Company SJC and DOJI will both lose 4.5 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 145-149 million VND/tael (buying - selling), down 3.4 million VND/tael on the buying side and down 2.4 million VND/tael on the selling side. The buying - selling difference is at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 145.3-148.8 million VND/tael (buying - selling), down 2.7 million VND/tael on the buying side and down 2.2 million VND/tael on the selling side. The buying - selling difference is at 3.5 million VND/tael.

If buying gold rings on July 5th and selling them on today's session (July 12th), buyers at DOJI will lose 6.4 million VND/tael, while buyers at Phu Quy will lose 5.7 million VND/tael.

World gold price

Closing the week's trading session, world gold prices were listed at 4,110.4 USD/ounce, down 54.7 USD compared to a week ago.

Gold price forecast

The outlook for gold prices next week is assessed to be volatile as the market is affected by US inflation data, the USD, bond yields and policy signals from the US Federal Reserve (Fed).

The focus of attention will be the June consumer price index (CPI) report. If inflation continues to cool down, expectations that the Fed will maintain a more cautious monetary policy may increase, thereby helping gold reduce pressure from the USD and bond yields. Conversely, higher CPI than forecast will raise concerns that interest rates will continue to linger at high levels, putting precious metals under adjustment pressure.

Investors are also following the semi-annual hearing of Fed Chairman Kevin Warsh before the US Congress. Statements related to price control targets, growth prospects and interest rate orientation may create strong fluctuations. In addition, production price indexes, retail sales, housing data and consumer confidence will contribute to shaping expectations for the health of the US economy.

Although short-term prospects are still unpredictable, gold still receives support from the demand of central banks. The World Gold Council said that 45% of surveyed central banks expect to increase gold reserves in the next 12 months. In May alone, the region net bought 41 tons of gold.

Continuous accumulation activity shows that gold is still considered a strategic asset in the face of geopolitical risks, currency volatility and fragmentation of the global financial system. Therefore, short-term corrections may continue to attract long-term buying, although the direction of gold prices next week still depends heavily on US economic data and messages from the Fed.