Gold price update at the closing session on July 16: Gold rings and gold bars continue to decrease

SJC gold bar price

As of 5:50 PM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 144.7-148.2 million VND/tael (buying - selling), down 300,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

SJC gold bar prices were listed by DOJI at the threshold of 145.2-148.2 million VND/tael (buying - selling), down 300,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 143.5-147.5 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 5:50 PM, Phu Quy Jewelry Group listed the price of gold rings at the threshold of 143.5-147 million VND/tael (buying - selling), down 200,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

DOJI listed gold ring prices at the threshold of 143.2-147.2 million VND/tael (buying - selling), down 300,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 143.5-147.5 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

At 5:30 PM, world gold prices were listed around the threshold of 4,030.2 USD/ounce, almost unchanged.

Gold price forecast

World gold prices are entering a period of strong fluctuations around the 4,000 USD/ounce threshold as supporting and pressure factors appear simultaneously. Cooling US inflation data helps the USD and bond yields decrease, but oil price movements and interest rate prospects still make investors cautious.

According to Mr. Ole Hansen - Head of Commodity Strategy at Saxo Bank, the fact that gold maintains its current price range shows that the market still has a relatively solid foundation. However, the precious metal has not formed a new upward trend because investors are waiting for more signals about economic growth, inflation and US monetary policy.

Energy prices are assessed as an important variable in the coming time. Oil prices may push inflationary pressure back, thereby prompting the Fed to maintain higher interest rates for longer. When bond yields and the USD are high, gold's attractiveness may be limited because the precious metal does not yield interest.

In the opposite direction, prolonged high energy prices may reduce purchasing power, increase production costs and narrow business profits. If economic activity weakens significantly, the need to seek defensive assets may increase, thereby creating more support for gold prices.

Saxo Bank believes that gold may continue to fluctuate in the 3,950-4,200 USD/ounce range. Exceeding the 4,200 USD/ounce threshold will open up the possibility that the market will shift its attention to growth risks and the long-term impact of energy costs. Conversely, if it falls below 3,950 USD/ounce, gold prices may face additional pressure from bond yields and the USD.

Technically, the 4,091-4,104 USD/ounce zone is a noteworthy resistance. If it sustainably surpasses this area, gold prices may head towards 4,138 USD, followed by the 4,200 USD/ounce zone. In case of losing the 4,000 USD mark, the next support zones are being monitored around 3,983 USD, 3,962 USD and 3,942 USD/ounce.

In the long term, J.P. Morgan still maintains a positive forecast, saying that gold prices may reach 6,000 USD/ounce by the end of the year. This outlook is mainly based on the gold buying demand of central banks and the trend of diversifying reserves. However, in the short term, gold prices are likely to continue to fluctuate strongly according to oil prices, USD, bond yields and Fed interest rate expectations.