Gold price update at the closing session on July 17: Domestic gold prices simultaneously decrease

SJC gold bar price

As of 7:05 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 143-146.6 million VND/tael (buying - selling), down 1.7 million VND/tael on the buying side and down 1.6 million VND/tael on the selling side. The difference between buying and selling prices is at 3.6 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 143.6-146.6 million VND/tael (buying - selling), down 1.6 million 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 was listed by Bao Tin Minh Chau at 142.3-146.3 million VND/tael (buying - selling), down 1.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 4 million VND/tael.

9999 gold ring price

As of 5:50 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 142-145.6 million VND/tael (buying - selling), down 1.5 million VND/tael on the buying side and down 1.4 million VND/tael on the selling side. The difference between buying and selling prices is at 3.6 million VND/tael.

DOJI listed gold ring prices at the threshold of 142.5-146.5 million VND/tael (buying - selling), down 700,000 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 the price of gold rings at 142.3-146.3 million VND/tael (buying - selling), down 1.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 4 million VND/tael.

World gold price

At 5:30 p.m., the world gold price was listed at around 3,991.1 USD/ounce, down 39.1 USD/ounce.

Gold price forecast

Gold prices are facing great adjustment pressure after losing the psychological milestone of 4,000 USD/ounce. The sell-off appeared in the context of rising US government bond yields, stronger USD and economic data showing that the US economy still maintains resilience.

Although the US consumer price index and producer price index both cooled down in June, the market is not entirely convinced that inflationary pressure has been controlled. Retail sales increased by 0.2%, while the number of initial jobless claims fell to 208,000. These data show that consumer activity and the labor market have not weakened significantly.

In that context, investors continue to lean towards the possibility that the US Federal Reserve (Fed) will keep interest rates unchanged at the meeting at the end of July. However, expectations that the Fed may continue to maintain tight monetary policy, even raise interest rates in September, are increasing. 10-year term bond yields exceeded 4.57%, while the USD strength index returned around 100.7 points, making gold less attractive.

Tensions in the Strait of Hormuz cannot create sustainable support for precious metals. Transportation through this region is still under military pressure, while oil prices remain high. Rising energy prices raise the risk of inflation returning, thereby limiting the possibility of the Fed shifting to loose monetary policy.

Technically, the short-term trend of gold is leaning towards the negative side. The area of 3,969 USD/ounce is the nearest support. If it continues to break through this mark, gold prices may test the area of 3,930-3,950 USD/ounce, and further, 3,886 USD/ounce. In the opposite direction, gold needs to quickly regain the 4,000 USD/ounce mark, then surpass the 4.020-4.040 USD/ounce area to reduce selling pressure.

In the long term, Bank of America (BofA) still maintains a positive view on gold. This bank believes that the adjustment process may last in August and September, even bringing prices back to the 3,700-3,600 USD/ounce range. However, BofA sees deep declines as opportunities for partial accumulation and still forecasts that gold prices are likely to reach 6,000 USD/ounce in 2027.

The above forecasts are for reference only, not investment recommendations. Investors need to consider their financial capacity, risk tolerance and closely monitor the developments of monetary policy before making a decision.