Gold price update at the closing session on July 18: SJC gold bars, plain gold rings simultaneously increase

SJC gold bar price

As of 6:30 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 144-147.5 million VND/tael (buying - selling), an increase of 1 million VND/tael on the buying side and an increase of 900,000 VND/tael on the selling side. The difference between buying and selling prices is at 3.5 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 144.5-147.5 million VND/tael (buying - selling), an increase of 900,000 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 was listed by Bao Tin Minh Chau at the threshold of 142.6-146.6 million VND/tael (buying - selling), an increase of 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.

9999 gold ring price

As of 6:30 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 143-146.5 million VND/tael (buying - selling), an increase of 1 million VND/tael on the buying side and an increase of 900,000 VND/tael on the selling side. The difference between buying and selling prices is at 3.5 million VND/tael.

DOJI listed the price of gold rings at 143.3-147.3 million VND/tael (buying - selling), an increase of 700,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 142.6-146.6 million VND/tael (buying - selling), an increase of 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.

World gold price

At 6:30 p.m., the world gold price was listed at around 4,017.3 USD/ounce, an increase of 26.2 USD/ounce.

Gold price forecast

World gold prices closed a volatile trading week when they repeatedly broke through the psychological level of 4,000 USD/ounce, before recovering at the end of the week. Despite keeping the important support zone, the precious metal still recorded another week of decline, showing that cautious sentiment is overwhelming the market.

At the beginning of the week, spot gold prices fluctuated around 4,108 USD/ounce and at times increased above 4,122 USD/ounce. However, the upward momentum quickly weakened as the USD maintained its strength, while rising oil prices increased concerns about energy inflation pressure.

In the middle of the week, gold received support after the US Consumer Price Index (CPI) in June increased by 3.5%, lower than forecast. This data partly eased concerns that the US Federal Reserve (Fed) may continue to tighten monetary policy. Gold prices then recovered to over 4,050 USD/ounce but did not maintain the gains.

Selling pressure increased in the last sessions of the week as US retail sales exceeded forecasts, reflecting the resilience of the economy. This development strengthens the possibility that the Fed will maintain a higher interest rate level for longer. Gold prices at one point fell to 3,959.37 USD/ounce, before bottom-fishing buying helped the market return above the 4,000 USD/ounce mark.

A survey by a precious metals website with 14 Wall Street experts shows that forecasting sentiment is strongly leaning towards a downward trend. 11 experts, equivalent to 79%, predict that gold prices may continue to go down next week. Only one person predicts a price increase, while two people think the market will move sideways.

Individual investors maintain a more balanced view. In 169 votes, 40% expect gold prices to increase, 36% forecast prices to decrease and 24% predict the market will accumulate.

Next week, the economic data release schedule is relatively sparse, making gold more sensitive to geopolitical information, oil price fluctuations and the USD. The market will pay attention to the European Central Bank (ECB) interest rate decision, the number of unemployment claims in the US, the preliminary Purchasing Managers' Index (PMI) for July and new home sales.

In the short term, the 4,000 USD/ounce zone continues to play an important supporting role. However, if it cannot rise back to the 4,050 USD/ounce zone, the recovery prospect of gold prices still faces many obstacles.