Gold price update at the close of the session on July 19: Buyers suffer heavy losses, unfavorable prospects

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at the threshold of 144.5-147.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (July 12), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 2.4 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 144.5-147.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (July 12), SJC gold bar price at DOJI decreased by 2.4 million VND/tael in both buying and selling directions.

If buying SJC gold bars in the session of July 12 and selling them in today's session (July 19), buyers at Saigon SJC and DOJI Jewelry Company both lost 5.4 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 143.3-147.3 million VND/tael (buying - selling), down 1.7 million VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 143-146.5 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3.5 million VND/tael.

If buying gold rings in the session on July 12 and selling them in today's session (July 19), buyers at DOJI will lose 5.7 million VND/tael, while buyers at Phu Quy will lose 5.8 million VND/tael.

World gold price

Closing the weekly trading session, world gold prices were listed at 4,017.3 USD/ounce, down sharply by 102.1 USD compared to a week ago.

Gold price forecast

Gold prices entered a new trading week with less positive prospects, after falling $102.1/ounce last week and repeatedly testing the 4,000 USD/ounce psychological support zone.

The results of a survey of 14 Wall Street experts by a precious metals website show that forecast sentiment is strongly leaning towards a downward trend. 11 experts, equivalent to 79%, predict that gold prices may continue to go down; two people, accounting for 14%, predict that the market will move sideways. Only one expert, equivalent to 7%, expects precious metal prices to increase again.

Meanwhile, individual investors still maintain a cautious but not too pessimistic view. In 169 votes, 40% predict gold prices will increase, 36% believe prices will decrease and 24% predict the market will accumulate. The difference between the two groups shows that the short-term trend of gold is still difficult to predict.

Next week, the economic data release schedule is relatively sparse. Therefore, gold prices may react more strongly to geopolitical developments, fluctuations in oil prices, the USD and US bond yields.

The most notable event took place on Thursday, when the European Central Bank announced its monetary policy decision. The market is currently leaning towards the possibility of interest rates remaining unchanged. However, ECB President Christine Lagarde's statements on inflation and growth could affect the euro, thereby indirectly affecting the strength of the USD and gold prices.

On the same day, the US will announce the number of initial jobless claims. By Friday, the market will receive the preliminary PMI index for July and new home sales data for June. Positive data may strengthen expectations that the Fed will continue to maintain high interest rates, putting pressure on gold. Conversely, weakening signs of the US economy may support the recovery of precious metals.

The 4,000 USD/ounce zone continues to be considered an important milestone. Whether gold prices hold or break through this zone may determine the next trend.

For the domestic market, buyers need to pay special attention to the current buying - selling difference of 3-4 million VND/tael. This gap causes investors to bear losses immediately after completing the transaction and increases risks for short-term buying and selling strategies.