Gold price update at the close of the session on July 20: Domestic decline, world struggling

SJC gold bar price

As of 5:00 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 142.5-146 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.5 million VND/tael.

SJC gold bar price was listed by DOJI at 143-146 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 142.4-146.4 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 4 million VND/tael.

9999 gold ring price

As of 5:00 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 141.5-145 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.5 million VND/tael.

DOJI listed gold ring prices at 142-146 million VND/tael (buying - selling), down 1.3 million 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 142.4-146.4 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 4 million VND/tael.

World gold price

At 5:10 PM, world gold prices were listed around the threshold of 4,019.1 USD/ounce, up 1.8 USD/ounce.

Gold price forecast

Gold prices are entering a period of strong struggle as they are simultaneously affected by geopolitical tensions, rising oil prices and the monetary policy outlook of the US Federal Reserve (Fed).

In the short term, conflict in the Middle East continues to create support for precious metals. Concerns about maritime safety in the Strait of Hormuz and the risk of energy supply disruptions may boost demand for safe-haven assets. This is one of the reasons why gold prices are maintained around the 4,000 USD/ounce range, despite repeated selling pressure in recent sessions.

However, rising oil prices also increase the risk of inflation returning. If energy costs remain high, the Fed may continue to keep interest rates high for longer than expected. The market is even considering the possibility that the US central bank will implement at least one more interest rate hike before the end of the year if inflation is not controlled.

This scenario is not favorable for gold because precious metals do not yield yields. When interest rates and the USD remain high, the opportunity cost of holding gold will increase, while gold becomes more expensive for buyers using other currencies.

However, speculative capital has not withdrawn from the market. Data from the futures market shows that funds continue to increase net gold buying positions, reflecting expectations that prices can still be supported in the face of economic and geopolitical instability. The 4,000 USD/ounce mark is currently considered an important psychological zone. The fact that prices quickly recover every time they fall below this area shows that bottom-fishing buying power is still present.

In the opposite direction, physical gold demand in some major markets in Asia is still quite weak. Buyers tend to wait for deeper price adjustments, while jewelry demand has not clearly recovered. This may limit the possibility of gold prices increasing sharply in the short term.

In the coming sessions, gold prices are likely to continue to fluctuate widely around the 4,000 USD/ounce range. Oil price movements, USD, Fed officials' statements and new information from the Middle East will be factors determining the trend. Investors need to be cautious in the face of strong fluctuations and the buying-selling price difference in the country is at a high level.