Gold price update at the close of the session on July 21st: Turnaround, surge

SJC gold bar price

As of 5:45 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 142.5-146.4 million VND/tael (buying - selling), keeping the buying direction unchanged and increasing by 400,000 VND/tael on the selling side. The difference between buying and selling prices is at 3.9 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 143.4-146.4 million VND/tael (buying - selling), an increase of 400,000 VND/tael in both buying and selling 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 143-146.7 million VND/tael (buying - selling), an increase of 600,000 VND/tael on the buying side and an increase of 300,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.7 million VND/tael.

9999 gold ring price

As of 5:45 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 142-145.5 million VND/tael (buying - selling), an increase of 500,000 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 the threshold of 143.2-146.2 million VND/tael (buying - selling), an increase of 1.2 million VND/tael on the buying side and an increase of 200,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 143-146.7 million VND/tael (buying - selling), an increase of 600,000 VND/tael on the buying side and an increase of 300,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.7 million VND/tael.

World gold price

At 6:55 PM, world gold prices were listed around the threshold of 4,055.5 USD/ounce, up 36.4 USD/ounce.

Gold price forecast

World gold prices are recovering after a strong correction, but the short-term trend is still not really clear. The market is currently focusing on monitoring the monetary policy meeting of the US Federal Reserve (Fed), expected to take place on July 28-29.

According to developments in the interest rate market, the possibility of the Fed keeping interest rates unchanged at the upcoming meeting is still highly appreciated. However, investors have not ruled out the scenario that the US central bank will continue to tighten policy before 2026 ends, especially when inflationary pressure is likely to return.

Oil prices are one of the notable variables. Oil maintaining high levels can increase transportation, production and logistics costs, thereby putting pressure on the consumer price level. This development puts the Fed in a dilemma of balancing the goal of controlling inflation and maintaining the growth momentum of the economy.

StoneX believes that the Fed's monetary policy and US government bond yields are still the strongest factors dominating gold prices. Although tensions in the Middle East have not cooled down, geopolitical factors have not yet created enough buying power to help precious metals form a sustainable upward trend.

Notably, the yield of 10-year US government bonds increased from below 4% at the end of February to about 4.6%. High yields increase the opportunity cost of holding gold - an asset that does not yield interest, thereby limiting the breakthrough potential of the precious metal.

Physical gold buying activity in some Asian markets has improved, but is not strong enough to create an upward momentum. Demand in the Middle East remains quite sluggish, while institutional investors continue to maintain a cautious state.

Capital flow data also shows that purchasing power has not really returned. As of July 14, the net buying positions of money management funds on the COMEX exchange are still about 23% lower than the 12-month average. The total amount of gold held by ETF funds only increased net by about 15 tons from the beginning of the year to July 10.

In the short term, gold prices may continue to fluctuate strongly according to the diễn biến of the USD, US bond yields, oil prices and signals from the Fed. StoneX believes that the risk of correction is still slightly higher than the possibility of a prolonged rally, although the price range around 4,000 USD/ounce is showing certain support.