Gold price update at the close of the session on July 23: Gold rings decreased by up to 6.5 million VND/tael

SJC gold bar price

As of 7:45 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 135-140 million VND/tael (buying - selling), down 6.5 million VND/tael on the buying side and down 6 million VND/tael on the selling side. The difference between buying and selling prices is at 5 million VND/tael.

SJC gold bar price was listed by DOJI at 135-140 million VND/tael (buying - selling), down 7 million VND/tael on the buying side and down 6 million VND/tael on the selling side. The difference between buying and selling prices is at 5 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 139.8-143.6 million VND/tael (buying - selling), down 3.6 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.8 million VND/tael.

9999 gold ring price

As of 7:45 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 135-140 million VND/tael (buying - selling), down 6.5 million VND/tael on the buying side and down 5 million VND/tael on the selling side. The difference between buying and selling prices is at 5 million VND/tael.

DOJI listed the price of gold rings at 139-143.5 million VND/tael (buying - selling), down 3 million VND/tael on the buying side and down 2.5 million VND/tael on the selling side. The difference between buying and selling prices is at 4.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 139.8-143.6 million VND/tael (buying - selling), down 3.6 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.8 million VND/tael.

World gold price

At 7:50 PM, world gold prices were listed around 4,604.7 USD/ounce, down 62.2 USD/ounce.

Gold price forecast

World gold prices are under adjustment pressure as US government bond yields rise, the USD strengthens, and crude oil prices continue to rise. These factors temporarily overwhelm safe-haven demand arising from tensions between the US and Iran.

In the trading session on July 23, gold prices at times fell below the 4,100 USD/ounce range. The yield of 10-year US government bonds increased to around 4.71%, the highest level in the current fluctuation. As yields increase, the opportunity cost of holding gold - a non-interest asset - becomes greater, thereby putting pressure on the precious metal.

The latest data shows that the number of initial jobless claims in the US has decreased to 187,000. This figure reinforces the view that the US labor market remains relatively stable, although the recruitment rate shows signs of slowing down. The market is therefore leaning towards the possibility that the US Federal Reserve (Fed) will keep interest rates unchanged at the July 29 meeting, but not yet switch to a softer stance.

In Europe, the European Central Bank (ECB) maintained the reference interest rate at 2.25%, while warning that instability related to the energy shock remained high. Brent oil prices exceeded 98 USD/barrel, while WTI oil approached 90 USD/barrel due to the risk of transport disruptions in the Straits of Hormuz and the Red Sea.

Sharp oil prices may boost inflation, forcing central banks to maintain higher interest rates for longer. This is the reason why safe-haven demand from geopolitical tensions is not enough to help gold prices rise again.

Although short-term prospects are still volatile, Wells Fargo still assesses gold positively in the medium and long term. The organization forecasts that gold prices could reach 5,300-5,500 USD/ounce by the end of 2026 and aim for 5,800-6,000 USD/ounce by the end of 2027.

Long-term support is expected to come from the gold buying activities of central banks, the need to diversify foreign exchange reserves and prolonged economic and geopolitical instability. Investors are currently focusing on monitoring policy signals from the Fed, statements from ECB leaders, preliminary PMI data from the US and developments on important oil transport routes.