Gold price update at the close of the session on July 24: There are signs of reversal

SJC gold bar price

As of 6:35 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 135.5-140.5 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 5 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 135.5-140.5 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 the threshold of 5 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 138.85-142.65 million VND/tael (buying - selling), down 950,000 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 6:35 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 135.5-140.5 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 5 million VND/tael.

DOJI listed the price of gold rings at 138-142.5 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions. 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 138.85-142.65 million VND/tael (buying - selling), down 950,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.8 million VND/tael.

World gold price

At 6:35 PM, world gold prices were listed around the threshold of 4,058 USD/ounce, down 6.7 USD/ounce.

Gold price forecast

World gold prices are showing signs of recovery after a sharp decline, but the short-term trend still largely depends on oil prices, US bond yields and policy messages from the US Federal Reserve (Fed).

In the session on July 24, the precious metal at one point sank into red but gradually regained its upward momentum as Brent oil prices cooled down, falling below the 100 USD/barrel mark. This development somewhat reduced concerns about energy inflation, thereby limiting pressure on the Fed to maintain a tight monetary policy longer than expected.

Mr. Giovanni Staunovo - UBS analyst - said that the decrease in oil prices has helped gold move from a weakening state to a slight recovery. According to this expert, the Fed is likely to keep interest rates unchanged at next week's meeting. The fact that interest rates have not increased immediately may create a support for gold in the coming months.

However, the recovery momentum is still not really certain. Oil prices previously increased sharply due to concerns about supply disruptions in the Middle East. If Brent oil returns above $100/barrel, inflation expectations may heat up, pulling bond yields and the USD up. These are all unfavorable factors for gold, because the precious metal does not bring fixed income.

The market is currently focused on the Fed's two-day meeting. Investors do not expect interest rates to change immediately, but pay special attention to Fed Chairman Kevin Warsh's statements on inflation, energy prices and operating prospects for September. According to CME FedWatch, the market is assessing about 80% of the Fed's ability to raise interest rates in September.

Despite much pressure, gold is still heading towards an increase of about 0.5% in the week. The appearance of buying power when prices fall deeply shows that the area around 4,040-4,050 USD/ounce is creating a supporting response. If this area is maintained, gold prices may continue to recover; conversely, selling pressure will return if oil, USD and bond yields increase together.