Gold price update at the close of the session on July 29: Market enters a sensitive phase

SJC gold bar price

As of 5:30 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 137.1-141.1 million VND/tael (buying - selling), down 400,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 137.5-141.5 million VND/tael (buying - selling), unchanged in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 138.1-142 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.9 million VND/tael.

9999 gold ring price

As of 5:30 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 137.1-141.1 million VND/tael (buying - selling), down 400,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

DOJI listed gold ring prices at the threshold of 138.5-142.5 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 138.1-142 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3.9 million VND/tael.

World gold price

At 5:30 PM, world gold prices were listed around the threshold of 4,030 USD/ounce, down 13.1 USD/ounce.

Gold price forecast

The world gold market is entering a particularly sensitive phase as investors limit opening large positions to wait for the interest rate decision of the US Federal Reserve (Fed).

The policy meeting ended on July 29, with the announcement expected to be announced at 2 pm US East time, equivalent to about 1 am on July 30 Vietnam time. The Fed Chairman's press conference took place 30 minutes later.

The scenario that the market rates higher is that the Fed will continue to keep interest rates unchanged. However, the probability of a 25 basis point increase is still significant, making it impossible for gold prices to form a clear trend before the decisive time is announced. The fact that the precious metal is maintained above the psychological level of 4,000 USD/ounce shows that bottom-fishing buying power is still present, but the general sentiment is still quite cautious.

In the short term, the Fed's message will be the factor with the greatest impact on the direction of gold prices. If this agency maintains a tough stance, emphasizing inflation risks and the possibility of further tightening policy in the last months of the year, the USD and US bond yields may increase again. This is a disadvantageous scenario for gold because the precious metal does not yield.

At that time, the 4,011 USD/ounce zone may continue to be tested. If this support level is lost, gold prices are at risk of retreating to the 3,960-3,942 USD/ounce area. Conversely, if the Fed maintains interest rates and sends softer than expected signals, pressure on gold may quickly weaken. The price recovery beyond the 4,042-4,072 USD/ounce zone will help improve technical trends, opening up the possibility of retesting the 4,100 USD/ounce mark.

Besides monetary policy, tensions in the Middle East and the situation around the Strait of Hormuz continue to create defensive support for precious metals. However, the impact of geopolitical factors may change rapidly with oil price movements.

Rising energy prices will increase concerns about inflation, pull bond yields up and put pressure on gold. Meanwhile, the risk of conflict spreading may boost demand for safe-haven assets.

In general, gold prices are forecast to fluctuate sharply after the Fed's decision. Investors need to closely monitor the content of the press conference, views on inflation and signals related to the September interest rate roadmap before a new trend is clearly established.