Gold price update at the close of the session on July 30: Increase but still faces many resistance forces

SJC gold bar price

As of 5:30 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 137.7-141.7 million VND/tael (buying - selling), an increase of 600,000 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 137.7-141.7 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 139.1-143 million VND/tael (buying - selling), an increase of 1 million VND/tael in both 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 137.7-141.7 million VND/tael (buying - selling), an increase of 600,000 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 gold ring prices at the threshold of 139.1-143 million VND/tael (buying - selling), an increase of 1 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 3.9 million VND/tael.

World gold price

At 5:25 p.m., the world gold price was listed at around 4,074 USD/ounce, an increase of 44 USD/ounce.

Gold price forecast

Gold prices are entering a period of strong volatility, as the market simultaneously reacts to US monetary policy and geopolitical tensions in the Middle East.

The US Federal Reserve (Fed) keeping interest rates unchanged in the range of 3.5-3.75% has partly relieved concerns that the Fed will continue to tighten in July. This decision created momentum for gold prices to recover more than 100 USD/ounce from the session low, at times exceeding the threshold of 4,100 USD/ounce.

However, the upward outlook for the precious metal still faces many obstacles. Three members of the Federal Open Market Committee voted in favor of raising interest rates by another 25 basis points, showing that tightening views still have a major influence within the Fed.

Inflation continues to be higher than the target of 2%, while a sharp increase in oil prices could prolong price pressure and reduce the possibility of the US central bank soon switching to policy easing.

Technically, the 3,960 USD/ounce zone is playing an important supporting role after gold prices maintained this area in a volatile session. In the opposite direction, the 4,080-4,090 USD/ounce zone is considered a resistance level to be overcome. If it remains stable above this area, gold prices may confirm a recovery trend and return to the above 4,100 USD/ounce zone.

Conversely, if the upward momentum cannot be maintained and the USD continues to strengthen, gold prices may return to testing the 4,000 USD/ounce zone. The next statements of Fed officials, inflation data, labor market and energy price developments will be factors dominating the short-term trend.

Domestically, the price of SJC gold bars and gold rings may continue to fluctuate according to the world market. However, the buying - selling difference is commonly from 3.9-4 million VND/tael, causing buyers to face the risk of losses even when gold prices do not decrease. Therefore, investors need to closely monitor international fluctuations and limit chasing purchases at times when prices increase rapidly.