Gold price update at the close of the session on July 4: Positive forecast, bright prospects

SJC gold bar price

As of 5:00 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 148-151.4 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3.4 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 148.4-151.4 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 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 147.5-151 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

9999 gold ring price

As of 5:00 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 148-151 million VND/tael (buying - selling), unchanged in both buying and selling. The difference between buying and selling prices is at 3 million VND/tael.

DOJI listed the price of gold rings at the threshold of 148.4-151.4 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 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 147.5-151 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

World gold price

At 5:00 PM, world gold prices were listed around the threshold of 4,174.1 USD/ounce, up 6.9 USD compared to the previous day.

Gold price forecast

Short-term prospects for gold prices are being assessed more positively after the precious metal regained the 4,100 USD/ounce mark. The weakening USD, unfavorable US jobs data and expectations of interest rate changes are becoming the main supporting factors for the market.

The latest survey results show that optimistic sentiment has returned to Wall Street analysts. Among the 16 experts participating in the survey, 11 people, equivalent to 69%, predict that gold prices will increase next week. Only 2 experts, accounting for 13%, believe that prices will decrease, while the remaining 3 people, equivalent to 19%, predict that the market may move sideways.

Positive sentiment also appeared in the group of individual investors. Among 183 people participating in the online survey, 54% predicted gold prices would increase, 25% thought prices would decrease, and 21% expected the market to continue to accumulate.

Colin Cieszynski - chief strategist at SIA Wealth Management - believes that gold is showing signs of stabilization after a prolonged period of decline. According to him, cooling energy prices along with weaker signals from the US labor market are reducing concerns about the possibility of interest rate hikes, creating conditions for the USD to adjust and support gold recovery in the short term.

Meanwhile, Marc Chandler - Managing Director of Bannockburn Global Forex - said that gold prices have formed a support zone in recent sessions. After the US jobs report was weaker than expected, gold prices have rebounded sharply. According to him, the next area to be monitored is around the 20-day moving average; the possibility of surpassing and maintaining above this zone will be an important signal for the short-term trend.

However, gold's upward momentum still faces some resistance. The yield of 10-year US government bonds is still around 4.5%, showing that pressure from interest rates has not completely disappeared. At the same time, the situation in the Strait of Hormuz is gradually stabilizing, oil prices are cooling down, thereby reducing safe-haven demand due to geopolitical tensions.

In the coming week, the market will focus on monitoring the US service index, minutes of the Fed's most recent meeting and data on unemployment claims. This information may continue to impact interest rate expectations, the USD and the direction of gold prices.