Gold price update closing session July 5th: End of four consecutive weeks of decline

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold price at 148.4-151.4 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (June 28), the price of SJC gold bars at Saigon SJC Jewelry Company increased by 2.9 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 148.4-151.4 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (June 28), the price of SJC gold bars at DOJI increased by 2.9 million VND/tael in both buying and selling directions.

If buying SJC gold bars in the June 28th session and selling them in today's session (July 5th), buyers at Saigon Jewelry Company SJC and DOJI will both lose 100,000 VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 148.4-151.4 million VND/tael (buying - selling), an increase of 2.9 million VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 148-151 million VND/tael (buying - selling), an increase of 3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

If buying gold rings in the June 28 session and selling them in today's session (July 5), buyers at DOJI will lose 100,000 VND/tael, while buyers at Phu Quy will break even.

World gold price

Closing the week's trading session, world gold prices were listed at 4,174.1 USD/ounce, up 85.5 USD compared to a week ago.

Gold price forecast

World gold prices closed the trading week with an increase of 85.5 USD/ounce, thereby ending a four-week consecutive decline. The strong recovery at the end of the week showed that buying power has returned, but analysts believe that the market is still facing an unpredictable period of volatility.

The main driver supporting the precious metal comes from the weaker-than-expected US jobs report. These data put pressure on the USD, while reducing concerns that the Fed will soon continue to tighten monetary policy. However, signals from the interest rate market are not entirely favorable for gold, as US 10-year government bond yields are still fluctuating around the 4.5% range.

This shows that the short-term outlook for gold prices still largely depends on US economic data and Fed policy expectations. In the event that the labor market continues to weaken, the USD and bond yields cool down, gold prices may receive more recovery momentum. Conversely, positive economic data will make the possibility of the Fed maintaining high interest rates or continuing to raise interest rates a significant drag.

Technically, the 4,200 USD/ounce zone is a near resistance level that needs to be monitored. If it is surpassed and maintained above this zone, gold prices may move towards higher levels. In the opposite direction, the 4,000-4,901 USD/ounce area is considered a noteworthy support zone of the market.

Although short-term risks have not disappeared, State Street Global Advisors still maintains a positive view of the long-term trend. This organization believes that gold buying demand from central banks, Asian investors and portfolio diversification demand may continue to lay the foundation for gold prices.

According to State Street's basic scenario, gold prices are likely to fluctuate in the 4,750-5,500 USD/ounce range in the next 6-9 months. However, the organization also noted that a strong USD, high yields and the risk of the Fed continuing to raise interest rates could make gold's upward process more precarious than in the 2024-2025 period.

After four consecutive weeks of decline, the recent week of recovery is a positive sign for the gold market. However, to confirm a more sustainable upward trend, gold prices still need to overcome important resistance zones, in the context that Fed policy continues to be a variable dominating investor sentiment.