Gold price update closing session July 6th: Domestic gold reverses and falls

SJC gold bar price

As of 5:00 PM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 143.4-151 million VND/tael (buying - selling), down 600,000 VND/tael on the buying side and down 400,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.6 million VND/tael.

SJC gold bar price is listed by DOJI at 148-151 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 146.5-150 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 the threshold of 3.5 million VND/tael.

9999 gold ring price

As of 17:00, Phu Quy Gold and Gems Group listed the price of gold rings at 147.4-150.4 million VND/tael (buying - selling), down 600,000 VND/tael for both buying and selling. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

DOJI listed gold ring prices at 148-151 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 146.5-150 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 3.5 million VND/tael.

World gold price

At 5:25 PM, world gold prices were listed around the threshold of 4,149.9 USD/ounce, down 24.2 USD compared to the previous day.

Gold price forecast

Gold prices are entering an important trading week after just ending a four-week consecutive decline. Despite the appearance of adjustment pressure in the first session of the week, the precious metal still maintained around the highest price range in about two weeks.

Last week, world gold prices rose more than 2%, marking the first week of rise since the end of May. The recovery took place in the context of the weakening USD and the market adjusting expectations for monetary policy of the US Federal Reserve (Fed) after a series of new economic data.

This week, the focus of investors' attention is the minutes of the monetary policy meeting on June 16-17 of the Fed. The content of the minutes may provide more signals about the views of policymakers on inflation, labor market and interest rate management direction in the coming time.

Besides monetary policy, the diễn biến of the USD continues to be a factor likely to strongly impact gold prices. The Bloomberg Dollar Spot Index almost went sideways in the first session of the week, after falling about 0.3% last week. The continued weakening of the greenback may create more room for gold prices, while a strong recovery of the USD will put pressure on the precious metal.

The market is also monitoring geopolitical factors and energy price movements. Ship traffic through the Strait of Hormuz has shown signs of improvement, while OPEC+ is signaling to increase production in the coming months. The cooling of tensions in the energy market may reduce part of the demand for safe haven assets in the short term.

However, the medium and long-term outlook for gold is still receiving positive reviews. In the latest report, UBS's Global Investment Department forecasts that gold prices could reach about 5,200 USD/ounce in the next 12 months.

According to UBS, this outlook is supported by the gold buying demand of central banks, the trend of diversification of reserves and the possibility that the Fed's monetary policy becomes more favorable for precious metals.

In the short term, gold prices may continue to fluctuate strongly as the market responds to new signals from the Fed and the USD. After the recent recovery week, the ability to maintain the upward momentum will depend significantly on whether supporting factors continue to be strengthened this week or not.