Gold price update closing session 7. 4: Strong tug-of-war, potential risk

SJC gold bar price

As of 5:00 PM, SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 169.5-172.5 million VND/tael (buying - selling), down 600,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 169.2-172.5 million VND/tael (buying - selling), down 900,000 VND/tael on the buying side and down 600,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.3 million VND/tael.

9999 gold ring price

As of 5 pm, Bao Tin Minh Chau listed the price of gold rings at the threshold of 168.3-171.3 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 169-172 million VND/tael (buying - selling), down 900,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 4:50 PM, world gold prices were listed around the threshold of 4, 661.2 USD/ounce, down 14 USD compared to the previous day.

Gold price forecast

Under pressure from the USD maintaining at a high level, increased bond yields and profit-taking sentiment after a period of hot increase, world gold prices are undergoing a short-term correction. However, many opinions believe that the long-term trend of this precious metal has not been broken.

The gold market is currently quite cautious as investors continue to monitor geopolitical developments in the Middle East, especially tensions related to Iran and the Hoarmuz Strait region. The psychology of waiting makes cash flow not return strongly to gold, although this is a familiar safe haven asset during the period of instability.

Mr. Ilya Spivak - Head of Global Macroeconomics at Tastylive - said that the market is in a cautious state, mainly observing the next reaction from the US and Iran before forming a clearer trend. According to this expert, after the current risk factors subside, the speculative price increase story of gold may reappear.

Another factor putting pressure on gold is high oil prices, increasing concerns about global inflation. In that context, the market is increasingly leaning towards the scenario that the US Federal Reserve (Fed) maintains a tight monetary policy for longer. High interest rates increase the opportunity cost when holding gold - an unprofitable asset, thereby limiting the upward momentum of precious metals.

However, according to Ms. Emily Avioli - Vice President and Investment Strategist at Merrill, the recent weakening of gold prices does not reflect changes in market support platforms. She believes that the current developments mainly come from adjusting investment positions, profit-taking pressure and changing interest rate expectations, rather than from the weakening in gold holding demand.

After a period of strong increase lasting from 2022, the entry of gold into accumulation is not too surprising. In addition, the strengthening of the USD during the escalating conflict also absorbed some cash flow from gold, causing the precious metal to temporarily lose its advantage.

However, the long-term outlook for gold is still positively assessed thanks to buying power from central banks, the need to diversify foreign exchange reserves and persistent concerns about global fiscal deficits. If geopolitical tensions gradually cool down and profit-taking pressure weakens, gold prices may regain momentum in the near future.