Gold price update at the close of July 8th: Continues to decrease, losing the 4,100 USD/ounce mark

Khương Duy |

Gold price update closing session 8. 7: World gold prices continue to fall, officially losing the 4,100 USD/ounce mark after many sideways sessions.

SJC gold bar price

As of 6:30 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 145-148.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.5 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 145.5-148.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Giá vàng miếng SJC tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: AI
SJC gold bar price at some business units. Unit: VND/tael. Table: AI

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 144.3-148.3 million VND/tael (buying - selling), down 1.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 6:30 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 145-148 million VND/tael (buying - selling), down 1.5 million VND/tael for both buying and selling. The difference between buying and selling prices is at 3 million VND/tael.

DOJI listed gold ring prices at the threshold of 145.5-148.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Giá vàng nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: AI
Price of plain gold rings at some business units. Unit: VND/tael. Table: AI

Bao Tin Minh Chau listed the price of gold rings at 144.3-148.3 million VND/tael (buying - selling), down 1.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 4 million VND/tael.

Giá vàng miếng SJC và nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: AI
SJC gold bar and plain ring prices at some business units. Unit: VND/tael. Table: AI

World gold price

At 6:30 PM, world gold prices were listed around the threshold of 4,049.9 USD/ounce, a sharp decrease of 82.1 USD compared to the previous day.

Diễn biến giá vàng thế giới những phiên giao dịch gần đây. Biểu đồ: AI
Developments in world gold prices in recent trading sessions. Chart: AI

Gold price forecast

Gold prices are under strong downward pressure amid rising USD and US government bond yields, while the market is cautiously awaiting further signals about the monetary policy orientation of the US Federal Reserve (Fed).

The focus of investors' attention today is the minutes of the Fed's June monetary policy meeting. The market expects this document to more clearly reveal the views of policymakers on inflation, interest rates and US economic prospects.

In the short term, gold prices still face many obstacles. Tense developments in the Middle East are increasing the risk of energy supply disruptions, pushing oil prices up. A prolonged increase in energy prices could put inflationary pressure back, thereby limiting the Fed's ability to soon ease monetary policy.

In addition, the recovery of the USD and US bond yields continue to be disadvantageous to gold. As yields increase, the opportunity cost of holding non-genuine assets like gold is also greater.

However, the medium and long-term outlook for the precious metal still receives positive reviews.

Mr. Craig Hemke - an analyst at Sprott Money - believes that gold and silver prices may have formed the bottom of 2026. According to this expert, expectations of a Fed cycle of sharp interest rate hikes may have peaked after the June policy meeting.

Mr. Hemke said that an interest rate hike may still occur, but the possibility of the Fed continuously raising interest rates is not high. In case energy prices cool down and inflationary pressure weakens, monetary policy may gradually shift to a less rigid direction. This will be an important factor supporting gold price recovery.

From a long-term perspective, the demand for gold hoarding from central banks continues to lay the foundation for the market. China maintains a trend of increasing gold reserves, while many other countries are also promoting diversification of reserve assets.

Notably, the Central Bank of Tanzania purchased about 28 tons of gold in 18 months to strengthen foreign exchange reserves, support the domestic currency and increase the stability of the financial system.

In the context of strong gold price fluctuations, analysts believe that the short-term trend will depend significantly on policy signals from the Fed, oil price developments and geopolitical tensions. However, the buying power of central banks and the prospect of less rigid monetary policy may still be important supporting factors for gold prices in the coming time.

Gold price data is compared to the previous day.

See more news related to gold prices HERE...

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