Gold price update morning of July 12: Unpredictable, high risk

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 146.3-149.9 million VND/tael (buying - selling), down 300,000 VND/tael on the buying side and unchanged 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 the threshold of 146.9-149.9 million VND/tael (buying - selling), unchanged in both directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar prices are listed by Bao Tin Minh Chau at the threshold of 145-149 million VND/tael (buying - selling), unchanged. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 6:00 AM, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 145.3-148.8 million VND/tael (buying - selling), down 200,000 VND/tael on the buying side and keeping the selling side unchanged. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

DOJI listed gold ring prices at 145-149 million VND/tael (buying - selling), unchanged. The difference between buying and selling prices is at 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at 145-149 million VND/tael (buying - selling), unchanged. The difference between buying and selling prices is at 4 million VND/tael.

World gold price

At 6:00 AM, world gold prices were listed around the threshold of 4,119.4 USD/ounce, up 17.1 USD.

Gold price forecast

Gold price outlook for next week continues to be unpredictable as macroeconomic, geopolitical and market sentiment signals have not created a unified direction.

The survey shows that analysts are clearly divided. Among the 13 experts, 5 people predicted prices would increase, 3 people thought prices would decrease and 5 people predicted the market would move sideways. The psychology of individual investors is also quite balanced, with 42% expecting prices to increase, 38% predicting a decrease and 20% believing that gold will continue to accumulate.

In the short term, the focus will be on a series of US economic data, including consumer price indexes, production price indexes, retail sales and number of initial jobless claims. These figures may change expectations about the Fed's interest rate roadmap.

If inflation continues to be high, the possibility of the Fed maintaining higher interest rates for longer will put pressure on gold through bond yields and the USD. Conversely, weaker than forecast data may support the recovery of precious metals prices.

StoneX believes that gold prices may continue to fluctuate around the 4,000 USD/ounce range in the second half of the year, instead of soon returning to a strong upward trend. Ms. Rhona O'Connell, an expert at StoneX, said that the market is currently mainly focused on interest rate outlook and the possibility that the Fed is not in a hurry to ease policy.

However, long-term prospects still have a foothold from the needs of central banks. The World Gold Council said that 45% of central banks expect to increase reserves in the next 12 months. Continuous net buying activity may help limit deep drops when prices fall back to a more attractive range.

With opposite factors, gold prices next week are likely to continue to fluctuate. The 4,000 USD/ounce zone is considered an important support, while the 4,140 - 4,150 USD/ounce zone is still a noteworthy resistance zone.