Gold price update morning of August 1st: Fall, domestic gold faces risk

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 137.9-141.9 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 137.9-141.9 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 138.7-142.7 million VND/tael (buying - selling), down 400,000 VND/tael on the buying side and down 300,000 VND/tael on the selling side. 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 137.9-141.9 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

DOJI listed gold ring prices at 138-142 million VND/tael (buying - selling), down 500,000 VND/tael in both directions. The difference between buying and selling prices is at 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 138.7-142.7 million VND/tael (buying - selling), down 400,000 VND/tael on the buying side and down 300,000 VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

At 1:45 am (Vietnam time), the world gold price was listed around the threshold of 4,049 USD/ounce, down 58.3 USD.

Gold price forecast

Gold prices are under adjustment pressure as the USD strengthens, US government bond yields remain high and oil prices continue to rise. These factors increase the opportunity cost of holding precious metals, while shelter buying power is not strong enough to help gold prices maintain their recovery momentum.

After the monetary policy announcement of the US Federal Reserve (Fed), the market has not yet formed a clear trend. The Fed kept interest rates unchanged in the range of 3.5-3.75%, but three members supported the option of increasing by 0.25 percentage points. This development shows that the possibility of tightening policies in the coming months has not been completely eliminated, thereby creating pressure on gold prices.

The latest US economic data also sends mixed signals. Real GDP growth in the second quarter reached 1.5%, lower than the previous quarter's 2.1%. Meanwhile, the core consumer price index increased by 0.1% compared to the previous month and 3.3% compared to the same period. Inflation shows signs of cooling down but is still higher than the Fed's target. The yield of 10-year US government bonds around 4.67% continues to be an obstacle for gold, which is an asset that does not bring yields.

On the supporting side, geopolitical tensions in the Middle East and risks to transportation through the Straits of Hormuz and the Red Sea may boost demand for safe-haven assets. However, rising oil prices also increase concerns about inflation, giving the Fed more reason to maintain a high interest rate level. Therefore, the impact of geopolitical tensions on gold prices is currently two-way.

Technically, the short-term outlook for gold is still less positive as the price has not yet surpassed the resistance zone of 4,101-4,114 USD/ounce. If it breaks through and maintains above this zone, gold prices may head towards the 4,166 USD/ounce mark. Conversely, if it falls below 4,049 USD/ounce, the precious metal is at risk of retreating to the support zones of 4,028 USD/ounce and 3,995 USD/ounce.

In the short term, investors will continue to monitor interest rate expectations at the Fed's September meeting, the diễn biến of the USD, bond yields, energy prices and new information related to the Middle East situation.