Gold price update on the morning of July 22: Sharp increase, highest in 4 weeks

SJC gold bar price

As of 6:00 a.m. on July 22, the price of SJC gold bars was listed by Saigon Jewelry Company at VND 120-121.5 million/tael (buy in - sell out); increased by VND 500,000/tael in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.

DOJI Group listed at 120-121.5 million VND/tael (buy - sell); increased by 500,000 VND/tael in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 120-121.5 million VND/tael (buy - sell); increased by 500,000 VND/tael in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 119.2-121.2 million VND/tael (buy - sell); increased by 500,000 VND/tael in both directions. The difference between buying and selling prices is at 2.3 million VND/tael.

9999 gold ring price

As of 6:00 a.m. on July 22, DOJI Group listed the price of gold rings at 116.1-118.6 million VND/tael (buy in - sell out), an increase of 200,000 VND/tael in both directions. The difference between buying and selling is 2.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 116.3-119.19.3 million VND/tael (buy - sell), an increase of 200,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 115-118 million VND/tael (buy - sell), an increase of 200,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

World gold price

The world gold price was listed at 11:25 on July 21 at 3,397.1 USD/ounce, up 49.2 USD compared to 1 day ago.

Gold price forecast

Gold prices rose sharply last night, reaching a four-week high. Silver futures are on track to close at their highest level in nearly 14 years.

The rally in precious metals was supported by a sharp decline in the USD index and a decrease in US Treasury yields at the beginning of the trading week.

August gold contract increased by 56.5 USD to 3,415 USD/ounce. September silver contract increased by 0.851 USD to 39.315 USD/ounce.

Technically, speculators on August gold futures are holding a firm advantage in the short term and continue to consolidate their position in today's session.

The next upside target for buyers is to close above the strong resistance level at the June peak of 3,476.3 USD/ounce. The downside target for the bears is to push prices below the strong technical support level at $3,300/ounce.

The first resistance level was $3,425, followed by $3,450/ounce. The first support level was $3,400/ounce, followed by an all-night low of $3,351/ounce.

Key outside markets today showed the USD index falling sharply as the buying pressure of speculators on the USD quickly weakened after last week's increase.

Nymex crude oil prices fell slightly, trading around $67/barrel. The yield on the 10-year Treasury note is currently around 4.3%.

Notable US economic data this week

The economic calendar next week will revolve around the interest rate decision of the European Central Bank (ECB), along with a series of data on manufacturing and housing expected to be released.

Federal Reserve Chairman Jerome Powell will give an opening speech at an event in Washington, D.C. While he is uncertain to mention recent criticism from President Donald Trump, investors will still be watching closely.

There will be a report on existing US home sales in June on Wednesday. By Thursday, the market will receive a series of important information including the ECB's monetary policy decision, preliminary PMI data from S&P, US weekly jobless claims and new home sales.

The last notable data of the week is the US long-term orders report for June, released on Friday morning.