Gold price update morning of July 24: Domestic gold prices plummet

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 135-140 million VND/tael (buying - selling), down 6.5 million VND/tael on the buying side and down 6 million VND/tael on the selling side. The difference between buying and selling prices is at 5 million VND/tael.

SJC gold bar price was listed by DOJI at 135-140 million VND/tael (buying - selling), down 7 million VND/tael on the buying side and down 6 million VND/tael on the selling side. The difference between buying and selling prices is at 5 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 139.8-143.6 million VND/tael (buying - selling), down 3.6 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.8 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 135-140 million VND/tael (buying - selling), down 6.5 million VND/tael on the buying side and down 5 million VND/tael on the selling side. The difference between buying and selling prices is at 5 million VND/tael.

DOJI listed the price of gold rings at 139-143.5 million VND/tael (buying - selling), down 3 million VND/tael on the buying side and down 2.5 million VND/tael on the selling side. The difference between buying and selling prices is at 4.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 139.8-143.6 million VND/tael (buying - selling), down 3.6 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.8 million VND/tael.

World gold price

At 10:30 PM on July 23, the world gold price was listed around the threshold of 4,047.6 USD/ounce, down sharply by 105.6 USD.

Gold price forecast

Gold prices are under strong downward pressure as more positive US economic data than forecasts weaken expectations that the US Federal Reserve (Fed) will soon move to easing.

The number of initial jobless claims in the week ending July 18 was only 187,000, lower than the forecast of 212,000. The 4-week average also decreased to 207,500 claims, while the number of people continuing to receive benefits was 1.796 million.

Data shows that the US labor market is still relatively stable, although the recruitment rate shows signs of slowing down. This makes investors lean towards the scenario that the Fed will keep interest rates unchanged at the July 29 meeting, but there is not enough basis to expect a clear peaceful turning point.

At the same time, the yield of 10-year US Treasury bonds increased to around 4.71%, while the USD maintained strong momentum. These are two disadvantages for gold, because the precious metal does not yield yields and is often less attractive when holding costs increase.

The soaring oil prices also create a two-way impact. Tensions in the Strait of Hormuz and transportation routes in the Red Sea continue to support safe haven demand.

However, Brent oil surpassed 98 USD/barrel and WTI approached 90 USD/barrel, increasing inflation risks, causing the market to worry that interest rates may remain high longer. In the short term, the impact from yields and the USD is overwhelming safe-haven buying power.

Technically, gold prices have fallen below the 100-day average of around 4083 USD/ounce and have not yet surpassed the resistance zone of 4,148 USD/ounce. Gold needs to return above 4,148 USD/ounce to improve the short-term trend.

Investors will monitor signals from the Fed, preliminary PMI data of the US and developments on strategic shipping routes, because these may be decisive factors for the next direction of gold prices.