Gold price update morning of July 28: Maintains high, market awaits signal from Fed

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 139-143 million VND/tael (buying - selling), an increase of 1.5 million 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 139-143 million VND/tael (buying - selling), an increase of 1.5 million 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 140.1-144 million VND/tael (buying - selling), an increase of 1.2 million VND/tael on the buying side and an increase of 1.3 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.9 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 139-143 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

DOJI listed the price of gold rings at the threshold of 140.2-144.2 million VND/tael (buying - selling), an increase of 1.7 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 140.1-144 million VND/tael (buying - selling), an increase of 1.2 million VND/tael on the buying side and an increase of 1.3 million VND/tael on the selling side. The difference between buying and selling prices is at 3.9 million VND/tael.

World gold price

At 5:55 AM, world gold prices were listed around the threshold of 4,073.5 USD/ounce, up 21.8 USD.

Gold price forecast

In the first trading session of the week, world gold prices maintained their upward momentum as cautious sentiment still dominated the market ahead of the monetary policy meeting of the US Federal Reserve (Fed).

The cooling of oil prices after signs of de-escalation in the Middle East region has somewhat eased concerns about inflationary pressure, but it is not enough to completely weaken the safe haven role of precious metals.

US interest rate movements continue to be a factor dominating gold trends in the short term. The market is currently focusing on the Fed's decision this week, as any signal related to monetary policy orientation could create strong fluctuations for gold prices. If the Fed maintains a cautious stance, extending the policy easing period, the USD and US bond yields may be under increasing pressure, thereby putting pressure on gold prices.

In the opposite direction, geopolitical risks are still creating support for precious metals. Experts believe that the situation in the Middle East, especially the risk of disruption of energy supply through important transportation routes, is still a factor that makes investors maintain the need to hold safe assets.

Although oil prices have fallen after new positive developments, the market has not completely eliminated the risk of supply shocks in the near future.

In addition, the yield of 10-year US government bonds tending to cool down also supports gold prices. When yields decrease, the opportunity cost of holding gold - a non-profit asset - becomes lower, thereby helping to improve the attractiveness of the precious metal.

Technically, world gold prices are approaching the important resistance zone around 4,160-4,210 USD/ounce. If it crosses this zone with strong enough buying power, gold prices may head towards higher zones around 4,220 USD/ounce and further to 4,380 USD/ounce.

However, in case profit-taking pressure increases, the near support zone is defined around 4,070 USD/ounce, followed by the 4,040 USD/ounce zone.

Domestically, SJC gold bars and gold rings continue to anchor at high levels after a strong increase. However, investors need to pay attention to the buying-selling spread still maintained at about 4 million VND/tael, causing the risk of short-term losses to increase if the market reverses direction.

Gold price movements in the coming time are forecast to depend heavily on policy messages from the Fed and geopolitical factors in the international market.