Gold price update morning of July 29: Simultaneous decline

SJC gold bar price

As of 6:00 AM on July 29, Phu Quy Gold and Gems Group listed SJC gold bar prices at 137.5-141.5 million VND/tael (buying - selling), down 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 DOJI at the threshold of 137.5-141.5 million VND/tael (buying - selling), down 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 138.1-142 million VND/tael (buying - selling), down 2 million VND/tael in both buying and selling directions. 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 on July 29, Phu Quy Gold and Gems Group listed the price of gold rings at 137.5-141.5 million VND/tael (buying - selling), down 1.5 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

DOJI listed gold ring prices at the threshold of 138.5-142.5 million VND/tael (buying - selling), down 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 138.1-142 million VND/tael (buying - selling), down 2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.9 million VND/tael.

World gold price

At 10:42 PM on July 28, the world gold price was listed around the threshold of 4,038 USD/ounce, up 35.5 USD.

Gold price forecast

World gold prices are under adjustment pressure as the USD appreciates, US government bond yields remain high, and investors are cautious ahead of the monetary policy meeting of the US Federal Reserve (Fed).

In the latest trading session, spot gold prices retreated to around 4,031 USD/ounce, down more than 1% in the session. The precious metal currently still maintains the important support zone of 4,000 USD/ounce, but has not been able to make a breakthrough back to the resistance zone of 4,150-4,200 USD/ounce.

Market signals show that gold price movements in the near future will largely depend on the Fed's interest rate orientation. Previously, data showing that US inflation cooled down once increased expectations of the Fed's ability to soon switch to loose monetary policy. However, recent economic data shows that the world's largest economy still maintains stability.

Positive retail sales, low unemployment claims, improved business performance and consumer sentiment recovery are making investors not fully believe in the possibility that the Fed will soon implement a strong interest rate reduction cycle.

Currently, the market still assesses the possibility of the Fed keeping interest rates unchanged in this meeting as a more anticipated scenario. However, risks related to inflationary pressure, especially from energy prices, may still cause this agency to maintain a cautious stance in the coming time.

The yield on 10-year US Treasury bonds is around 4.62%, while the yield on 2-year bonds is around 4.31%. Along with that, the USD maintained its strength near its highest level in a month, putting pressure on gold prices because the precious metal is valued in greenbacks.

Besides the interest rate factor, geopolitical developments continue to be a supporting factor for gold. Risks related to shipping activities on important shipping routes, especially in the Middle East region, still make the market maintain a defensive mentality.

The sharp drop in oil prices after a period of hot growth has helped reduce concerns about inflationary pressure, thereby limiting the upward momentum of gold prices. However, the risk of energy supply disruption can still create support for safe-haven demand for precious metals.

In the coming sessions, investors will focus on monitoring the message from the Fed, along with important economic data such as GDP growth and the US Personal Consumption Price Index (PCE). This information may directly impact expectations about the interest rate roadmap and gold price trends.