Gold price update morning of July 30: Gold bars, gold rings may increase

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 137.1-141.1 million VND/tael (buying - selling), down 400,000 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 137.5-141.5 million VND/tael (buying - selling), unchanged 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), unchanged 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, Phu Quy Gold and Gems Group listed the price of gold rings at 137.1-141.1 million VND/tael (buying - selling), down 400,000 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), unchanged 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), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3.9 million VND/tael.

World gold price

At the time of writing the article (1:53 AM on July 30 - Vietnam time), the world gold price was listed around 4,102.7 USD/ounce, up 64.7 USD.

Gold price forecast

The US Federal Open Market Committee decided to keep the federal fund interest rate in the range of 3.5-3.75%. The decision was passed with a ratio of 9 votes in favor and 3 votes against. Three opposing members wanted the Fed to raise interest rates by another 0.25 percentage points right at this meeting.

The Fed's failure to raise interest rates has created a relief wave for the gold market. Before the meeting, the possibility of the Fed raising interest rates was considered by investors, putting pressure on gold prices for many sessions. As a stronger tightening scenario has not yet occurred, buying activity has helped the precious metal quickly regain the threshold of 4,100 USD/ounce.

However, the upward outlook for gold still faces many obstacles. The fact that three Fed members voted in favor of raising interest rates shows that the trend of monetary tightening is still present. The Fed also assessed that US economic activity continues to expand at a steady pace, the labor market is relatively stable and inflation is still higher than the target of 2%.

In the policy implementation announcement, the Fed kept the interest rate paid for reserves balance at 3.65%, the overnight repurchase nghiệp vụ interest rate at 3.75% and the basic discount lending interest rate at 3.75%. These interest rates show that US monetary policy is still maintained in a relatively tight state.

In the short term, gold prices may continue to be supported by the psychology of relief after the Fed's decision, the weakening USD and the need to seek safe assets in the face of geopolitical instability. However, the upward momentum may experience fluctuations as the market assesses the possibility of the Fed raising interest rates at subsequent meetings.

Investors will continue to monitor US inflation, employment and growth data. Data shows that prolonged price pressure may reinforce the possibility of the Fed tightening policy, thereby putting pressure on gold - an asset that does not yield interest rates. Conversely, if inflation cools down or the US economy weakens, gold prices may receive more momentum to increase.