Gold price update morning of July 31st: Rising, regaining the 4,100 USD/ounce mark

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 137.7-141.7 million VND/tael (buying - selling), an increase of 600,000 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 137.7-141.7 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 139.1-143 million VND/tael (buying - selling), an increase of 1 million VND/tael in both 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 137.7-141.7 million VND/tael (buying - selling), an increase of 600,000 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 gold ring prices at the threshold of 139.1-143 million VND/tael (buying - selling), an increase of 1 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 3.9 million VND/tael.

World gold price

At the time of writing at 11:55 PM on July 30 (Vietnam time), the world gold price was listed around 4,107.3 USD/ounce, up 4.6 USD.

Gold price forecast

Gold prices are strongly struggling around the 4,100 USD/ounce range as the market is also affected by US monetary policy, bond yield developments and geopolitical tensions in the Middle East. After the US Federal Reserve (Fed)'s decision to keep interest rates unchanged, investors have not found clear signals about the next trend of the precious metal.

Newly released economic data shows that US economic growth in the second quarter slowed down, while inflation showed signs of cooling down. The overall consumer price index fell from 4.1% to 3.7% over the same period, while core inflation slightly decreased to 3.3%. These data help strengthen the Fed's ability to continue to maintain interest rates in the coming time.

However, inflationary pressure is still higher than the regulator's target. The yield of 10-year US government bonds remains around 4.7%, reducing the attractiveness of gold because the precious metal does not bring a fixed yield. The fact that some Fed members support interest rate hikes also shows that the anti-inflation war is not completely over.

In the opposite direction, tensions related to the US and Iran continue to create support for safe haven demand. Transportation through the Strait of Hormuz and maritime routes in the Red Sea still face the risk of disruption. Brent oil prices remain around 90 USD/barrel, while WTI oil trades in the mid-80 USD/barrel range.

High oil prices may cause inflationary pressure to return, thereby forcing the Fed to maintain a higher interest rate level for longer. Therefore, geopolitical factors currently create a two-way impact: promoting defense gold buying demand but at the same time increasing bond yields and limiting the upward momentum of precious metals.

Technically, gold prices are fluctuating in the accumulation zone after the Fed meeting. The level of 4,101.1 USD/ounce is considered a near resistance level. If it sustainably exceeds this zone, gold prices may head towards 4,114 USD, and further to 4,166 USD/ounce.

Conversely, if the price falls below 4,028.4 USD/ounce, selling pressure may increase, pushing gold back to the support zone of 395.2 USD, even 3,959.8 USD/ounce. In the short term, gold prices are likely to continue to fluctuate strongly according to interest rate expectations, bond yields and new developments in the Middle East.