SJC gold bar price
As of 9:20 am, Phu Quy Jewelry Group listed SJC gold bar prices at 145-148.5 million VND/tael (buying - selling), an increase of 1.7 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.5 million VND/tael.
At the same time, SJC gold bar prices were listed by DOJI Group at the threshold of 145.5-148.5 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.
Bao Tin Minh Chau listed SJC gold bar prices at the threshold of 143.5-147.5 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.
9999 gold ring price
As of 9:20 am, Phu Quy Gold and Gems Group listed the price of gold rings at 144-147.5 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3.5 million VND/tael.
DOJI Group listed gold ring prices at the threshold of 143.5-147.5 million VND/tael (buying - selling), an increase of 500,000 VND/tael on the buying side and an increase of 1 million VND/tael on the selling side. 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 143.5-147.5 million VND/tael (buying - selling), an increase of 1.5 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.
World gold price
At 9:30 am, world gold prices were listed around the threshold of 4,032.4 USD/ounce, up 16.4 USD/ounce.
Gold price forecast
World gold prices recovered strongly after the US inflation report was lower than forecast, pulling the USD and Treasury bond yields down. Spot gold was once traded around 4,052.8 USD/ounce, up 1.32% compared to the previous session. The day's fluctuation range was quite wide, from 3,985 to 4,101.5 USD/ounce.
The main driver supporting the precious metal comes from US consumer price index data. June CPI fell 0.4% compared to the previous month, marking the strongest decrease since April 2020. Full-year inflation fell to 3.5%, while core CPI did not increase monthly and increased by 2.6% over the same period.
This data caused the market to reduce expectations that the Fed will continue to raise interest rates in the short term. The probability of interest rate hikes at the July meeting decreased to about 15.5%, while the possibility of keeping interest rates unchanged is up to 84.5%. The yield of 10-year US Treasury bonds fell back to around 4.58%, while the USD Index fell to nearly 100.95 points.
The weakening USD makes gold more attractive to buyers holding other currencies. Reduced yields also reduce the opportunity cost of owning non-performing assets. However, gold's upward room is still influenced by the policy stance of the US Federal Reserve (Fed).
In his first hearing before the US Congress, Fed Chairman Kevin Warsh emphasized that price stability is the top focus of monetary policy. He affirmed that members of the Federal Open Market Committee do not accept inflation maintained at a high level for a long time. This message shows that the Fed is still cautious, even though the latest CPI data has cooled down.
Mr. Warsh also assessed that the US economy is still growing steadily, the labor market is relatively stable and business investment is increasing sharply, especially in the field of data centers and artificial intelligence. A positive economic picture could reduce safe-haven demand, while limiting the possibility of the Fed soon easing policies.
Technically, the 4,091-4.140 USD/ounce zone is a noteworthy resistance. If it sustainably surpasses the 4,91 USD/ounce mark, gold prices may head up to 4,140 USD/ounce. Conversely, support is near at 4,001 USD/ounce, followed by 3,959 USD/ounce.
In the short term, gold prices are forecast to continue to struggle between support from cooling inflation, weakening the USD and pressure from the Fed's tough stance. Oil price fluctuations and tensions in the Strait of Hormuz will also be factors that could cause the market to reverse quickly.
Gold price data is compared to the previous day.
See more news related to gold prices HERE...
