Gold price today 16.7: down in both domestic and international markets

Updated SJC gold price

As of 9:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND 118.6-120.6 million/tael (buy in - sell out), down VND 500,000/tael. The difference between buying and selling prices is at 2 million VND/tael.

DOJI Group listed the price of SJC gold bars at 118.6-120.6 million VND/tael (buy in - sell out), down 500,000 VND/tael. The difference between buying and selling prices is at 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 118.6-120.6 million VND/tael (buy in - sell out), down 500,000 VND/tael. The difference between buying and selling prices is at 2 million VND/tael.

Phu Quy Gold and Stone Group listed the price of SJC gold bars at 117.9-120.6 million VND/tael (buy in - sell out), down 500,000 VND/tael. The difference between buying and selling prices is at 2.7 million VND/tael.

9999 round gold ring price

As of 9:00 a.m., DOJI Group listed the price of gold rings at 115.1-118.1 million VND/tael (buy in - sell out), down 500,000 VND/tael. The difference between buying and selling is 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 115.3-118.3 million VND/tael (buy in - sell out), down 500,000 VND/tael. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 114.6-117.6 million VND/tael (buy - sell), down 400,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

The buying-selling gap is pushed up too high, increasing the risk for individual investors. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

At 9:05, the world gold price was listed around 3,329.9 USD/ounce, down 19 USD/ounce.

Gold price forecast

World gold prices are under pressure as the market receives two important information from the US economy.

A report released by the New York branch of the US Federal Reserve (FED) shows that Empire State's manufacturing index in July skyrocketed from -16 to 5.5 points - the first positive level since February. This is a signal that the manufacturing sector in this region is gradually recovering after many gloomy months, far exceeding the expectations of analysts who were only at -9.

Immediately after this report was published at 8:30 p.m. on July 15 (Vietnam time) at the same time as the June inflation data, spot gold prices fell, retreating to $3,348/ounce. This is a natural reaction as positive signals from the US economy undermine gold's safe-haven role.

At the same time, the US Bureau of Labor Statistics announced that the consumer price index (CPI) in June increased by 0.3% compared to the previous month, higher than the 0.1% in May and as forecast. Full-time inflation in the first 12 months increased to 2.7%, compared to 2.4% in May, exceeding the forecast of 2.6%. Notably, core inflation (excluding energy and food prices) also rose to 2.9%, up from last month (2.8%) despite still below expectations of 3.0%.

Gold prices initially reacted positively to the signal of core inflation increasing more slowly than expected, but the increase did not last long as factors from the labor market and manufacturing all showed that the US economy was not weak enough for the FED to rush to lower interest rates.

In the context of persistent inflation and unclear economic prospects, gold prices are under pressure from both sides: weakening demand for shelter but there is not a strong enough catalyst to break the important resistance level of 3,400 USD/ounce. Experts say that only when the FED officially signals a rate cut, will gold have the opportunity to re-establish the historical peak set in April.

Economic data to watch this week

Wednesday: US Producer Price Index (PPI).

Thursday: Retail sales, Philly Fed manufacturing survey, US weekly jobless claims.

Friday: Newly started houses, University of Michigan preliminary consumer confidence index.