Gold price today July 19: Loss of 5.8 million VND/tael after a week

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at the threshold of 144.5-147.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (July 12), SJC gold bar price at Saigon SJC Jewelry Company decreased by 2.4 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 144.5-147.5 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (July 12), SJC gold bar price at DOJI decreased by 2.4 million VND/tael in both buying and selling directions.

If buying SJC gold bars on July 12 and selling them on today's session (July 19), buyers at Saigon Jewelry Company SJC and DOJI will both lose 5.4 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 143.3-147.3 million VND/tael (buying - selling), down 1.7 million VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 143-146.5 million VND/tael (buying - selling), down 2.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3.5 million VND/tael.

If buying gold rings on July 12 and selling them on today's session (July 19), buyers at DOJI will lose 5.7 million VND/tael, while buyers at Phu Quy will lose 5.8 million VND/tael.

World gold price

Closing the weekly trading session, world gold prices were listed at 4,017.3 USD/ounce, down sharply by 102.1 USD compared to a week ago.

Gold price forecast

World gold prices closed the trading week at 4,017.3 USD/ounce, down 102.1 USD compared to the previous week. Despite recovering above the psychological threshold of 4,000 USD/ounce, the short-term outlook for the precious metal is still assessed cautiously.

In the last session of the week, gold prices at one point fell to around 3,970 USD/ounce before buying power appeared at low prices. Recovery momentum came from short-term inflation expectations in the US showing signs of cooling down.

According to a July preliminary report from the University of Michigan, the US consumer sentiment index reached 54.4 points, higher than the forecast of 51 points and continued to improve compared to the previous two months. Notably, inflation expectations in a year fell from 4.6% to 4.2%.

Downward inflation expectations help the market strengthen the view that the US Federal Reserve (Fed) may have more room to adjust monetary policy. Interest rate reductions often support gold because they reduce the opportunity cost of holding unprofitable assets.

However, the upward momentum of gold prices still faces many obstacles. US retail sales increase, the number of initial jobless claims decreases and production activities in some areas improve, showing that the country's economy still maintains resilience. The market therefore does not expect the Fed to soon change its position at the meeting on July 29.

In addition, the yield of 10-year US government bonds remained around 4.53%, while the USD strength index stabilized at a high level, continuing to put pressure on the precious metal.

Geopolitical risks in the Middle East and the Strait of Hormuz may support safe-haven demand. However, rising oil prices have also raised concerns about energy inflation, making monetary policy prospects more unpredictable.

A survey by a precious metals website with 14 Wall Street experts shows strong psychological leaning towards a downward trend. 11 experts, equivalent to 79%, predict gold prices will continue to go down; two people predict the market is sideways and only one person expects prices to increase.

Technically, if maintained above 4,000 USD/ounce, gold prices can test the areas of 4,009-4,044 USD/ounce. Conversely, if penetrating the support zone of 3,970 USD/ounce, the price is at risk of falling back to 3,959 USD/ounce, even 3,942 USD/ounce.

In the coming week, the market will pay attention to the European Central Bank's interest rate decision, the number of US jobless claims, the preliminary PMI index for July and new home sales. In the context of relatively sparse data schedules, geopolitical developments, oil prices and statements from central bank officials may create stronger fluctuations for gold prices.