Gold price today, July 28: Dystic risks await investors

Updated SJC gold price

As of 9:30 a.m., DOJI Group listed the price of SJC gold bars at VND 119.6-121.1 million/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 119.6-121.1 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 118.8-121.1 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 2.3 million VND/tael.

9999 round gold ring price

As of 9:30 a.m., DOJI Group listed the price of gold rings at 116-118.5 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling is 2.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 116.2-119.2 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 115.1-118.1 million VND/tael (buy in - sell out), unchanged. 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 9:30 a.m., the world gold price was listed around 3,332.3 USD/ounce, down 3.7 USD/ounce.

Gold price forecast

With gold sliding below the $3,350/ounce support level, some technical experts believe the correction trend has begun to emerge.

Michael Moor, founder of Moor Analytics, pointed out that short-term technical models have been signaling a reversal. According to him, gold prices have lost their previous upward momentum when they broke important levels.

Similarly, Mr. Marc Chandler - CEO of Bannockburn Global Forex - commented that gold is "heavy" and if the $3,321.5/ounce mark is penetrated, the decline could extend to the $3,250/ounce area.

Meanwhile, FxPro senior analyst Alex Kuptsikevich said gold is facing the risk of a deep correction if it continues to fail to maintain above $3,450/ounce - a price that has been denied four times since April. According to him, if the trend is broken down for the average of 50 days, prices could quickly fall to the 3,150 or even 3,050 USD/ounce zone.

Sharing the same view, Kitco senior expert Jim Wyckoff believes that gold will continue to accumulate, but tends to weaken as investors' risk appetite in the market is improving.

In addition, many experts believe that the gold market will continue to be "unclear", at least in the short term.

There is no reason for gold to collapse, but there is also a lack of momentum to boost strongly, according to Barchart.com veteran analyst Darin Newsom. He said prices could slide slightly as cash flow shifts to silver and copper, but golds safe haven role remains unchanged.

Commerzbank's analysis team also expressed a neutral view. According to them, gold is struggling with supporting and hindering factors, in which international trade agreements are weakening the safe-haven appeal of this precious metal.

In contrast to the cautious atmosphere, some experts believe that gold is facing a new opportunity to increase.

Regardless of whether the US Federal Reserve (FED) keeps interest rates unchanged or cuts at its upcoming meeting, both scenarios could support gold and silver prices to increase, according to Rich Checkan, Chairman and COO of Asset Strategies International.

From a similar perspective, Mr. James Stanley - senior market strategist at Forex.com - said that what the market is witnessing is just a temporary correction. If the Fed continues to maintain expectations of a rate cut this year without being too dovish, gold will continue to benefit - as it has for the past year and a half, he said.

Economic data to watch this week

Tuesday: New employment numbers (JOLTS), US consumer confidence.

Wednesday: ADP employment data, US preliminary GDP, Bank of Canada monetary policy decision, pending home sales, FED interest rate decision, Bank of Japan decision.

Thursday: US PCE, weekly jobless claims.

Friday: US non-farm payrolls, ISM manufacturing PMI.