Gold price today July 6th: Keeping high, still posing risks

SJC gold bar price

As of 9:20 am, Phu Quy Jewelry Group listed SJC gold bar prices at 148-151.4 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3.4 million VND/tael.

At the same time, SJC gold bar prices were listed by DOJI Group at the threshold of 148.4-151.4 million VND/tael (buying - selling), unchanged in both buying and selling 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 147.5-151 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.5 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 148-151 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

DOJI Group listed gold ring prices at the threshold of 148.4-151.4 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 147.5-151 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3.5 million VND/tael.

World gold price

At 9:23 am, world gold prices were listed around the threshold of 4, 176.4 USD/ounce, slightly up 2.3 USD/ounce.

Gold price forecast

Entering this week, the world gold market continues to record fluctuations in the high price range after the weakening momentum of US labor data last week continued to have an impact on the USD and bond yields.

This development mainly comes from the US jobs report being weaker than expected, reducing expectations that the US Federal Reserve (Fed) will continue to maintain a strong tightening stance. The USD is therefore under adjustment pressure, while the yield of 10-year US Treasury bonds is still hovering around the 4.5% zone instead of continuing to break through.

This creates a policy picture of "conditional neutrality", when the market has not completely shifted to loosening expectations but is no longer too inclined towards the possibility of drastic interest rate hikes.

In that context, gold prices are reacting mainly to the USD and yield channels, rather than geopolitical factors. Oil prices are maintaining stability around the low zone compared to previous shocks, helping to reduce inflationary pressure, thereby limiting negative impacts on bonds and indirectly supporting gold. It can be seen that the energy factor is no longer the main driving force dominating the precious metals market in the short term.

From a market perspective, international analysis organizations believe that investor sentiment is leaning towards a re-accumulation trend after a period of adjustment.

Cash flow on the gold market shows signs of returning as the precious metal regains an important psychological milestone after a long period of decline before. However, this trend is still cautious as macroeconomic factors are not really clear.

Some forecasts show that although gold is still supported by portfolio diversification demand and buying activity from the Asian region as well as central banks of countries, short-term resistance forces such as high yields and strong USD have not completely disappeared. This makes it likely that gold prices will continue to fluctuate in a wide range instead of forming a vertical upward trend.

In the medium term, many viewpoints still maintain a positive assessment of gold in the context of global public debt at a record high and the correlation between stocks and bonds still maintained at a high level, increasing demand for hedge assets.

However, this week, the market may still prioritize the "data observation" status, especially the next signals from the Fed and US economic indicators, before establishing a clearer trend.