Gold price forecast after a week of gains.

At the end of the trading week from June 30th to July 5th, the price of SJC gold bars was listed by major businesses at 118.9-120.9 million VND/ounce (buy - sell). The price of gold bars started the week at 117.2-119.2 million VND/ounce (buy - sell) and the highest price recorded was 119.3-121.3 million VND/ounce (buy - sell).

Thus, after a week of trading, although the price did not maintain its peak, both the buying and selling prices increased by 1.7 million VND.

The price of plain gold rings was listed at 114.3-116.8 million VND/ounce (buy - sell), down 200,000 VND in both directions before the end of the week.

On the international market, gold closed the week at $3,335 per ounce. The precious metal started the week at $3,271 per ounce and at one point fell below $3,250 – the lowest point of the week. However, the price then reversed and began to rise steadily, before turning slightly lower and closing the week at its current level due to technical selling pressure and the impact of the US non -farm payrolls report.

Nevertheless, gold prices still recorded a 2% increase this week.

Dự báo giá vàng sau tuần tăng giá - 1 — World gold prices recorded a 2% increase this week (Photo: Tien Tuan).

Adam Button, Head of Currency Strategy at Forexlive.com, believes that the US dollar's performance last week explained the ups and downs of gold. The slight rise in the dollar after the jobs report, followed by a quick reversal, shows that the selling trend of the dollar has remained dominant since the beginning of the year. "As the dollar continues to weaken, gold will continue to benefit," he said.

Colin Cieszynski, chief market strategist at SIA Wealth Management, believes the Federal Reserve is in a difficult position, caught between pressure to cut interest rates and rising inflation risks. He also emphasized that the recent stability in gold prices is primarily due to the weakening of the US dollar.

Adrian Day, President of Adrian Day Asset Management, is more cautious, suggesting that several less optimistic factors could simultaneously emerge and overshadow the role of gold. These include the possibility of the Fed cutting interest rates early this month, new tariff agreements, and a decrease in purchases from central banks, particularly China. However, he emphasized that any correction in gold prices would likely be minor and short-lived.

Marc Chandler, an expert from Bannockburn Global Forex, also maintains a cautious view. Forecasting world gold prices for next week, he believes the recovery is fragile. According to him, the price could fall back to the $3,250/ounce range or lower. "Strong employment data and rising interest rates are putting significant pressure on gold," he said.

Sharing this view, Sean Lusk, co-director of trade defense at Walsh Trading, a trading firm, questioned the justification for the Fed to cut interest rates at this time.

According to experts, interest rate cuts are usually a sign that the economy is in trouble. But currently, stocks are still at their peak and the economy is stable. He believes that if the Fed cuts too soon, the risk of inflation returning cannot be ignored.

However, Sean Lusk also believes that in the long term, gold still has upward potential. "If there is a correction, it will only be temporary. We are still in a major bull cycle," he said.

Jim Wyckoff, an expert at Kitco, believes that gold will continue to fluctuate sideways or up and down until there is a strong enough factor to break through the current price range.

Source: https://dantri.com.vn/kinh-doanh/du-bao-gia-vang-sau-tuan-tang-gia-20250706020136208.htm