Gold price supported by 'floating' USD, China's GDP impacts the market, SJC gold 'lies still waiting for the right time'

Gold price today July 18, 2023, gold price is stable due to weaker USD, as investors wait for more signals on Fed's tightening monetary policy. The precious metal has the opportunity to pursue the level of 2,000 USD/ounce again. SJC gold price is unchanged.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/18 and EXCHANGE RATE TODAY 7/18

1. PNJ - Updated: 07/18/2023 02:00 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	55,900	56,900
HCMC - SJC	66,600	67,100
Hanoi - PNJ	55,900	56,900
Hanoi - SJC	66,600	67,250
Da Nang - PNJ	55,900	56,900
Da Nang - SJC	66,600	67,100
Western Region - PNJ	55,900	56,900
Western Region - SJC	66,800	67,200
Jewelry gold price - PNJ rings (24K)	55,900	56,850
Jewelry Gold Price - 24K Jewelry	55,700	56,500
Jewelry Gold Price - 18K Jewelry	41,130	42,530
Jewelry Gold Price - 14K Jewelry	31,800	33,200
Jewelry Gold Price - 10K Jewelry	22,250	23,650

World gold prices and domestic gold prices are relatively stable.

Opening the trading session on July 17, in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 66.6 - 67.2 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in the buying direction, but unchanged in the selling direction compared to the closing price yesterday.

Doji Gold and Gemstone Group Joint Stock Company listed the price of SJC gold in Hanoi market at 66.55 - 67.25 million VND/tael (buy - sell), down 150 thousand VND/tael for buying and 100 thousand VND/tael for selling compared to the closing price yesterday.

Gold price today July 18, 2023: Gold price is supported by the 'floating' USD, China's GDP affects the market, SJC gold 'lies still waiting for the right time'. (Source: Kitco)

Gold prices started the week on a downward trend, as the US dollar gradually strengthened and confidence that the US Federal Reserve (Fed) would soon stop its interest rate hike cycle was increasingly reinforced. Spot gold prices fell 0.1% to $1,952.58/ounce. US gold futures prices fell 0.4% to $1,957.2/ounce.

Meanwhile, in the Asian market, gold prices fell on the afternoon of July 17 as the USD rose from a more than 1-year low, although investors largely bet on the possibility that the US Federal Reserve (Fed) will soon stop its plan to raise interest rates.

In this session, spot gold price decreased by 0.1% to 1,952.35 USD/ounce at 14:58 (Vietnam time). US gold futures price decreased by 0.4% to 1,956.20 USD/ounce.

According to World & Vietnam Newspaper , at 7:23 p.m. on July 17 (Vietnam time), the world gold price on Kitco floor was at 1,958.2 - 1,959.2 USD/ounce, an increase of 3.9 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of July 17:

Saigon Jewelry Company listed the price of SJC gold at 66.6 - 67.2 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.55 - 67.25 million VND/tael.

Phu Quy Group listed at: 66.55 - 67.25 million VND/tael.

PNJ system listed at: 66.6 - 67.1 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.61 - 67.18 million VND/tael; Rong Thang Long gold brand is traded at 56.07 - 56.92 million VND/tael; jewelry gold price is traded at 55.45 - 56.65 million VND/tael.

Thus, compared to the early morning of July 17, the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company remained unchanged in both buying and selling prices.

Converted according to the USD price at Vietcombank on July 10, 1 USD = 23,800 VND, the world gold price is equivalent to 55.01 million VND/tael, 12.09 million VND/tael lower than the selling price of SJC gold.

Gold market awaits Fed's move

Global gold prices held steady on July 11, supported by a weaker US dollar, as investors awaited further signals on the Fed's tightening monetary policy amid signs of cooling inflation.

Spot gold was little changed at $1,954.13 an ounce at 0924 GMT. U.S. gold futures fell 0.3 percent to $1,958.10.

The greenback hovered near a more than one-year low against a basket of currencies, making gold cheaper for holders of other currencies.

“Gold bugs” are tempering enthusiasm for the “imminent end of the Fed’s rate hikes, with markets cautious that US consumers may still have enough spending power to reignite the inflationary momentum of the world’s No. 1 economy,” said Han Tan , chief market analyst at Exinity.

US economic data released last week hinted at a trend of falling inflation as consumer prices rose at their slowest pace in more than two years.

Investors largely expect the Fed to raise interest rates at its July 25-26 meeting, and potentially pause its monetary tightening there before cutting rates next year.

“(And) if the Fed signals that the July rate hike will mark the final peak of this rate hike cycle, that could provide fresh impetus for gold bulls to chase $2,000 an ounce again,” added Han Tan.

Last week, the precious metal posted its biggest weekly gain since April on bets that the Fed could pause rate hikes after July.

Lower interest rates support gold as they reduce the opportunity cost of holding non-yielding bullion.

Meanwhile, data showed China's economy grew at a weak pace in the second quarter of 2023 as domestic and external demand weakened, putting pressure on policymakers to roll out more stimulus to shore up activity.

With hopes of stimulus measures in July or August, riskier assets like base metals and stocks will see more buying, which could dampen demand for gold, said Vandana Bharti , assistant vice president of commodities research at SMC Global Securities.

Spot silver fell 0.6% to $24.7771 an ounce, platinum fell 0.5% to $966.88 and palladium fell 0.6% to $1,263.22.

Meanwhile, according to Kitco News , gold and silver prices fell slightly in early US trading on July 17. There were some new concerns about demand for the metal after China released some not-so-positive economic data.

China, the world's second-largest economy, saw its gross domestic product (GDP) grow 6.3% in the second quarter from a year earlier, below market expectations of a 6.9% increase. The news put some downward pressure on metals and crude oil markets.

Earlier, according to Reuters , the USD recovered from its lowest level since April 2022, as traders awaited important economic data and policy decisions.

The gold rally based on the US consumer price index has paused, which could lead to a technical pullback in gold prices back to the $1,940-$1,950 an ounce area, said Matt Simpson , senior market analyst at financial services firm City Index.

US data last week showed a cooling trend in inflation, as consumer prices rose at their slowest pace in more than two years.

Mr Simpson added that if interest rate hike cycles are nearing their peak, that would be a supportive factor for gold alongside central bank buying.

Gold prices are always sensitive to US interest rate adjustments. Lower interest rates will weaken the USD, but significantly increase the attractiveness of non-yielding assets such as gold.

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