Gold prices fall further

(Dan Tri) - Compared to the peak last week, the price of SJC gold bars decreased by 1.6 million VND in the selling direction. International precious metals also recorded a decrease of more than 100 USD/ounce.

At the end of the trading week from July 21 to July 26, SJC gold bar prices were listed by businesses at 119.6-121.1 million VND/tael (buy - sell).

Last week, there was a time when the price of gold bars reached 120.7-122.7 million VND/tael (buy - sell). However, compared to the current price, this item has "evaporated" 1.1 million VND/tael for buying and 1.6 million VND/tael for selling.

The price of plain gold rings is listed at 114.5-117 million VND/tael (buy - sell), down 500,000 VND each way before the end of the week.

On the international market, the price of gold this morning (Vietnam time) was at 3,333 USD/ounce, down 2 USD compared to before. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 105.7 million VND/tael.

World gold price decreased by more than 100 USD/ounce compared to the peak last week (Photo: Hai Long).

Last week, the price of gold had soared to $3,433 an ounce, but it failed to stay there and quickly plummeted. In just a few days, the precious metal lost about $100 an ounce.

According to analysts, the current gold market is mainly driven by psychological factors. In the current volatile context, investor sentiment can quickly reverse. The prolonged trade conflict continues to create uncertainty, causing demand for safe assets such as gold to increase sharply.

However, any new signals from trade policy can have an immediate impact on gold buying and selling in the market.

The stagnation in gold prices reflects a conflicting sentiment among investors. Some have taken profits after the recent rally, while others are holding on in the hope that prices will continue to rise if the US Federal Reserve (Fed) leans toward easing monetary policy.

According to Kitco's survey of gold price forecasts for next week, out of 14 Wall Street analysts, only 2 people (14%) predict prices will increase, 5 people (36%) predict a decrease and 7 people (50%) think prices will go sideways.

Meanwhile, 206 retail investors participated in Kitco's online survey, with 135 (66%) expecting gold prices to rise, 40 (19%) expecting prices to fall and 31 (15%) predicting gold will be flat.

Commerzbank said gold is “looking for direction” as trade deals overshadow haven demand. It maintained a neutral stance, saying prices have reached a temporary peak.

Economic news next week is also dense with a series of data on growth, inflation, labor market along with important monetary policy decisions.

Specifically, on Tuesday, there will be JOLTS employment data and US consumer confidence for July. On Wednesday, the market will receive ADP employment data, preliminary second-quarter GDP and pending home sales. Also on this day, the three central banks of Canada, the US and Japan will announce their interest rate decisions.

Thursday sees the release of July PCE and jobless claims, with nonfarm payrolls and the ISM manufacturing PMI later in the week.

Central rate slightly decreased

The State Bank of Vietnam has announced the central exchange rate at 25,164 VND this week, down 2 VND from the previous rate. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,904-26,423 VND.

The exchange rate at major banks is 25,930-26,320 VND (buy - sell), unchanged from before. At mid-sized banks, the USD price is 25,965-26,315 VND (buy - sell), down 10 VND each way.

On the free market, foreign exchange points buy and sell USD around 26,380-26,460 VND (buy - sell), an increase of 20 VND for buying and 10 VND for selling.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-giam-them-20250728071203418.htm