Gold price today 7-14: Fluctuations and forecast of SJC gold price next week

This morning, July 14, the price of SJC gold bars was listed by companies at VND119.5 million per tael for purchase and VND121.5 million per tael for sale, stable compared to the end of the week. The price of gold bars was stable at the beginning of the week, after 2 consecutive weeks of increase and is currently at its highest level in about a month.

Gold price increased the highest in the past month

Similarly, 99.99% gold rings and jewelry gold also remained stable at VND115 million/tael for buying and VND117.5 million/tael for selling, after increasing by millions of dong per tael in the previous 2 weeks.

Opening the new trading week, the price of gold today jumped to 3,370 USD/ounce, up about 12 USD/ounce compared to the last session of the week. However, by 9:00 am, Vietnam time, the price of the precious metal decreased again and is being traded around 3,358 USD/ounce.

Giá vàng hôm nay 14-7: Biến động và dự báo giá vàng SJC trong tuần tới - Ảnh 2. — SJC gold bar price is quiet before July 15

Forecasting the trend this week, analysts believe that gold prices will increase but will find it difficult to break out in the short term. The sideways trend is more likely when the market lacks strong supporting factors. The USD has remained at a high level of around 97.8 points for about a week.

Difficult to break through strongly

Sharing on Kitco, Mr. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said that gold is lacking short-term catalysts to push prices back to the all-time record high last April around $3,500/ounce.

Similarly, Philip Streible, market strategist at Blue Line Futures, said that investors shifting their investments to different types of commodities was also a major factor limiting gold prices. Gold also faced competition from another precious metal, silver, as the price of silver as of this morning exceeded $38.56/ounce, up about 4% for the week and at a record high in the past 14 years.

Currently, the world gold price converted according to the listed exchange rate is about 106.3 million VND/tael, which is more than 15 million VND/tael lower than the price of SJC gold bars.

Regarding domestic gold prices, some experts believe that in addition to international prices, the prices of SJC gold bars and 99.99 gold rings will be affected by new gold management policy regulations.

Currently, July 15 is the deadline for the Government to request the State Bank to submit a draft Decree amending Decree 24/2012/ND-CP on the management of gold trading activities as requested by the Prime Minister .