At the end of the session on July 16, the price of gold bars at SJC closed at 118.6-120.6 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling compared to yesterday's closing price.
The price of 1-5 chi SJC gold rings at the close of the session on July 16 was listed at 114.2-116.7 million VND/tael (buy - sell), down 400 thousand VND/tael in both directions compared to the close of yesterday's session.
The price of 9999 gold rings at Doji closed the session at 115.6-118.1 million VND/tael (buy - sell), unchanged in the buying direction but down 500 thousand VND/tael in the selling direction compared to yesterday's closing price.
As of 8:00 p.m. on July 15 (Vietnam time), the spot gold price today on the international market was at $3,352/ounce. Gold for August 2025 delivery on the Comex New York floor was at $3,359/ounce.
The world gold price on the night of July 15 was about 27.7% higher (equivalent to 728 USD/ounce) than at the end of 2024. World gold converted to the bank USD price was 107.3 million VND/tael, including taxes and fees, about 13.8 million VND/tael lower than the domestic gold price as of the end of the afternoon of July 15.
Gold prices fell sharply in New York from a high in Asian markets earlier after the US announced surprising information.
Opening the trading session on July 15 on the New York market (evening of July 15, Vietnam time), the spot gold price dropped rapidly, from the level of 3,365-3,370 USD/ounce recorded earlier on the Asian market to 3,350 USD/ounce.
This is a sharp drop and comes close to the sensitive threshold of 3,350 USD/ounce that gold had just conquered in the previous session after 6 weeks of hovering in the range of 3,300-3,350 USD/ounce.
Gold prices fell sharply after the US Bureau of Labor Statistics announced that the consumer price index (CPI) increased by 0.3% in June, after increasing by 0.1% in May. Over the past 12 months, US inflation increased by 2.7%, compared to the increase of 2.4% in May and higher than the forecast of economists of 2.6%.
US core inflation in June increased 2.9% year-on-year, higher than the 2.8% increase recorded in May.
Remaining high inflation is likely to force the US Federal Reserve to maintain a cautious monetary policy stance. The possibility of the Fed cutting interest rates at its meeting in late July has become less likely than ever.
As of 8:20 p.m. on July 15 (Vietnam time), according to signals from the CME FedWatch tool, the market is betting on a 97.4% chance that the Fed will keep interest rates unchanged on July 30 despite great pressure from US President Donald Trump on Fed Chairman Jerome Powell. There is only a 2.6% chance that the Fed will cut interest rates by 0.25 percentage points to 4-4.25%/year.
The news of inflation remaining high kept the dollar at a three-week high, with the DXY index standing near 98.1.
Inflation is still rising but at a slower pace than expected and this is unlikely to influence the Fed's decision at the meeting at the end of the month, said Aaron Hill, chief analyst at FP Markets.
Gold prices also fell due to the decline in oil, a commodity closely related to gold. WTI crude oil prices fell 0.33% to $66.76/barrel.
Domestic gold prices decreased slightly. Specifically, by the end of the trading session on July 15, the price of 9999 gold bars at SJC and Doji was listed at 119.1-121.1 million VND/tael (buy - sell), down 400,000 VND in both buying and selling compared to the previous session.
SJC announced the price of gold rings of type 1-5 at only 114.6-117.1 million VND/tael (buy - sell); Doji listed the price of plain gold rings at 115.6-118.6 million VND/tael (buy - sell), both down 400,000 VND/tael.
Gold Price Forecast
Although gold prices have fallen sharply, there are many factors supporting this commodity. These include the tense trade wars between the US and many countries around the world. In addition, tensions between the US and Russia have increased after the Trump administration announced it would supply weapons to Ukraine through NATO and impose a 100% tax on countries importing Russian oil and gas.
While the Fed's July rate cut was unexpected, markets are still pricing in a September move, even after strong inflation data.
Northlight Asset Management's chief investment officer Chris Zaccarelli said that although US inflation has not increased sharply, the US economic situation remains unstable.
Gold is currently supported strongly around $3,300 an ounce. Analysts say the precious metal needs a catalyst to break above $3,400 and retest its April all-time high of $3,500 an ounce. A potential interest rate cut is seen as the best catalyst.
Zaccarelli predicts that if inflation is under control, the Fed could cut interest rates in September.
US Treasury Secretary Scott Bessent - who may be chosen by Mr Trump to be the next Fed chair - cautioned against placing too much hope on a single inflation figure; it is important to look at the overall trend, which currently shows no signs of accelerating.
Mr. Bessent emphasized that the Fed has made many big mistakes in forecasting and this time may be no exception.
Source: https://vietnamnet.vn/gia-vang-hom-nay-16-7-2025-vang-lao-doc-sjc-ve-dau-2422121.html
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