On July 17, the price of gold bars at SJC closed at 118.6-120.6 million VND/tael (buy - sell), unchanged from yesterday's closing price.

The price of SJC 1-5 chi gold rings at the close of the session on July 17 was listed at 114.2-116.7 million VND/tael (buy - sell), unchanged from the close of yesterday's session.

Meanwhile, the price of 9999 gold rings at Doji closed at 115.9-118.4 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in both buying and selling compared to yesterday's closing price.

As of 8:00 p.m. on July 16 (Vietnam time), the spot gold price on the international market was at $3,333/ounce. Gold for August 2025 delivery on the Comex New York floor was at $3,340/ounce.

The world gold price on the night of July 16 was about 27% higher (equivalent to 708 USD/ounce) than at the end of 2024. The world gold price converted to the bank USD price was 106.8 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 session on July 16.

The international gold price increased slightly by about 10 USD/ounce after two consecutive sharp declines, but is hovering around the familiar range of 3,300-3,350 USD/ounce in the past two months. SJC gold bars also plummeted following the world price and will they continue to fall?

The slight increase in world gold prices is mainly due to the increase in buying power after the precious metal price decreased. In the world, in the past few years, there has been a stable and strong buying force whenever the price of gold decreased. That is the central banks of the countries.

Countries have been increasing their gold purchases since the Russia-Ukraine conflict broke out and the USD has been on a downward trend following US policies, especially since Donald Trump took office for a second term as president.

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SJC gold price decreased for 2 consecutive sessions. Photo: NH

However, gold prices have increased sharply in the past two years and this is a non-yielding asset. Therefore, profit-taking pressure on this commodity often increases rapidly whenever gold prices increase sharply.

Countries, including China, tend not to buy gold when prices rise too high. This may be the reason why gold prices have fluctuated around the familiar range of $3,300-3,350/ounce in the past two months.

Gold has also been under selling pressure recently as trade tensions between the US and other countries have cooled. On July 15, US President Donald Trump announced a trade deal with Indonesia. Indonesia will reduce its import tariffs from 32% to 19%, in exchange for US goods entering Indonesia at a 0% tariff.

Domestically, gold prices fell for the second consecutive session. Specifically, by the end of the trading session on July 16, the price of 9999 gold bars at SJC and Doji was listed at VND118.6-120.6 million/tael (buy-sell), down VND500,000 in both directions compared to the previous session.

SJC announced the price of gold rings of type 1-5 at only 114.2-116.8 million VND/tael (buy - sell), down 400,000 VND for buying and down 300,000 VND for selling. The price of plain gold rings at Doji is 115.6-118.6 million VND/tael (buy - sell), unchanged for buying and down 500,000 VND for selling.

Gold Price Forecast

Despite the slight increase, gold is lacking a strong enough support factor to break out, first above the resistance level of 3,400 USD/ounce and then the historical peak of 3,500 USD/ounce set on April 22.

The announcements of tariffs on goods imported into the US by countries are no longer having a strong impact on gold prices. The US is still negotiating with countries on reciprocal tariffs.

Currently, investors expect that the factor that can be strong enough to push gold up is the US Federal Reserve (Fed) cutting interest rates. However, the possibility of the Fed cutting interest rates at the meeting at the end of July is very low. The next monetary policy meeting will be in September.

Money is also pouring into the US stock market amid positive news about the world's No. 1 economy and businesses heading into the quarterly financial reporting season. The Trump administration's reciprocal tax exemption policy could help businesses achieve positive business results.

The push to boost the tech sector has also helped corporations break out. Chip giant Nvidia recently became the first company in history to reach a market capitalization of more than $4 trillion.

Money flows into riskier assets like Bitcoin also put pressure on gold.

Gold prices are surging, forecast to accelerate out of the tug-of-war zone . World gold prices have increased sharply and are forecast to break out of the tug-of-war zone of nearly 2 months when the world is immersed in instability, from trade to geopolitics. SJC skyrocketed to 121 million VND, while gold rings are surging.

Source: https://vietnamnet.vn/gia-vang-hom-nay-17-7-2025-vang-lao-doc-ve-vung-quen-thuoc-sjc-co-giam-tiep-2422543.html