Gold price today July 20: Forecast to increase next week despite slight decrease

(NLDO) – The price of SJC gold bars and gold rings has decreased again. The world gold price is forecast to improve.

Today, July 20th, SJC gold bars are priced at 119.7 million VND per tael for buying and 121.2 million VND per tael for selling by gold companies. Compared to the end of last week, the price has decreased by 300,000 VND per tael.

Meanwhile, the price of 99.99% pure gold rings and jewelry was traded at 114.2 million VND/ounce for buying and 116.7 million VND/ounce for selling, a decrease of approximately 800,000 VND/ounce compared to the end of last week.

Domestic gold prices halted a two-week winning streak, with gold rings experiencing a sharper decline than SJC gold bars. This development is quite unexpected given the stagnation in global prices.

On the international market, gold closed the trading week at $3,350 per ounce, down about $7 per ounce from the end of the previous week. However, the psychological threshold above $3,300 per ounce continues to be strengthened, reflecting that gold remains an attractive investment choice.

SJC gold bar and gold ring prices end a two-week winning streak.

Forecasts for gold prices next week indicate that both analysts and investors expect prices to continue rising, according to the latest Kitco gold price trend survey.

Gold prices are predicted to rise sharply today.

Specifically, in a Wall Street survey of 15 analysts, 53% believed that the price of gold would continue to rise; only 7% predicted a decrease, and the remaining 40% expected the price to remain stable.

Meanwhile, a survey of 223 Main Street investors showed that the majority remained optimistic, with 62% believing that gold prices would continue to rise in the near future. Only 27% predicted a price decrease, and 21% thought the market would remain flat.

Next week, the market will focus on information related to the European Central Bank's (ECB) interest rate decision, along with manufacturing and housing data; the Federal Reserve Chairman will also deliver his latest speech, and the market will be watching to see if he mentions any information regarding the next direction of monetary policy…

Marc Chandler, Managing Director at Bannockburn Global Forex, predicts that gold prices will rise in the coming days, suggesting that the USD's upward momentum is nearing its end. If gold prices surpass $3,400 per ounce, it will solidify the upward trend in the near future.

Currently, based on the exchange rate at Vietcombank , world gold is priced at 106.4 million VND per tael, which is nearly 15 million VND lower than the price of SJC gold bars per tael.

Source: https://nld.com.vn/gia-vang-hom-nay-20-7-dong-loat-giam-du-bao-lac-quan-cho-tuan-toi-196250720085354188.htm