Gold price today July 28: Continue to fall

According to experts, gold is largely driven by investor sentiment, and in today's volatile market, sentiment can change in the blink of an eye. Uncertainty surrounding US President Donald Trump's protracted trade war is also a major factor driving demand for safe havens like gold, so any signal about new policies will impact demand for gold.

According to analysts, this week, the market is waiting for a lot of remarkable information about growth, inflation and employment besides important decisions on US interest rates. Many central banks of countries will also announce decisions on monetary policy... These factors will affect gold prices.

Gold is struggling as investors turn their attention to the stock market, which is trading at record valuations, said Phillip Streible, chief market strategist at Blue Line Futures.

The selling pressure on gold began after news that the Trump administration and the Japanese government were close to reaching a trade deal that would see imports from Japan subject to a 15% tariff.

Gold price movements today

+ Domestic gold price

Gold prices continue to decline (Photo: Minh Duc)

At 6:00 a.m. on July 28, the price of gold bars at Doji and SJC was listed at 119.6 - 121.1 million VND/tael (buy - sell), unchanged from early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 116 - 118.5 million VND/tael (buy - sell), unchanged from early this morning.

+ International gold price

The world gold price listed on Kitco is at 3,327 USD/ounce, down 09 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,330 USD/ounce.

Gold Price Forecast

According to Kitco's latest survey on gold price trends on Wall Street, 14 analysts participated in the survey, of which only 14% said that gold prices will continue to increase; 36% said that gold prices will decrease and the remaining 50% said that gold prices will remain stable.

Contrary to experts’ forecasts, the survey of 206 Main Street investors showed that the majority remained optimistic, with 66% of respondents expecting gold prices to continue to rise in the near future; only 19% predicted prices would fall and the remaining 15% thought the market would move sideways.

Analysts at Commerzbank said the market lacked clear momentum as potential trade deals dampened safe-haven demand, keeping gold from breaking out further. The bank maintained a neutral stance in the short term, saying the rally had peaked.

Darin Newsom, an analyst at financial data provider Barchart.com, said that world gold prices will move sideways next week because there is no factor strong enough to cause the precious metal to decrease in price or create new momentum to increase.

“ The core reason for gold’s strength is that its role as a safe haven amid global uncertainty has not changed ,” he said.

He noted that China may be buying more gold and they will not “dump” it anytime soon.

Source: https://baolangson.vn/gia-vang-hom-nay-28-7-tiep-tuc-di-xuong-5054304.html