Gold price today July 21, 2024, gold price plummeted, closing the first week of decline in a month, after setting record highs at the beginning of the week. Experts are returning to a balanced stance, while retail sentiment remains optimistic about next week. SJC gold shocks, gap with the world widens.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/21 AND EXCHANGE RATE TODAY 7/21
| 1. SJC - Updated: 07/20/2024 08:25 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 78,000 ▼500K | 80,000 |
| SJC 5c | 78,000 ▼500K | 80,020 |
| SJC 2c, 1c, 5c | 78,000 ▼500K | 80,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 75,700 ▼100K | 77,100 ▼100K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 75,700 ▼100K | 77,200 ▼100K |
| Jewelry 99.99% | 75,600 | 76,700 ▼100K |
| Jewelry 99% | 73,941 ▼99K | 75,941 ▼99K |
| Jewelry 68% | 49,811 ▼68K | 52,311 ▼68K |
| Jewelry 41.7% | 29,637 ▼42K | 32,137 ▼42K |
Update gold price today 7/21/2024
Domestic gold prices fluctuated last week.
On the morning of July 15, domestic gold bar prices continued to remain below VND77 million/tael. Meanwhile, gold ring prices varied between brands in both buying and selling, while maintaining a higher price than SJC gold bars in selling. Specifically, DOJI Gold and Gemstone Group listed SJC gold prices at VND74.98 - 76.98 million/tael (buy - sell), unchanged from yesterday's closing price.
After two stable sessions, the domestic price of SJC gold bars on the morning of July 18 suddenly increased to 80 million VND/tael. Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 78.5 - 80 million VND/tael (buy - sell), an increase of 2.52 million VND for buying and 3.02 million VND/tael for selling compared to the closing price on July 17.
At Saigon Jewelry Company (SJC), the price of SJC gold was also listed at 78.5 - 80 million VND/tael (buy - sell), an increase of 2.52 million VND in the buying direction and 3.02 million VND/tael in the selling direction compared to the closing price yesterday. For gold rings, at DOJI Jewelry Group, the price of gold rings was listed at 76.35 - 77.6 million VND/tael (buy - sell), a decrease of 100 thousand VND/tael in both buying and selling directions compared to the closing price yesterday.
On the morning of July 19, the price of SJC gold bars remained the same as the previous day, while the price of gold rings at other brands decreased in both buying and selling prices. Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 78.5 - 80 million VND/tael (buy - sell), unchanged from yesterday's closing price. Meanwhile, for gold rings, DOJI Gold and Gemstone Group listed the price of gold rings at 76.1 - 77.4 million VND/tael (buy - sell), down 400 thousand VND/tael in buying prices and down 300 thousand VND/tael in selling prices compared to yesterday's closing price.
On the morning of July 20, companies SJC, PNJ, DOJI, Bao Tin Minh Chau... and 4 commercial banks (Vietcombank, Agribank , BIDV, VietinBank) continued to keep the selling price of SJC gold bars at 80 million VND/tael.
Meanwhile, the price of 24K gold rings produced by SJC and PNJ companies only decreased slightly from 77.2 million VND to 77.1 million VND/tael, although the world gold price the night before dropped sharply, to 44 USD/ounce (equivalent to 1.4 million VND/tael) and closed the week at 2,400 USD/ounce.
According to the gold business community, if the domestic gold ring price decreases in line with the world gold price, gold companies may lose money. Because, for a long time, gold businesses have been buying at high prices, so when the world gold price drops sharply, gold rings cannot decrease in price much.
According to The Gioi & Viet Nam Newspaper , at 5:31 p.m. on July 20 (Vietnam time), the world gold price at goldprice.org was at 2,400.78 USD/ounce, down 41.05 USD/ounce compared to the previous trading session.
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| Gold price today July 21, 2024: SJC gold price is shocking, far from the world; the market is shaking impressively, experts are cautious, will sell off to take profits. (Source: Reuters) |
Summary of SJC gold prices at major domestic trading brands at the closing time of July 20:
Saigon Jewelry Company listed at 78.0 - 80.0 million VND/tael.
Doji Group is currently listed at: 78.5 - 80.0 million VND/tael.
PNJ system listed at: 78.5 - 80.0 million VND/tael.
Phu Quy Gold and Silver Group listed at 78.5 - 80.0 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 78.5 - 80.0 million VND/tael; Rong Thang Long gold brand is traded at 75.93 - 77.25 million VND/tael; jewelry gold price is traded at 75.15 - 77.05 million VND/tael.
Converted according to the USD price at Vietcombank on July 20, 1 USD = 25,458 VND, the world gold price is equivalent to 73.64 million VND/tael, 6.36 million VND/tael lower than the selling price of SJC gold.
Wall Street balanced and cautious, Main Street remains optimistic
Precious metals traders enjoyed heightened optimism this week as markets reinforced expectations of a rate cut from the US Federal Reserve at its September meeting. But prices may have rallied too high, too fast, with the subsequent pullback dragging the precious metal back to its original position.
World gold futures prices fell more than 2% in the trading session on July 19, ending the first weekly decline in a month, after setting record highs earlier in the week.
Gold for August 2024 delivery fell $57.3, or 2.3%, to close at $2,399.1 an ounce on the Comex floor.
The precious metal posted its biggest one-day percentage drop since June 7 on Friday and was down 0.9% for the week, after three straight weeks of gains.
The latest Kitco News weekly gold survey shows industry experts are returning to a balanced stance, while retail sentiment remains bullish about the week ahead.
“No change,” said Adrian Day , president of Adrian Day Asset Management. “Gold will likely need to consolidate before rising again. However, further hints that the Fed is starting a rate-cutting cycle could send gold higher at any time.”
Darin Newsom , senior market analyst at Barchart.com, sees gold continuing its downward trend in the near term.
“Neutral,” said Adam Button, head of currency strategy at Forexlive.com. “The market has been shaken up impressively by the news that China has stopped buying (at least temporarily), but the sharp profit-taking over the weekend will be difficult to reverse. All eyes are on US politics.”
“The market may have seen a double top in gold,” said Mark Leibovit of VR Metals/Resource Letter.
Analysts at CPM Group are recommending investors stay on the sidelines next week, warning that the $92.70 drop over the past two days “could be repeated in the coming days or weeks, not just on the downside but also on the upside.”
“If prices fall below $2,400 over the weekend, the liquidation next Monday could be heavy. Or, with more bad political news, prices could surge higher again,” they said.
Bob Haberkorn , senior commodities broker at RJO Futures, said that while Friday's price drop looked severe, it should not affect gold's appeal in the medium term.
Haberkorn doesn’t expect the yellow metal to fall for long. “I think this pullback will be short-lived and you’ll see this as a buying opportunity.”
Regarding the recent uncertainties surrounding the US election, expert Haberkorn said he did not think Mr. Biden's withdrawal would seriously affect precious metals.
Haberkorn sees the Fed and interest rate expectations as the main drivers of gold prices today. “I think if Biden drops out, it would be a big deal, but I don’t think it would be a problem for gold. It wouldn’t be a game changer in any way.”
This week, 16 Wall Street analysts participated in the Kitco News Gold Survey, and the results showed a balanced and uncertain outlook for the precious metal. Six experts, or 38%, expect gold prices to rise next week, while the same number predict prices will fall. The remaining four analysts see gold moving sideways next week.
Meanwhile, 168 votes were cast in Kitco’s online poll, with Main Street investors remaining bullish but lowering their expectations from last week. 103 retail traders, or 61%, predicted gold prices would rise next week. Another 36, or 21%, predicted the yellow metal would trade lower, while 29 respondents, or 17%, saw prices trading in a range next week.
Marc Chandler , CEO of Bannockburn Global Forex, believes the US dollar and bond yields will strengthen, reducing gold’s potential gains. “Gold is correcting lower after hitting a record high near $2,484,” he said. “I expect the US dollar to move higher, which could be bearish for gold. A break of 2,388 opens the door to a move towards 2,350-2,365.”
Alex Kuptsikevich , senior market analyst at FxPro, sees significant downside risks for gold prices.
“The pullback after setting new highs has been a typical pattern for gold in recent months, with similar pullbacks in May, April, March and December. The highs were followed by a pullback, which tapered off over about two weeks, leading to a stabilization and a return to the uptrend,” he said in a note shared with Kitco News.
“However, bull markets do not last forever and traders should look for signs that this bullish trend is reversing. Next week could determine the momentum for the coming months. A decline of more than 3% next week could repeat the pattern of 2020 and 2022 with corrections lasting more than 6 months,” he warned.
And Kitco Senior Analyst Jim Wyckoff said he expects a period of short-term consolidation from the precious metal.
Source: https://baoquocte.vn/gia-vang-hom-nay-2172024-gia-vang-sjc-gay-soc-cach-xa-the-gioi-thi-truong-rung-chuyen-an-tuong-chuyen-gia-than-trong-se-ban-thao-chot-loi-279368.html
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