Tug of war around resistance

Update SJC gold price

Domestic SJC gold price closed on July 22, 2024.

SJC gold bar price recorded at DOJI Group. Unit: Million VND/tael. Chart: Khuong Duy

The high difference between buying and selling SJC gold makes investors more at risk of losing money in short-term investments.

Price of round gold ring 9999

As of 6:30 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 75.95-77.20 million VND/tael (buy - sell); an increase of 50,000 VND/tael for both buying and selling.

Saigon Jewelry Company listed the price of gold rings at 75.8-77.2 million VND/tael (buy - sell); an increase of 100,000 VND/tael for both buying and selling.

Bao Tin Minh Chau listed the price of gold rings at 75.88-77.18 million VND/tael (buy - sell); kept the buying price unchanged and increased the selling price by 50,000 VND/tael.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

World gold price

As of 6:30 p.m. today, the world gold price listed on Kitco was at 2,403.2 USD/ounce, up 2.4 USD/ounce compared to the close of yesterday's trading session.

Gold Price Forecast

World gold prices did not change much in the context of a slight decrease in the USD index. Recorded at 6:30 p.m. on July 22, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 103.984 points (down 0.12%).

The dollar fell slightly in initial reaction to US President Joe Biden withdrawing from re-election, clearing the way for another Democratic candidate to take on Donald Trump.

According to Capital.com financial market analyst Kyle Rodda, the possibility of interest rate cuts and the political situation in the US are supporting gold prices. The expert believes that current conditions are supporting gold to set a new record high before the end of 2024.

In an interview with Kitco News, James Stanley, senior strategist at Forex.com, said $2,500 an ounce is an important psychological level.

“We need to see if $2,400 is defended. If it is defended, it will create a strong bullish environment for gold. I remain bullish on gold because the precious metal is supported by strong fundamentals.”

While $2,400 an ounce is a near-term resistance, Stanley said gold would need to fall below support at $2,300 an ounce to weaken bullish sentiment in the market.

Markets are now turning their attention to US personal consumption expenditure data, due on July 26, and other data including the July 2024 global Purchasing Managers' Index (PMI), Q2/2024 GDP and weekly jobless claims.

Spot silver fell 0.5% to $29.11 an ounce today, platinum fell 0.3% to $959.99 an ounce, and palladium rose 1.1% to $916.18 an ounce.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-227-giang-co-quanh-muc-khang-cu-1370103.ldo