The week ended with strong price increases.

Domestic gold prices

At the close of trading on July 14th, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.65 million VND/ounce (buying price) and 67.25 million VND/ounce (selling price). SJC Hanoi listed the price at 66.65 million VND/ounce (buying price) and 67.27 million VND/ounce (selling price).

Doji Hanoi listed gold at 66.7 million VND/ounce (buying price) and 67.35 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/ounce and sold it at 67.2 million VND/ounce.

World gold prices have risen again. (Image: Kitco)

International gold prices

On the world market, the spot price of gold on July 14th (at 7 PM, Vietnam time) was trading at $1,958 per ounce.

The US dollar index (comparing the USD against a basket of six major trading partner currencies) broke the 100-point mark, falling to 99.767 points. This is its lowest level in over a year. The decline in the USD makes gold more attractive to holders of other currencies.

The US Producer Price Index (PPI) rose slightly by 0.1% in June compared to May, with an annual increase of 0.1%, the smallest annual increase in nearly three years.

Christopher Waller, Governor of the US Federal Reserve (Fed) and a member of the Federal Open Market Committee (FOMC), has expressed support for the Fed to conduct two more interest rate hikes this month and later this year to address rising inflation.

Two interest rate adjustments, each by 25 basis points, are necessary at upcoming policy meetings to bring inflation back to the target of 2%.

Gold price forecast

Brian Lan, an expert at GoldSilver Central in Singapore, believes that the market's focus remains on the next Fed interest rate policy meeting. This could determine gold prices in the short term.

Phillip Streible, a strategist at Blue Line Futures, assesses that following the release of new economic data, the gold market is recovering strongly. The price of gold could push up to $2,000 per ounce.

Source: https://vietnamnet.vn/gia-vang-hom-nay-15-7-ket-thuc-tuan-tang-gia-manh-2165497.html