Overcoming pressure, gold price bounces back

Domestic gold price today

Early morning of July 26 , SJC gold price 9999 today decreased by 100 thousand VND/tael in both buying and selling compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:34 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:45 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,550,000 VND/tael	67,170,000 VND/tael
SJC HCMC	66,550,000 VND/tael	67,150,000 VND/tael
SJC Danang	66,550,000 VND/tael	67,170,000 VND/tael
Doji Hanoi	66,550,000 VND/tael	67,250,000 VND/tael
Doji HCMC	66,600,000 VND/tael	67,100,000 VND/tael

SJC and DOJI gold price list updated early morning 7/26

At the end of the trading session on July 25, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,650,000 VND/tael - 67,270,000 VND/tael
Doji Hanoi: 66,550,000 VND/tael - 67,250,000 VND/tael
SJC HCMC: 66,600,000 VND/tael - 67,200,000 VND/tael
Doji HCMC: 66,600,000 VND/tael - 67,100,000 VND/tael

The central exchange rate on July 26 announced by the State Bank was 23,746 VND/USD, down 14 VND compared to yesterday. The USD price at commercial banks this morning (July 26) was traded around 23,465 VND/USD (buy) and 23,835 VND/USD (sell).

International gold price today

At 9:29 a.m. today (July 26, Vietnam time), the world spot gold price stood at around 1,962.2 USD/ounce, up 5.2 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 2,003.5 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of July 25 (Vietnam time), the world spot gold price stood at around 1,957 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,981 USD/ounce.

The world gold price on the night of July 25 was about 7.3% higher (133 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.7 million VND/tael, including taxes and fees, about 10.5 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 25.

Gold prices on the international market are under pressure to decrease before the sensitive time when the US Federal Reserve (Fed) is about to make a decision on monetary policy.

*Gold prices are under pressure to fall. (Photo: KC)*

The Fed begins its two-day policy meeting on July 25-26.

Signals on the CME Group exchange showed that as of 8:50 p.m. on July 25 (Vietnam time), 98.3% of investors predicted that the Fed would raise the base interest rate by 25 basis points at the July 25-26 meeting. This rate was lower than the 99.6% level a day ago.

Previously, the Fed suspended interest rate hikes in June after 10 consecutive rate hikes since March 2022 with a total increase of 500 basis points, from a record low of 0-0.25%/year to 5-5.25%/year.

If the Fed raises interest rates at its meeting on July 25-26, the US federal funds rate will rise to 5.25-5.5% - the highest since 2001.

The market also predicts that in September, the Fed will raise interest rates once more. At that time, the US Fed funds rate will be around 5.5-5.75%.

Gold prices were also under pressure to fall as stocks in many Asian countries increased and US stocks also tended to rise in the session on July 25.

Gold Price Forecast

Hong Kong stocks rise more than 4% after China pledges to support property market.

According to Kitco, gold prices are under pressure to decrease in the short term due to the Fed's interest rate hikes. However, in the long term, the precious metal tends to increase thanks to the USD about to reverse its downward trend when the Fed ends its monetary policy tightening cycle.

If China’s economy grows rapidly again thanks to the real estate support policies being considered, the forecast of a decline in gold consumption in this country may no longer be correct. Gold then has another factor supporting the price increase.

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