World gold price today July 20 decreased sharply

World gold prices lost more than 2% in the last trading session of this week due to pressure from the recovery of the USD. The USD increased 0.1% against other currencies, while the yield of 10-year Treasury bonds also increased, putting significant pressure on gold bullion.

Besides, profit-taking activities in the market increased after the precious metal hit an all-time high, fueled by increasing expectations that the US Central Bank will cut interest rates in September, which also pushed gold prices down.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on July 20, the gold price at Doji was listed at 78.5 - 80 million VND/tael (buy - sell), an increase of 2.5 - 3.02 million VND/tael (buy - sell) compared to early this morning.

At the same time, the gold price at SJC was listed at 78.5 - 80 million VND/tael (buy - sell), an increase of 2.5 - 3.02 million VND/tael (buy - sell).

+ International gold price

The world gold price listed on Kitco is at 2,400 USD/ounce, down 43 USD/ounce compared to early this morning. Gold futures last traded at 2,402.8 USD/ounce, down 53.6 USD.

Gold Price Forecast

If portfolio funds add to gold as interest rates fall, gold prices will rise significantly, said Chris Mancini, portfolio manager of Gabelli Gold Fund.

While gold may see some volatility in the near term, TD Securities Chief Commodity Strategist Bart Melek said the long-term uptrend is still supported by political factors and interest rate expectations. Melek forecasts gold could hit a new quarterly average record of $2,475 an ounce and trade as high as $2,700 an ounce or higher.

Investors are taking profits, said Kelvin Wong, senior market analyst at Oanda. Longer term, gold looks positive amid political uncertainty and the looming Fed rate cut.

Julia Khandoshko, CEO of Mind Money, said that when the Fed officially eased monetary policy, it would boost gold prices. Experts predict that gold prices could reach a record $3,000/ounce in the fall.