World gold price plummets, gold rings fall freely

Domestic gold price

Gold ring priceDomestic prices early this morning, July 26, were adjusted down quite strongly by brands.

Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 75.2-76.7 million VND/tael (buy - sell), down 350 thousand VND per tael for buying and down 250 thousand VND per tael for selling compared to the closing price yesterday.

Doji Gold and Gemstone Group lowered the price of 9999 round smooth gold rings to 75.55-76.85 million VND/tael (buy - sell), down 200,000 VND/tael for buying and down 150,000 VND/tael for selling compared to yesterday's closing price.

Early morning 26/7, the price of SJC 9999 gold remained the same as the closing price of yesterday's trading session, at 79.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:27 and the price of 9999 gold was listed by Doji Jewelry Group at 8:37 as follows:

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

At the close of the session on July 25, the price of 9999 gold bars at SJC was 77.5 million VND/tael (buy) and 79.5 million VND/tael (sell). SJC listed the price of gold rings at 75.55 - 76.95 million VND/tael (buy - sell).

Doji Hanoi listed at 77.5 million VND/tael (buy) and 79.5 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 77.5 million VND/tael and sold at 79.5 million VND/tael.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 75.73-77.03 million VND/tael (buy - sell).

Central rate on July 26, 2024announced by the State Bank is 24,249 VND/USD, down 16 VND compared to the previous trading session. The USD price at commercial banks this morning, July 26, was commonly listed at 25,091 VND/USD (buy) and 25,461 VND/USD (sell).

World gold price

As of 8:32 am July 26 (Vietnam time), the world spot gold price stood at around 2,365.3 USD/ounce, down 5.2 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,406.1 USD/ounce.

Morning of July 26, world gold converted to USD bank price is at more than 72.6 million VND/tael, including tax and fees, about 6.9 million VND/tael lower than domestic gold price.

Gold price on Kitco floor at 9:00 p.m. on July 25 (Vietnam time) was trading at 2,370.5 USD/ounce, down 1.2% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,367.4 USD/ounce.

At the beginning of the trading session on July 25 (US time), the world gold price fell sharply, moving away from the 2,400 USD/ounce mark after the US GDP report in the second quarter increased by 2.8%, far exceeding the expected figure of 2%. Positive economic data will give the US Federal Reserve (Fed) an excuse to delay further interest rate cuts. This is detrimental to the gold price.

Earlier, Tim Waterer, market analyst at KCM Trade, said that if the core GDP or PCE figures increase beyond expectations, this could become a barrier for gold prices in the short term as these data support the USD's upward momentum.

Still, according to CME's FedWatch Tool, the market is pricing in a 100% chance the US central bank will cut interest rates in September.

A Kitco poll found that most economists expect the US Federal Reserve to pivot its monetary policy this year with two cuts, in September and December.

Gold Price Forecast

Longer term, Sadiq Adatia, chief investment officer at BMO Global Asset Management, said gold is in a favorable environment. Factors including persistent recession fears, central bank buying and growing interest from sovereign wealth funds could help push gold to new records.

Tim Waterer predicts that upcoming data will likely have little impact on the Fed's interest rate cut plans. The next big rally in gold could see it hit a new record of $2,500 an ounce.

Kitco's technical analysts forecast that spot gold prices could break the resistance level of $2,417/ounce and surge to $2,432/ounce by the end of this week.