Editor’s Note
**Editor’s Note:** Domestic gold investors have incurred losses of up to 5.8 million VND per tael within a week, as a sharp price decline and a wide bid-ask spread erode short-term trading gains.
Gold prices have fallen sharply, and due to the wide bid-ask spread, domestic gold buyers are suffering significant losses from short-term trading. Photo: Phan An
At the close of the weekly trading session, Saigon SJC Jewelry Company quoted SJC gold prices at 144.5 – 147.5 million VND/tael (bid – ask). The bid-ask spread is around 3 million VND/tael.
Compared to the close of last week’s trading session (July 12), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 2.4 million VND per tael on both the buying and selling sides.
Chart: AI shows recent SJC gold bar price movements.
Meanwhile, DOJI quoted SJC gold prices at 144.5 – 147.5 million VND/tael (bid – ask). The bid-ask spread is around 3 million VND/tael.
Compared to the close of last week’s trading session (July 12), the price of SJC gold bars at DOJI decreased by 2.4 million VND per tael on both the buying and selling sides.
If an investor bought SJC gold bars in the July 12 session and sold them in today’s session (July 19), buyers at both Saigon SJC and DOJI Jewelry Companies would incur a loss of 5.4 million VND per tael.
At the same time, DOJI Group quoted gold ring prices at 143.3 – 473 million VND/tael (bid – ask), down 1.7 million VND/tael on both sides. The bid-ask spread is around 4 million VND/tael.
Chart: AI shows recent gold ring price movements.
Phu Quy Gold and Jewelry Group quoted gold ring prices at 143 – 146.5 million VND/tael (bid – ask), down 2.3 million VND/tael on both sides. The bid-ask spread is around 3.5 million VND/tael.
If an investor bought gold rings in the July 12 session and sold them in today’s session (July 19), DOJI buyers would incur a loss of 5.7 million VND per tael, while Phu Quy buyers would incur a loss of 5.8 million VND per tael.
Table: AI shows SJC gold bar and pure gold ring prices at some businesses on July 19, compared to one week ago (July 12). Unit: VND/tael.
At the close of the weekly trading session, the world gold price was quoted at 4,017.3 USD/oz, a significant drop of 102.1 USD compared to one week ago.
Chart: AI shows recent world gold price movements.
International gold prices closed the trading week at 4,017.3 USD/oz, down 102.1 USD from the previous week. Although it has recovered above the psychological level of 4,000 USD/oz, the short-term outlook for the precious metal is still cautiously assessed.
In the weekend session, gold prices briefly fell to around 3,970 USD/oz before buying emerged at lower levels. The recovery momentum came from signs of cooling short-term US inflation expectations.
According to the University of Michigan’s preliminary July report, the US consumer sentiment index stood at 54.4 points, higher than the expected 51 points and continuing to improve from two months ago. Notably, one-year inflation expectations decreased from 4.6% to 4.2%.
The decline in inflation expectations helps reinforce the view that the US Federal Reserve may have more room to adjust monetary policy. Lower interest rates generally support gold due to the reduced opportunity cost of holding non-yielding assets.
However, the upward trend in gold prices still faces many obstacles. The increase in US retail sales, a decrease in new unemployment claims, and improved production activity in some regions show that the economy remains resilient. Therefore, the market does not expect the Fed to change its stance soon at its July 29 meeting.
Furthermore, the 10-year US Treasury yield remains at 4.53%, while the dollar strength index is stable at high levels, continuing to pressure the precious metal.
Geopolitical risks in the Middle East and the Strait of Hormuz could support safe-haven demand. However, rising oil prices raise concerns about energy inflation, making the monetary policy outlook even more unpredictable.
A survey of 14 Wall Street experts on a precious metals website showed sentiment strongly leaning towards a downtrend. Eleven experts, or 79%, predicted gold prices would continue to fall. Two expected the market to trade sideways, and only one anticipated a price increase.
Technically, maintaining above 4,000 USD/oz could allow gold prices to test the 4,009-4,044 USD/oz range. Conversely, breaking the support level of 3,970 USD/oz risks a decline to 3,959 USD/oz or even 3,942 USD/oz.
Next week, the market will focus on the European Central Bank’s interest rate decision, US unemployment claims, preliminary July PMI indices, and new home sales. With a relatively sparse data calendar, geopolitical trends, oil prices, and comments from central bank officials could cause greater volatility in gold prices.
Graphic: AI shows important economic data that could impact the market next week.
Note: Gold price data is compared to one week ago.
– July 18 Closing Gold Price Update: SJC Gold Bars and Pure Gold Rings Rise Together
– July 18 Closing Gold Price Update: Domestic Gold Prices Reversed, Rising by 700,000 to 1 Million VND/Tael
– International Gold Prices Reverse Upward, Recovering the 4,000 USD/Oz Level
– July 18 Morning Gold Price Update: International Gold Prices Reverse, Recovering the 4,000 USD/Oz Level
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