Gold price today July 14: Fluctuations and forecast of SJC gold price next week

(NLDO) – The price of SJC gold bars and gold rings is forecast to fluctuate closely following world prices despite being affected by new gold management policies.

This morning, July 14, the price of SJC gold bars was listed by companies at 119.5 million VND per tael for buying and 121.5 million VND per tael for selling, stable compared to the weekend. The price of gold bars was stable at the beginning of the week, after 2 consecutive weeks of increase and is maintaining at the highest level in about 1 month.

Gold price increased the highest in the past month

Similarly, 99.99% gold rings and jewelry gold also remained stable at VND115 million/tael for buying and VND117.5 million/tael for selling, after increasing by millions of dong per tael in the previous 2 weeks.

Opening the new trading week, the price of gold today jumped to 3,370 USD/ounce, up about 12 USD/ounce compared to the last session of the week. However, by 9:00 am, Vietnam time, the price of the precious metal decreased again and is trading around 3,358 USD/ounce.

SJC gold bar price is quiet before July 15

Forecasting the trend this week, analysts believe that gold prices will increase but will find it difficult to break out in the short term. The sideways trend is more likely when the market lacks strong supporting factors. The USD has remained at a high level of around 97.8 points for the past week.

Difficult to break out strongly

Sharing on Kitco, Mr. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said that gold is lacking short-term catalysts to push prices back to the all-time record high last April around 3,500 USD/ounce.

Similarly, Philip Streible, market strategist at Blue Line Futures, said that investors shifting their investments to different types of commodities is also a major factor limiting gold prices. Gold also faces competition from another precious metal, silver, as the price of silver as of this morning has exceeded 38.56 USD/ounce, up about 4% for the week and is at a record level in the past 14 years.

Currently, the world gold price converted according to the listed exchange rate is about 106.3 million VND/tael, which is more than 15 million VND/tael lower than the price of SJC gold bars.

Regarding domestic gold prices, some experts say that in addition to international price factors, the prices of SJC gold bars and 99.99 gold rings will be affected by new gold management policy regulations.

Currently, July 15 is the deadline for the Government to request the State Bank to submit a draft Decree amending Decree 24/2012/ND-CP on the management of gold trading activities as requested by the Prime Minister .

Domestic gold prices are at their highest level in about a month.

Source: https://nld.com.vn/gia-vang-hom-nay-14-7-bat-dong-truoc-cot-moc-quan-trong-196250714090951517.htm