SJC gold price is shocking, far from the world; market shakes impressively, experts are cautious, will sell off to take profit

Gold price today 7/21/2024, gold price plummeted, closing the first week of decline in a month, after setting record highs at the beginning of the week. Experts are returning to a balanced stance, while retail sentiment remains optimistic about next week. SJC gold shocks, gap with the world widens.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/21 AND EXCHANGE RATE TODAY 7/21

1. SJC - Updated: 07/20/2024 08:25 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell ​​out
SJC 1L, 10L, 1KG	78,000 ▼500K	80,000
SJC 5c	78,000 ▼500K	80,020
SJC 2c, 1C, 5 phan	78,000 ▼500K	80,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	75,700 ▼100K	77,100 ▼100K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	75,700 ▼100K	77,200 ▼100K
99.99% Jewelry	75,600	76,700 ▼100K
99% Jewelry	73,941 ▼99K	75,941 ▼99K
Jewelry 68%	49,811 ▼68K	52,311 ▼68K
Jewelry 41.7%	29,637 ▼42K	32,137 ▼42K

Update gold price today 7/21/2024

Domestic gold prices fluctuated last week.

On the morning of July 15, the domestic gold bar price continued to remain below the 77 million VND/tael mark. Meanwhile, the price of gold rings varied between brands in both buying and selling directions, while maintaining a higher price than SJC gold bars in selling direction. Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buying - selling), unchanged from the closing price yesterday.

After two stable sessions, the domestic price of SJC gold bars on the morning of July 18 suddenly increased to 80 million VND/tael. Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 78.5 - 80 million VND/tael (buy - sell), an increase of 2.52 million VND for buying and 3.02 million VND/tael for selling compared to the closing price on July 17.

At Saigon Jewelry Company (SJC), the price of SJC gold was also listed at 78.5 - 80 million VND/tael (buy - sell), an increase of 2.52 million VND in buying and 3.02 million VND/tael in selling compared to yesterday's closing price. For gold rings, at DOJI Jewelry Group, the price of gold rings was listed at 76.35 - 77.6 million VND/tael (buy - sell), a decrease of 100 thousand VND/tael in both buying and selling compared to yesterday's closing price.

On the morning of July 19, the price of SJC gold bars remained the same as the previous day, while the price of gold rings at other brands decreased in both buying and selling prices. Specifically, DOJI Gold and Gemstone Group listed the price of SJC gold at 78.5 - 80 million VND/tael (buy - sell), unchanged from the closing price yesterday. Meanwhile, for gold rings, DOJI Gold and Gemstone Group listed the price of gold rings at 76.1 - 77.4 million VND/tael (buy - sell), down 400 thousand VND/tael in buying prices and down 300 thousand VND/tael in selling prices compared to the closing price yesterday.

On the morning of July 20, companies SJC, PNJ, DOJI, Bao Tin Minh Chau... and 4 commercial banks (Vietcombank, Agribank , BIDV, VietinBank) continued to keep the selling price of SJC gold bars at 80 million VND/tael.

Meanwhile, the price of 24K gold rings produced by SJC and PNJ companies only decreased slightly from 77.2 million VND to 77.1 million VND/tael, even though the world gold price the night before dropped sharply, to 44 USD/ounce (equivalent to 1.4 million VND/tael) and closed the week at 2,400 USD/ounce.

According to the gold business community, if the domestic gold ring price falls in line with the world gold price, gold companies may lose money. Because, for a long time, gold businesses have been buying at high prices, so when the world gold price falls sharply, gold rings cannot decrease in price much.

According to World & Vietnam Newspaper , at 5:31 p.m. on July 20 (Vietnam time), the world gold price at goldprice.org was at 2,400.78 USD/ounce, down 41.05 USD/ounce compared to the previous trading session.

Gold price today July 21, 2024: SJC gold price is shocking, far from the world; the market is shaking impressively, experts are cautious, will sell off to take profits. (Source: Reuters)

Summary of SJC gold prices at major domestic trading brands at the closing time of July 20:

Saigon Jewelry Company listed at 78.0 - 80.0 million VND/tael.

Doji Group is currently listed at: 78.5 - 80.0 million VND/tael.

PNJ system listed at: 78.5 - 80.0 million VND/tael.

Phu Quy Gold and Silver Group listed at 78.5 - 80.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 78.5 - 80.0 million VND/tael; Rong Thang Long gold brand is traded at 75.93 - 77.25 million VND/tael; jewelry gold price is traded at 75.15 - 77.05 million VND/tael.

Converted according to the USD price at Vietcombank on July 20, 1 USD = 25,458 VND, the world gold price is equivalent to 73.64 million VND/tael, 6.36 million VND/tael lower than the selling price of SJC gold.

Wall Street balanced and cautious, Main Street remains optimistic

Precious metals traders enjoyed heightened optimism this week as markets reinforced expectations of a rate cut from the US Federal Reserve at its September meeting. But prices may have risen too high too fast, with the subsequent pullback dragging the precious metal back to its original position.

World gold futures prices fell more than 2% in the trading session on July 19, ending the first week of decline in a month, after setting record highs earlier in the week.

Gold for August 2024 delivery fell $57.3, or 2.3%, to close at $2,399.1 an ounce on the Comex floor.

The precious metal's price on Friday saw its biggest one-day drop (in percentage terms) since June 7 and fell 0.9% for the week, after three consecutive weeks of gains.

The latest Kitco News weekly gold survey shows industry experts are returning to a balanced stance, while retail sentiment remains bullish about the week ahead.

“No change,” said Adrian Day , president of Adrian Day Asset Management. “Gold will likely need to consolidate before rising again. However, further hints that the Fed is starting a rate-cutting cycle could send gold higher at any time.”

Darin Newsom , senior market analyst at Barchart.com, sees gold continuing to trend lower in the near term.

“Neutral,” said Adam Button, head of currency strategy at Forexlive.com. “The market has been shaken impressively by the news that China has stopped buying (at least temporarily), but the sharp profit-taking over the weekend will be difficult to reverse. All eyes are on US politics.”

“The market may have seen a double top in gold,” said Mark Leibovit of VR Metals/Resource Letter.

Analysts at CPM Group are recommending investors stay on the sidelines next week, warning that the $92.70 drop over the past two days “could be repeated in the coming days or weeks, not just on the downside, but also on the upside.”

“If prices fall below $2,400 over the weekend, the liquidation next Monday could be heavy. Or, with more bad political news, prices could surge higher again,” they said.

Bob Haberkorn , senior commodities broker at RJO Futures, said that while Friday's price drop looked severe, it won't impact gold's appeal in the medium term.

Haberkorn doesn’t expect the yellow metal to fall for long. “I think this pullback will be short-lived and you’ll see it as a buying opportunity.”

Regarding the recent uncertainties surrounding the US election, expert Haberkorn said he did not think Mr. Biden's withdrawal would seriously affect precious metals.

Haberkorn sees the Fed and interest rate expectations as the main drivers of gold prices today. “I think if Biden drops out, it would be a big deal, but I don’t think it would be a problem for gold. It wouldn’t be a game changer in any way.”

This week, 16 Wall Street analysts participated in the Kitco News Gold Survey, and the results showed a balanced and uncertain outlook for the precious metal. Six experts, or 38%, expect gold prices to rise next week, while the same number predict prices will fall. The remaining four analysts see gold moving sideways next week.

Meanwhile, 168 votes were cast in Kitco's online poll, with Main Street investors remaining bullish but lowering their expectations from last week. 103 retail traders, or 61%, predict gold prices will rise next week. Another 36, or 21%, predict the yellow metal will trade lower, while 29 respondents, or 17%, see prices trading in a range next week.

Marc Chandler , CEO of Bannockburn Global Forex, believes the US dollar and bond yields will strengthen, reducing gold’s potential returns. “Gold is correcting lower after hitting a record high near $2,484,” he said. “I expect the US dollar to move higher, which could be bearish for gold. A break of 2,388 opens the door to a move towards 2,350-2,365.”

Alex Kuptsikevich , senior market analyst at FxPro, sees significant downside risks for gold prices.

“The pullback after setting new highs has been a typical pattern for gold in recent months, with similar pullbacks in May, April, March and December. The highs were followed by a pullback, tapering off over about two weeks, leading to a stabilization and a return to the uptrend,” he said in a note shared with Kitco News.

“However, bull markets don’t last forever and traders should look for signs that this bullish trend is reversing. Next week could determine the momentum for the coming months. A decline of more than 3% next week could repeat the pattern of 2020 and 2022 with corrections lasting more than 6 months,” he warned.

And Kitco Senior Analyst Jim Wyckoff said he expects a period of short-term consolidation from the precious metal.

Source: https://baoquocte.vn/gia-vang-hom-nay-2172024-gia-vang-sjc-gay-soc-cach-xa-the-gioi-thi-truong-rung-chuyen-an-tuong-chuyen-gia-than-trong-se-ban-thao-chot-loi-279368.html