Gold price today 7-20: Forecast to increase next week despite slight decrease

(NLDO) – The price of SJC gold bars and gold rings has decreased again. The world gold price is forecast to improve.

The price of SJC gold bars today, July 20, is listed by companies at 119.7 million VND per tael for buying and 121.2 million VND per tael for selling. Compared to the end of last week, the price of gold has decreased by 300,000 VND per tael.

Meanwhile, the price of 99.99% gold rings and jewelry gold was traded at VND114.2 million/tael for buying and VND116.7 million/tael for selling, down about VND800,000/tael compared to the end of last week.

Domestic gold prices have broken their two-week streak of increases, with ring gold prices falling more sharply than SJC gold bars. This development is quite surprising compared to the stagnation of world prices.

In the international market, the price of gold closed the trading week at 3,350 USD/ounce, down about 7 USD/ounce compared to the end of last week. However, the psychological mark above 3,300 USD/ounce continued to be strengthened, reflecting that gold is still an attractive investment channel of choice.

SJC gold bar and gold ring prices break the streak of increasing for 2 consecutive weeks

Forecasting gold prices next week, both analysts and investors expect prices to continue to increase, according to Kitco's latest survey on gold price trends.

Gold price forecast today is likely to increase sharply

Specifically, in a survey on Wall Street, with 15 analysts participating in the survey, 53% of the opinions said that gold prices will continue to increase; only 7% predicted that gold prices will decrease and the remaining 40% said that gold prices will remain stable.

Meanwhile, a survey of 223 Main Street investors found that the majority remained bullish, with 62% expecting gold prices to continue rising in the near term. Only 27% predicted prices would fall and 21% said the market would move sideways.

Next week, the market will focus on information related to the European Central Bank (ECB) interest rate decision, along with manufacturing and housing data; the Federal Reserve Chairman (FED) also has his latest speech and the market will watch to see if he mentions information about the next direction of monetary policy or not…

Marc Chandler, CEO of Bannockburn Global Forex, predicts that gold prices will rise in the coming days, saying that the USD's rally is about to end. If gold prices break above the $3,400/ounce mark, it will strengthen the upward trend in the coming time.

Currently, converted according to the exchange rate at Vietcombank , world gold is priced at 106.4 million VND per tael, nearly 15 million VND per tael lower than the price of SJC gold bars.

Source: https://nld.com.vn/gia-vang-hom-nay-20-7-dong-loat-giam-du-bao-lac-quan-cho-tuan-toi-196250720085354188.htm