Gold prices fell sharply at the weekend

At the end of the US session, each ounce decreased by nearly 9 USD and was lower than the selling price of gold in Vietnam by a million VND per tael.

The US dollar index surged to a four-month high, dampening demand for gold. Stop-loss orders pushed prices further down, with each ounce of gold losing nearly $9 to $1,322 in the entire trading session on July 22.

At the same time, the price of gold for August delivery closed the week at 1,323.4 USD, losing about 1% of its value after 7 days. Based on the bank exchange rate, each converted tael of world gold is currently worth about 35.59 million VND (excluding taxes, fees, processing...). Meanwhile, the opening price of domestic gold bars today is around 36.45-36.55 million VND. Thus, the gap between domestic and foreign gold prices widened to 960,000 VND.

World gold prices lost 1% last week.

Although gold has increased in value by over 24% since the beginning of the year, compared to the record peak of 1,920.3 USD reached in September 2011, the price of the precious metal is still about 598 USD lower. According to experts, the weakening of this precious metal is only short-term.

Next week, the market will focus on two important policy meetings of the US Federal Open Market Committee - FOMC and the Bank of Japan. In which, the possibility of raising interest rates is still low. This is beneficial for gold.

In addition, Jeffrey Nichols - senior economic advisor at Rosland Capital and CEO at American Precious Metals Advisors is also optimistic about gold because he believes that the stock market will correct sharply in the coming time after rising high. "When the stock market turns down, gold will have a big recovery," he said.

Forecasting gold prices next week, according to a survey by Kitco.com, out of 19 experts and traders participating, 9 people (47%) predicted gold prices to increase, 7 people predicted a decrease and the remaining 3 people were neutral.

Meanwhile, of the 451 online respondents, 49% predicted an increase in prices, 37% saw a decrease, and the remaining 19% expected prices to remain flat.

According to VNE