World gold prices hit their lowest level in over 5 years.

At one point, the price of gold dropped close to $1,000/oz, but then recovered slightly.

SJC gold prices are hovering near the 33 million VND/ounce mark.

Adjusting flexibly according to world gold prices, domestic SJC gold prices fluctuated continuously last week but remained within the range of above and below 33 million VND/ounce. Apart from a sharp drop at the beginning of the week, the price of gold remained relatively stable throughout the rest of the week, with fluctuations typically ranging from a few tens of thousands to over 100,000 VND per ounce.

At the close of trading last weekend (July 18), the price of domestic gold stood at 33.30 million VND/ounce after a sharp decline the previous week. By the end of this week (July 25), the price of gold was at 33.18 million VND/ounce. Thus, over the course of a week of trading, the price of SJC gold decreased by 120,000 VND/ounce.

The most notable development was the sharp drop in SJC gold prices during the morning trading session on July 20th, falling from 33.30 million VND to 32.80 million VND per ounce. This represents a decrease of 500,000 VND per ounce, the lowest price for SJC gold this past week.

Recovering from this low point, in subsequent trading sessions, domestic gold prices gradually recovered and remained almost unchanged at around 33 million VND/ounce. The highest price for SJC gold during the week only reached 33.20 million VND/ounce. Compared to the lowest price, the gold price fluctuated by as much as 400,000 VND/ounce.

Particularly during periods of low gold prices, gold and silver trading companies continuously adjust the spread between the buying and selling prices of gold. According to the listing of Saigon Jewelry Company, the buy-sell price difference is adjusted to up to 300,000 VND/ounce; DOJI Group also adjusted the spread to up to 200,000 VND/ounce at times.

Despite the flexible adjustments compared to world gold prices, there is still a certain lag between domestic and world gold prices. This causes domestic gold prices to consistently be higher than world gold prices. At the end of this week, the gold price difference is at 4.35 million VND/ounce.

Although domestic gold prices are currently low, trading volume at gold and silver trading companies remains low. There are more customers buying gold than selling. Most people are still adopting a wait-and-see approach, considering investing in gold at this time, with many waiting for prices to fall further before making a decision.

World gold prices hit their lowest level in over 5 years.

World gold prices continued their downward trend last week. Based on daily price updates, gold prices fell to their lowest level in over five years. At one point, the price nearly dropped to $1,000/oz, but then recovered slightly. The decline in gold prices is attributed to the Federal Reserve's decision to maintain its plan to raise interest rates for the first time in nearly 10 years later this year.

Towards the end of the week, world gold prices saw a slight increase due to a somewhat stagnant USD index and a decline in US stock indices. Accordingly, the spot gold price rose back to $1,099/oz at the end of the week. Meanwhile, the August gold futures price fell sharply to only $1,088/oz, marking its fifth consecutive week of decline.

However, investors believe that in the short term, psychological factors are the main driving force behind gold prices. Most investors are not optimistic about the outlook for gold. The primary impact on the gold market currently is the US interest rate hike, which continuously pushes gold prices down and makes a strong recovery unlikely in the short term.

Analysts at Morgan Stanley expect gold prices to reach around $1,050/oz this year, but they are also concerned about the combined impact of the Fed raising interest rates, the correction in the Chinese stock market, and central banks continuing to sell reserves, which could lead to a worst-case scenario where gold prices fall below $800/oz.

Gold prices fell to their lowest level of the week at $1,074 per ounce.

In early trading this past week, investors traded over 33 tons of gold in Shanghai and New York in just two minutes, causing the price to drop by nearly $50/oz. The market subsequently recovered somewhat, but investors remain concerned due to the unusually high trading volume in China. Many investors believe China was the starting point for this week's sell-off.

With the lowest price of the week at $1,077/oz, also the lowest since February 2010, and the highest at $1,104/oz, world gold prices are predicted to fall further as the US dollar index continues to rise and the likelihood of interest rate hikes in the US is strengthening.

According to VOV.VN