Gold price today July 30, 2023, Gold price plummets, the market is thirsty for information from the Fed, precious metals are still worth investing in, SJC gold has its own way

Gold price today July 30, 2023, gold price decreased, the world gold market craved information from the Fed. The weakening of the greenback, weaker economic data will also raise concerns about the possibility of recession, supporting the safe-haven appeal of gold. SJC gold increased.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/30 AND EXCHANGE RATE TODAY 7/30

1. PNJ - Updated: 07/30/2023 02:30 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,200	57,200
HCMC - SJC	66,600	67,200
Hanoi - PNJ	56,200	57,200
Hanoi - SJC	66,600	67,200
Da Nang - PNJ	56,200	57,200
Da Nang - SJC	66,600	67,200
Western Region - PNJ	56,200	57,200
Western Region - SJC	66,650	67,250
Jewelry gold price - PNJ rings (24K)	56,200	57,150
Jewelry Gold Price - 24K Jewelry	56,000	56,800
Jewelry Gold Price - 18K Jewelry	41,350	42,750
Jewelry Gold Price - 14K Jewelry	31,980	33,380
Jewelry Gold Price - 10K Jewelry	22,380	23,780

Domestic gold prices recorded the third consecutive week of price increase, with a weekly increase of 200,000 VND/tael.

Closing the weekend session on July 29, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.55 - 67.27 million VND/tael (buy - sell), unchanged from the previous session.

DOJI Gold and Gemstone Group listed the price of SJC gold at 66.55 - 67.25 million VND/tael (buy - sell), unchanged from yesterday's closing price.

Gold price today July 30, 2023, Gold price plummets, the market is thirsty for information from the Fed, precious metals are still worth investing in, SJC gold has its own way. (Source: Kitco)

World gold prices fluctuated within a fairly moderate range in trading sessions this week. Despite rising at the end of the week, gold prices still witnessed their worst trading week in the past 5 weeks, after data showing the US economy is recovering reduced the forecast of the possibility of US monetary policy shifting to a more dovish direction.

Gold prices fell 0.2% last week and recorded the biggest weekly decline on July 27, after data showed that US gross domestic product (GDP) growth was faster than expected in the second quarter of 2023.

According to the World & Vietnam , the world gold price closed the trading week (July 29) on the Kitco floor at 1,960.4 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of July 30:

Saigon Jewelry Company listed the price of SJC gold at 66.55 - 67.25 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.55 - 67.25 million VND/tael.

PNJ system listed at: 66.6 - 67.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.65 - 67.23 million VND/tael; Rong Thang Long gold brand is traded at 56.21 - 57.06 million VND/tael; jewelry gold price is traded at 55.55 - 56.75 million VND/tael.

Converted according to the USD price at Vietcombank on July 29, 1 USD = 23,860 VND, the world gold price is equivalent to 56.47 million VND/tael, 10.78 million VND/tael lower than the selling price of SJC gold.

Market "waiting" for news from the Fed

The world gold market is hungry for information to help clarify the Fed's monetary policy stance.

While analysts do not expect a major breakout in gold in the near term, some have said that the trend is set to increase as the Fed's monetary policy stance is expected to weaken the economy.

Going into the weekend, the gold market rebounded above $1,950 an ounce, even as it posted modest losses. August gold futures last traded at $1,958.80 an ounce, down 0.3% from last Friday.

Kevin Grady , president of Phoenix Futures and Options, said he expects gold prices to test the upper end of the current range in response to softer data. He added that while a bearish trend could certainly push gold higher, even the slightest sign of weakness would support prices.

"The market is craving any form of clarity. Right now, the Fed is going to maintain a hawkish bias because they want to see inflation come down further, so any soft data that changes that bias will be good for gold," he said.

While there are plenty of economic reports investors may be interested in, the key data point is the US non-farm payrolls report for July.

Gold will be particularly sensitive to the jobs numbers given the Fed's data-dependent stance, said Lukman Otunuga , chief market analyst at FXTM.

The Fed has said it wants the labor market to cool as a condition for keeping inflation in check. In its report last month, the Labor Department said the economy created 209,000 jobs, the first time jobs data missed expectations since May 2022.

“Any future US data will play a key role in determining whether the Fed will raise rates for the last time in 2023. Given that the market is pricing in an 18% chance of a September rate hike, which would rise to just 37% in November, gold bulls remain in a comfortable position,” Otunuga said.

“The path of least resistance for gold is heading north with next week’s disappointing jobs report potentially opening the way back to $1,985/oz. A solid break above this point could open the door to the psychological $2,000/oz level.”

Some analysts have noted that, along with benefiting from an inevitable shift in monetary policy that would weaken the greenback, weaker economic data would also raise concerns about a possible recession, supporting gold's safe-haven appeal.

“Persistently high inflation or signs that a major economy could slip into recession could prompt some investors to increase their allocation to gold as a traditional ‘safe haven’, while signs of economic recovery and falling inflation could have the opposite effect,” said Stuart O’Reilly , senior market analyst at the Royal Mint.

In these challenging times, it remains to be seen how gold will fare in the coming months as global economies try to figure out whether recent interest rate hikes have gone too far, too fast.”

Earlier, Bob Haberkorn , senior commodities broker at RJO Futures, said he did not expect a significant breakdown in economic data next week. However, he added, reports will begin to highlight a slowing trend.

“We’re starting to see inflation moving in the right direction because interest rates are starting to impact the economy,” he said. “When you look at gold, it’s in a great position. It’s holding above $1,950 an ounce even after the Fed raised rates above 5%. And as soon as the Fed says it’s going to stop tightening, gold will go much higher.”

Meanwhile, on Kitco News, 'I have more gold' & 'there will be casualties' as Fed keeps rates higher for longer - Danielle DiMartino Booth

The damage to the US economy from the Fed's rate hikes is just beginning, said Danielle DiMartino Booth , managing director and chief strategist at QI Research.

She said Mr. Powell had been clear about plans to continue reducing the size of the Fed's balance sheet and that the tightening cycle was coming to an end.

“I certainly don't think we're going to see interest rates continue to rise into 2024,” she said.

The Fed is signaling that it recognizes the toll that prolonged high interest rates will take on the economy and sees these results as a necessary, aggressive measure, she said.

DiMartino Booth said that despite some recent better-than-expected employment indicators, the US labor market remains weak and extremely fragile.

Commercial real estate would be “the next hit” for US banks, she added.

This expert has advised investors to boldly allocate capital to gold and she herself is doing the same.

“The market is generally expecting the Fed to be nearing the end of its rate-hike cycle, which could lead to a gradual decline in Treasury yields, which would support gold,” said David Meger, head of precious metals trading at High Ridge Futures.

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