Gold price today July 28: Investors "hold their breath" waiting for the Fed

Domestic gold price today

Before the opening of the trading session on July 28, the price of SJC gold bars at Saigon Jewelry Company, DOJI and Bao Tin Minh Chau all listed the buying and selling prices at 119.60 - 121.10 million VND/tael.

SJC gold bar price at Phu Quy listed the buying price at 118.80 million VND/tael and the selling price at 121.10 million VND/tael.

Saigon Jewelry Company listed the buying and selling prices of SJC gold rings at 114.50 - 117.00 million VND/tael. The gold ring brands Bao Tin Minh Chau, Phu Quy and DOJI traded buying and selling prices at 116.20 - 119.20 million VND/tael; 115.10 - 118.10 million VND/tael; 116.00 - 118.50 million VND/tael, respectively.

World gold price today

The weekly Kitco News gold survey shows that the precious metals market is in a state of conflicting views. On the one hand, professional analysts are cautious, even pessimistic, while on the other hand, individual investors remain confident that gold will continue to rise in price in the short term. The tug of war between expectations and reality is causing gold to fall into a "vague" state, making it difficult to determine a clear trend.

Darin Newsom, senior analyst at Barchart.com, calls this a “sideways” period, with no clear signs of a crash in gold, but not enough momentum to push it higher. He says safe-haven demand is still keeping gold at a high level, despite short-term moves into silver and copper.

One factor that has drawn attention is the unconfirmed information that China may be quietly increasing its gold purchases. If this is true, Newsom said, the gold will not be easily returned to the market in the short term, contributing to maintaining tight supply.

Meanwhile, Commerzbank, one of the major financial institutions in Europe, is neutral. The bank's experts believe that gold has reached a short-term peak and are waiting for new signals to determine the next direction, especially when international trade agreements are creating mixed impacts on the market.

Not everyone is so cautious, however. Rich Checkan, president of Asset Strategies International, is bullish on gold “going higher.” He sees the current correction as a springboard for the next wave of gains, especially if the Federal Reserve keeps interest rates unchanged as expected or even cuts them. “Gold will go up no matter what,” he said.

One thing to consider is the volatility of the US dollar. Mark Leibovit, an expert at VR Metals, warned that the greenback may be bottoming, which could drag gold lower if there is a strong recovery.

James Stanley, chief market strategist at Forex.com, also sees gold in an uptrend, albeit at a slower pace. He expects the Fed to continue to monitor economic data rather than make drastic policy changes for the rest of the year. This, Stanley said, should still provide room for gold to rise, similar to the steady rise seen over the past 18 months.

On the cautious side, Adrian Day, chairman of Adrian Day Asset Management, said that gold will continue to move sideways in a narrow range until there are major decisive economic movements. The US dollar, he said, is also ready for a recovery after a period of weakness, which could restrain gold's rise.

Kevin Grady, president of Phoenix Futures and Options, offered a different perspective: the good news on trade is putting short-term pressure on gold. However, he doesn’t believe prices will fall sharply. According to Grady, gold may fluctuate slightly, but it is unlikely to correct as deep as the $2,700 an ounce level that many fear.

Another point worth noting is the role of trading algorithms. Grady said many trades are now processed automatically by computers, reacting to news headlines. This makes gold react quickly and sometimes irrationally to positive news from the stock market.

All of this has investors holding their breath as they await the Fed’s next meeting. Inflation, energy prices and employment data will be key pieces of the puzzle. While Grady thinks the Fed should signal dovishness, he doesn’t expect an immediate rate cut.

But even if interest rates remain unchanged and the stock market continues to rise, gold could still rise in tandem, as it has over the past two years, Grady said. “Gold and stocks can go up for completely different reasons,” he said.

Recorded at 20:49 (Vietnam time) on July 27, the world spot gold price on the Kitco exchange was at 3,336.00 - 3,338.00 USD/ounce, down 31 USD (equivalent to 0.92%) compared to the previous session.

Source: https://baohatinh.vn/gia-vang-hom-nay-287-nha-dau-tu-nin-tho-cho-fed-post292609.html