On July 29, 2026, the international precious metals market saw a modest rebound. As of 2:00 p.m. Beijing time, spot gold was quoted at $2,352.6 per ounce, up 0.6% from the previous trading day; spot silver was at $29.45 per ounce, up 0.8%. Domestically, the Shanghai Gold Exchange's Au99.99 contract was at 551.2 CNY per gram, and the silver T+D contract was at 7,600 CNY per kilogram. In the local Vietnamese market, SJC gold bars were quoted at 68.5 million VND per tael, up about 300,000 VND from yesterday.
Gold Rebound Drivers
This round of precious metals rebound was mainly driven by two factors: first, the dollar index fell for three consecutive days, dropping from 105.8 to around 105.3; second, geopolitical tensions in the Middle East escalated again with clashes between Israel and Hezbollah in Lebanon intensifying, boosting risk aversion. Additionally, the US 10-year real yield fell to 1.32%, reducing the opportunity cost of holding gold.
Renowned precious metals analyst James Wilson said: 'Gold prices found strong buying support around the $2,330 area, and the short-term technical outlook has turned bullish. If it breaks resistance at $2,360, the next target is $2,400.' He also warned that the US PCE inflation data due on Friday could reignite rate hike concerns if it comes in higher than expected, capping gold's gains.
Silver Shines, Gold-to-Silver Ratio Edges Lower
Silver has outperformed gold recently, briefly touching $29.65 during the session, a two-week high. Expectations of a recovery in industrial demand provided additional support for silver prices. Holdings of the world's largest silver ETF, iShares Silver Trust, increased by 0.5% from last week, indicating institutional interest. The gold-to-silver ratio fell from 84.5 to 79.9, reflecting silver's greater elasticity.
Supply-Demand Fundamentals Favor Silver
According to industry reports, the global silver supply deficit reached 3,000 tonnes in H1 2026, with silver demand from the photovoltaic sector rising 12% year-on-year, and the full-year deficit is expected to widen. An analyst at Marex Spectron stated: 'Silver is benefiting from its dual nature as an industrial metal and a safe-haven asset. If the global economy achieves a soft landing, silver prices could outperform gold.'
Vietnam Gold Market: Active Trading, Low Premiums
In the local Vietnamese gold market, SJC gold bars today are quoted at 68.5 million VND per tael (approximately $31.35 per gram), a premium of about 2.3% over international gold prices, which is within the normal range. Multiple gold shops in Hanoi and Ho Chi Minh City reported stable demand for physical gold bars recently, with many investors adopting a wait-and-see stance. The State Bank of Vietnam today announced gold import quotas unchanged from the previous quarter, with no adjustment to domestic supply.
Hanoi gold shop owner Pham Van Hung said: 'Customers now prefer buying smaller-weight gold bars and coins for safe-haven value preservation. Gold jewelry sales have declined due to high gold prices.' He predicted that if gold breaks through 69 million VND per tael, it would trigger a new wave of buying.
Outlook and Trading Tips
In the short term, gold faces resistance in the $2,350-$2,360 range; a breakout requires attention to the dollar, interest rates, and geopolitical developments. Technical indicators show a daily MACD golden cross forming, with RSI at 57, indicating further upside potential. Support is at $2,330. For silver, the $29 psychological level provides strong support, with resistance at $30. In terms of strategy, investors are advised to build positions on dips, accumulate in tranches, and manage position risk.
- Gold: support at $2,330 (~546 CNY/g), resistance at $2,360 (~552 CNY/g)
- Silver: support at $28.8, resistance at $30
- Vietnam SJC gold bar: support at 67.8 million VND/tael, resistance at 69 million VND/tael
In the long term, the global central bank gold buying trend continues, geopolitical uncertainties remain high, and the allocation value of precious metals is still prominent. Investors should closely monitor next week's Fed meeting minutes and US non-farm payroll data to gauge the rate path.
