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Gold Forecast After Strong Week of Price Increases

(Dan Tri) - Domestic and world gold prices increased simultaneously this week. Next week, the gold market faces many unknowns and unpredictable trends.

Báo Dân tríBáo Dân trí13/07/2025

At the end of the trading week from July 7 to July 13, the price of SJC gold bars was listed by large enterprises at 119.5-121.5 million VND/tael (buy - sell). The price of gold bars opened the week at 118.9-120.9 million VND/tael (buy - sell). Thus, after a week of trading, both buying and selling prices increased by 600,000 VND.

The price of plain round gold rings is listed at 115-117.5 million VND/tael (buy - sell), an increase of 500,000 VND each way during the week.

After a volatile week, the world gold price ended the week at 3,355 USD/ounce, up 0.42% for the week. Information from trade policy, expected inflation data and investors' defensive sentiment continued to be the key factors driving the gold market.

Dự báo về vàng sau tuần tăng giá mạnh - 1

Domestic and world gold prices increased simultaneously (Photo: Manh Quan).

The market rose at the end of the week after US President Donald Trump announced a 35% import tax on all Canadian goods starting early next month. This is higher than the current tax of 25%. Mr. Donald Trump also revealed plans to impose a general tax of 15-20% on most other trading partners. A day earlier, the US President signed an executive order to collect a 50% tax on imported copper into the country.

Kitco’s survey data shows a clear divide between professionals and individual investors. Of the 15 Wall Street professionals surveyed, 47% expect gold prices to continue rising next week, while only 7% predict a decline, while the remaining 47% think prices will remain flat.

On the other hand, investors are starting to be more cautious. Only 45% of the 231 people who participated in the online poll held the view that gold prices will increase, the rest predicted prices will decrease or stay the same.

Experts say the US imposing new tariffs on goods from the EU and the possibility of the USD losing value due to the budget deficit are factors supporting gold. However, the recovery of the USD and the unclear interest rate outlook from the US Federal Reserve (Fed) also create some pressure.

In particular, in the context that investors are waiting for important data such as CPI, PPI and retail sales next week, the gold trend still has many uncertain factors.

Marc Chandler, CEO of Bannockburn Global Forex, said gold is still in the accumulation phase and cannot confirm a clear trend. Meanwhile, Daniel Pavilonis from RJO Futures, a brokerage firm, said gold is building support around $3,300 an ounce and could be ready for a new rally, especially if there are more geopolitical uncertainties in the near future.

Technically, the $3,250-$3,450/ounce price range remains the main range, with a breakout above $3,370/ounce seen as a signal of an uptrend. However, if new buying power cannot be maintained, gold could return to a sideways state.

In the context of many variables in macro and policy factors, gold is considered to continue to be a safe but also challenging support for investors in the short term. Most experts recommend closely monitoring the US economic indicators released next week to have more basis to assess the trend of this precious metal market.

Key data to watch next week include the US consumer price index (CPI) and the Empire State manufacturing survey due on Tuesday. This is followed by the monthly producer price index (PPI) on Wednesday.

On Thursday, investors will watch for June retail sales, the Philadelphia regional manufacturing survey and weekly U.S. jobless claims.

The trading week will conclude Friday morning with housing starts and the preliminary results of the University of Michigan consumer sentiment survey.

Source: https://dantri.com.vn/kinh-doanh/du-bao-ve-vang-sau-tuan-tang-gia-manh-20250713091035838.htm


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