Gold prices hover near 3-week low

Gold prices were little changed in the afternoon session on July 29 and traded near a three-week low, as concerns about a global tariff war eased and a stronger US dollar dented the appeal of the metal.

Gold bars in Incheon, west of Seoul, South Korea

At 1:01 p.m. Vietnam time, spot gold was flat at $3,318.71 an ounce, while gold futures rose 0.2% to $3,317.50 an ounce.

Gold prices trading at or below $3,300 an ounce are still attracting buyers, according to Tim Waterer, chief market analyst at KCM Trade. He said that while short-term market factors such as trade agreements and a stronger dollar are not in gold’s favor, the precious metal still has room to rise in the long term.

Top economic officials from the United States and China met in Stockholm on July 28 to resolve long-standing economic disagreements, in an effort to extend a trade truce for another 90 days.

Earlier on July 27, the US reached a framework trade agreement with the European Union (EU), imposing a 15% import tariff on most EU goods - half the previously threatened tariff rate. This move helped prevent a larger trade war between the two partners, which account for nearly a third of global trade.

The dollar index remained near a two-week high, making gold more expensive for buyers holding other currencies.

Investors are awaiting a slew of U.S. macroeconomic data this week, including inflation and jobs data, along with the Federal Reserve's two-day policy meeting. Markets are expecting the Fed to keep interest rates unchanged.

In the market of other precious metals, spot silver price was stable at 38.18 USD/ounce, while platinum price decreased slightly by 0.1% to 1,388.98 USD/ounce.

In Vietnam, Saigon Jewelry Company (SJC) 119.5 - 121.0 million VND/tael (buy - sell).

VNA

Source: https://baohaiphongplus.vn/gia-vang-dao-dong-gan-muc-thap-nhat-3-tuan-417521.html