Opening the trading session on July 14 in the Asian market, the spot gold price increased by nearly 16 USD, soaring above 3,373 USD/ounce after increasing strongly by more than 30 USD in the weekend session and surpassing the important resistance level of 3,350 USD/ounce.
Despite a sharp increase in recent sessions, gold prices are expected to continue to rise as the trade war between the US and other countries unexpectedly escalates. Gold appears to have escaped the $3,300-3,350/ounce tug-of-war that has lasted nearly two months.
From late May to last week, profit-taking pressure on gold increased sharply as the price rose to nearly $3,350/ounce. Relative stability in the Middle East, amid expectations of cooperation from the Trump administration, was a factor that prevented gold prices from breaking out.
However, with the trade war escalating to unprecedented levels, gold prices have had two spectacular breakout sessions and may continue to increase due to tense statements from many countries around the world regarding the tariffs announced by Mr. Trump.
The world financial market was also shaken. Bitcoin skyrocketed and continuously set new all-time highs, surpassing the historical high of 112,000 USD/BTC on July 10 and by early morning of July 14, approaching the threshold of 120,000 USD/BTC on the Asian market (equivalent to nearly 3.1 billion VND/BTC). WTI oil prices also increased sharply, surpassing 68.5 USD/barrel.
Gold prices rose sharply after the Donald Trump administration unexpectedly announced that it would impose a 30% tariff on the EU and Mexico from August 1 “to end the long-standing trade deficit”. Mr. Trump warned that he would increase tariffs further if the two countries retaliated and was willing to waive tariffs if Mexican and EU companies moved production to the US.
During the week of July 7-11, Mr. Trump sent similar letters to 23 other partners, such as Canada, Japan and Brazil, imposing tariffs of 20-50%. This reciprocal tax policy that Washington announced in April, only changed in level, following the higher trend that Mr. Trump wants to "establish a global trade order based on the principle of reciprocity".
High tariffs on imported goods into the US would be a major blow to the economies of EU countries. Many countries in the bloc reacted strongly to Mr. Trump's announcement of a 30% tariff.
German leaders have called on the EU to take decisive countermeasures to protect European workers and businesses if tariff negotiations fail. The country exports many products such as cars, machinery, pharmaceuticals, etc. to the US. In 2024, Germany had a trade surplus of $81 billion with the US.
Ireland and Italy also have large trade surpluses with the US, nearly $87 billion and $44 billion respectively.
On July 13, European Commission President Ursula von der Leyen affirmed that the EU still wants to negotiate a common solution.
Not only has the trade war escalated to unprecedented levels, investors are also concerned about escalating tensions between the US and Russia and the Red Sea is in turmoil due to Houthi forces attacking several ships passing through the area.
The Red Sea is one of the world's most important maritime trade routes, especially for the transport of oil, gas, and goods between Asia, Europe, and Africa. It is the shortest shipping route between Europe and Asia, instead of going around the Cape of Good Hope.
Gold is also supported by strong demand from central banks as the US dollar has been on a weakening trend over the past few months and possibly in the coming years.
In a new report, the World Gold Council (WGC) said that gold prices will benefit from the soaring US deficit and rising financial instability, even if there is no crisis in the near future. The trillions of dollars of new US debt will push gold prices higher.
The US is facing an additional $3.4 trillion in debt over the next decade to $36.2 trillion after Congress passed Bill 3B (One Big, Beautiful Bill). This risk will only disappear if the US economy grows strongly as expected by Mr. Trump, the large revenue will offset the spending.
Not only gold, silver and copper prices also increased sharply. In the last session of the week, US stock indexes all fell quite sharply. Most index futures decreased.
HA (according to Vietnamnet)Source: https://baohaiphongplus.vn/gia-vang-dau-bitcoin-cung-tang-vot-416308.html
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