Gold prices move sideways as market factors balance each other

World gold prices remained almost unchanged on July 10, as a stronger US dollar offset demand for gold from investors seeking safe havens following US President Donald Trump's latest tariff moves.

At 0:50 a.m. (July 11, Vietnam time), spot gold increased slightly by 0.1% to 3,317.44 USD/ounce. The US gold futures price also increased by 0.1% to 3,325.7 USD/ounce.



Gold at a jeweler in Meyrin, near Geneva, Switzerland.

The US dollar index, which measures the greenback's strength against a basket of major currencies, rose 0.2% in the session. Gold is sensitive to moves in the US dollar, as a stronger greenback reduces the appeal of safe-haven assets such as gold.

Daniel Pavilonis, senior market strategist at RJO Futures, said that barring a major geopolitical escalation, gold is unlikely to break above $3,400 an ounce. In the short term, he said, gold prices will remain within a certain range.

On July 9, Mr. Trump launched a new round of tariff attacks, announcing a 50% tariff on copper imported into the United States and a 50% tariff on goods from Brazil. Both tariffs will take effect on August 1.

In addition, the minutes of the US Federal Reserve's June 2025 meeting showed that only a few officials felt they could cut interest rates as early as July. Most policymakers remained concerned about the inflationary pressures they expected from tariff policies.

On the data front, the number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that employers may be holding on to workers despite other signs of a cooling labor market.

In other precious metals, spot silver rose 1.5% to $36.87 an ounce. Platinum also rose 0.5% to $1,353.55 an ounce.

In Vietnam, at the close of the session on July 10, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 118.80 - 120.80 million VND/tael (buy - sell).

baotintuc.vn

Source: https://baolaocai.vn/gia-vang-di-ngang-khi-cac-yeu-to-thi-truong-can-bang-lan-nhau-post648444.html