Gold prices edge down as trade talks outlook brightens

Gold bars are displayed for sale at a store in Anhui province, China.

At 06:23 GMT (13:23 Vietnam time), spot gold fell 0.3% to $3,356.75 an ounce. Gold futures also fell 0.4% to $3,358.60 an ounce.

“We are actually seeing some profit-taking from short-term speculators following the optimism around the prospects of a trade deal in the market,” said Kelvin Wong, senior market analyst at OANDA.

However, the USD is showing signs of weakening. In addition, the possibility of the US Federal Reserve (Fed) continuing to cut interest rates is still present, and this is supporting gold prices to remain near the threshold of 3,360 USD/ounce.

The United States and the European Union (EU) are now moving closer to a trade deal that would see the US impose a 15% tariff on EU goods – similar to the level it has reached with Japan, according to European diplomats .

The weaker US dollar continues to support gold, with the greenback heading for its biggest weekly decline in a month. This makes gold cheaper for holders of other currencies.

New data showed that the number of applications for unemployment benefits in the United States unexpectedly fell last week, suggesting that the labor market remains strong, although slower hiring is making it harder for unemployed people to find work.

Although the Fed is expected to keep interest rates unchanged at its July 29-30 meeting, the market is still speculating about the possibility of a rate cut in September 2025.

Meanwhile, spot silver fell 0.3% to $38.96 an ounce, but was still on track for a 2% gain for the week. Platinum fell 0.7% to $1,398.17 an ounce, while palladium fell 0.1% to $1,226.64 an ounce.

In Vietnam, on the afternoon of July 25, Saigon Jewelry Company listed the price of SJC gold at 119.70 - 121.72 million VND/tael (buy - sell).

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Source: https://baolaocai.vn/gia-vang-giam-nhe-khi-trien-vong-cac-cuoc-dam-phan-thuong-mai-lac-quan-post649726.html