Spot gold closed the week at $3,354 an ounce. Gold futures for August 2025 delivery on the Comex New York floor traded at $3,370 an ounce.
US President Donald Trump has issued 23 tariff letters to countries, with Brazil facing the highest rate of 50%. The US President also signed an executive order imposing a 50% import tax on copper starting next month.
Mr Trump said he planned to impose a blanket tariff of 15-20% on trading partners, while dismissing concerns that the additional tariffs could negatively impact the stock market or increase inflation.
Gold prices rose on a wave of safe-haven assets after Mr. Trump announced a 35% tariff on Canadian goods from next month.
Recent economic data suggests that tariffs have had little impact on prices in the US, at least on a large scale.
US Treasury Department figures show customs duty collections surged in June as the tariffs took effect, topping $100 billion for the first time in a fiscal year and generating a $27 billion budget surplus.
Treasury Secretary Scott Bessent said the results showed the US was benefiting from Mr Trump's tariff policies.
Federal Reserve policymakers largely maintained their stance of waiting for more data to make future interest rate decisions, according to the minutes of the June 17-18 monetary policy meeting released by the Fed on July 9.
President Trump has repeatedly called on the Fed Chairman to lower the base interest rate, and the White House boss has also increased pressure on the Fed chief and his colleagues on the interest rate issue.
In the domestic gold market, on July 12, SJC gold bar prices were traded at 119.5-121.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael compared to the previous session.
The price of 1-5 chi SJC gold rings is listed at 115-117.5 million VND/tael (buy - sell), unchanged from the previous session. The price of 9999 gold rings at Doji is at 116-119 million VND/tael, up 500,000 VND/tael from the previous session.
At the current price, the world gold price converted to VND (including tax and processing fee) differs from the domestic SJC gold price by about 14 million VND/tael.
Gold Price Forecast
According to Aakash Doshi, head of global gold strategy at State Street Global Advisors, gold prices are likely to fluctuate between $3,100 and $3,500 an ounce. "The first half of this year has seen a very strong rally. Now the market is entering a consolidation phase," Doshi said.
After a period of sharp price increases, gold prices may stabilize, consolidating their foundations before the next big move. Investors should closely monitor macro and geopolitical factors to assess the potential for growth or correction during this period.
Callum Thomas, head of research at Topdown Charts, said some of the key risk factors that have driven gold demand will gradually ease, including concerns about slowing growth, tariff risks and geopolitical volatility.
While gold remains a safe-haven asset and a fundamental component of the financial system, copper and silver, increasingly important in industry and energy, are likely to be the focus of investors in the coming period.
Source: https://vietnamnet.vn/gia-vang-hom-nay-13-7-2025-cuoi-tuan-but-pha-vang-sjc-bat-len-121-5-trieu-dong-2420991.html
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