Domestic gold price
At the end of the trading session on July 13, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.75 million VND/tael (buy) and 67.35 million VND/tael (sell). SJC Hanoi listed at 66.75 million VND/tael (buy) and 67.37 million VND/tael (sell).
Doji Hanoi listed at 66.7 million VND/tael (buy) and 67.35 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael and sold at 67.2 million VND/tael.
International gold price
On the world market, the spot gold price on July 13 (at 8:00 p.m., Vietnam time) was trading at 1,960 USD/ounce.
The US consumer price index (CPI) rose 3% year-on-year in June, slightly below the 3.1% increase forecast by economists polled by Dow Jones.
New data raises hopes the US Federal Reserve can tamp down inflation without sending the US economy into recession.
However, Fed officials typically pay more attention to core inflation, which remains well above the Fed's 2% target.
Analysts have predicted that the Fed will likely raise interest rates by 0.25% at its meeting later this month. The market believes that this will be the last rate hike and then the Fed will observe the impact of tightening monetary policy on the economy.
The DXY index (which measures the greenback's performance against six major currencies) fell to 100.12 points. The yield on 10-year US Treasury bonds also fell to a low.
Gold Price Forecast
Confidence in gold has been restored, said Yeap Jun Rong, a strategist at IG Bank. Gold prices are sensitive to US interest rate moves. A weaker dollar makes gold more attractive to holders of other currencies.
Gold is likely to find support in the second half of the year amid a weaker US dollar and stable bond yields, according to the World Gold Council (WGC). A deep recession would boost gold's value, but a "soft landing" could put the precious metal in jeopardy.
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