Gold prices fell shortly after the US Bureau of Labor Statistics announced that the consumer price index (CPI) rose 0.3% in June, after increasing 0.1% in May. Over the past 12 months, US inflation increased 2.7%, compared to an increase of 2.4% in May and higher than economists ' forecast of 2.6%.
US core inflation in June increased 2.9% year-on-year, higher than the 2.8% increase recorded in May.
Although gold is still above $3,300 an ounce, experts say it still needs a "push" to surpass the peak of $3,400 last April.
In the current context, the possibility of the US Federal Reserve (Fed) cutting interest rates is considered the "key" for gold prices to break out. Although the possibility of a rate cut in July has been completely eliminated from the market, investors are still betting on a Fed rate cut in September, despite higher inflation data.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on July 16, the price of gold bars at Doji and SJC was listed at 119.1 - 121.1 million VND/tael (buy - sell), down 400,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 115.6 - 118.6 million VND/tael (buy - sell), down 400,000 VND/tael.
+ International gold price
The world gold price listed on Kitco is at 3,325 USD/ounce, down 18 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,330 USD/ounce.
Gold Price Forecast
Northlight Asset Management's chief investment officer Chris Zaccarelli said that although US inflation has not increased sharply, the US economic situation remains unstable.
Gold is currently supported strongly around $3,300 an ounce. Analysts say the precious metal needs a catalyst to break above $3,400 and retest its April all-time high of $3,500 an ounce. A potential interest rate cut is seen as the best catalyst.
Zaccarelli predicts that if inflation is under control, the Fed could cut interest rates in September.
Even if gold prices stall below the April high of $3,500 an ounce, the precious metal still has support at $3,240, said analysts at Heraeus. If the dollar weakens as expected and investment demand for the precious metal remains strong, gold prices could continue to rise after this consolidation.
However, if gold prices fall below the support level, any further rally could be delayed until later this year.
Source: https://baolangson.vn/gia-vang-hom-nay-16-7-tiep-tuc-di-xuong-5053313.html
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