Gold price today, July 18: Strong increase again

Giá vàng hôm nay, 18-7: Tăng mạnh trở lại - Ảnh 1.

At 6:00 a.m. on July 18 (Vietnam time), the spot gold price on the world market reached 3,344 USD/ounce, up 34 USD compared to the lowest level in last night's trading session (3,310 USD/ounce).

The sharp swings in gold prices have been driven by political and economic uncertainty in the United States. Analysts warn that any move to weaken the independence of the US Federal Reserve (FED) could push gold prices higher.

The focus of the market today is the confrontation between President Donald Trump and FED Chairman Jerome Powell. Donald Trump has repeatedly criticized Powell for his policy of raising interest rates, saying that this is hindering US economic growth. In a recent speech, Trump called on the FED to reduce interest rates to 1.25% - 1.5%, significantly lower than the current level of 4.25% - 4.5%.

In contrast, Mr. Powell has remained steadfast in his stance of tightening monetary policy to curb inflation, which is at a 40-year high. Inflation in the US in June 2025 was recorded at 6.8%, far exceeding the Fed's 2% target.

However, if the Fed bows to pressure from the White House and shifts to a loose monetary policy, inflation could rise, pushing gold prices higher as investors seek the precious metal as a safe haven.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said rising political tensions in the US are creating an ideal environment for gold. As investors lose confidence in the stability of the financial system, gold becomes the leading store of value.

Jim Wyckoff, senior market analyst at Kitco.com, said that if Donald Trump carries out his threat to fire Fed Chairman Jerome Powell, the market will face a major shock. This will stimulate safe-haven demand for gold.

Investors are closely watching political developments in the US. Any sign that the Fed is giving in to political pressure could trigger a strong rally in gold prices.

In addition, other factors such as global inflation, physical gold demand in major markets, along with the geopolitical situation in Ukraine and the Middle East, are also contributing to supporting gold prices in the long term.

In Vietnam, at the end of July 17, the price of SJC gold in the Vietnamese market was sold at 120.6 million VND/tael, while the price of ring gold was at 116.7 million VND/tael.