Gold price today increased dramatically
Early on August 2 (Vietnam time), the price of gold today on the international market closed the weekend at 3,363 USD/ounce, a sharp increase of 83 USD compared to the lowest price in last night's trading session (3,280 USD/ounce).
Gold price makes spectacular breakthrough
The US Department of Labor reported that the country added just 73,000 jobs in July - far below expectations of 100,000. The unemployment rate rose to 4.2% from 4.1%.
The data raised expectations that the US Federal Reserve (FED) will cut interest rates at its September meeting, with the market valuing the probability at 75%.
Priya Misra, portfolio manager at JP Morgan, stressed that for the Fed to cut interest rates, there needs to be clear evidence of labor market weakness, and current data is reflecting that.
Trade tensions and unexpected impacts
Market sentiment was further unsettled after President Donald Trump announced new tariffs on dozens of countries.
New US tariffs have sent global stock markets reeling. Investors are selling stocks and shifting capital into precious metals, including gold. The sharp increase in gold prices today is inevitable.
On the other hand, the value of the USD fell sharply after the employment report; the 10-year US bond interest rate fell to 4.29%... which encouraged many people to hold gold to preserve capital. The price of gold today naturally jumped.
In Vietnam, at the end of August 1, SJC gold was sold at 121.4 million VND/tael, while ring gold was at 117.1 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-2-8-dao-chieu-tang-dung-dung-19625080206420288.htm
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