World gold prices ended the week holding the important support level above 3,300 USD/ounce. The latest spot gold price was recorded at 3,352.47 USD/ounce, down slightly by 0.09% compared to the end of last week.

Gold futures for August 2025 delivery on the Comex floor (New York) are currently trading at $3,360/ounce.

One of the main factors putting pressure on gold is the strengthening of the US dollar. The US Dollar Index (DXY), which measures the strength of the greenback against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 98.46 points, near a three-week high.

Data released by the US Bureau of Labor Statistics on July 15 showed that the consumer price index (CPI) rose 0.3% month-on-month and 2.7% year-on-year. These figures were in line with Dow Jones' forecast. In addition, US retail sales rebounded strongly in June, indicating new economic momentum and rising consumer confidence.

The CME FedWatch tool shows a high probability that the Federal Reserve will keep interest rates unchanged. Cleveland Fed President Beth Hammack said the central bank is “on hold” to adjust interest rates, depending on how the economy develops.

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Domestic gold prices are stable. Photo: Thach Thao

Fed Chairman Jerome Powell's tough stance on maintaining interest rates has drawn criticism from US President Donald Trump and some White House officials, who have argued that Powell should ease monetary policy.

On trade tensions, Mr. Trump announced a 19% tariff on goods imported from Indonesia. Meanwhile, the European Union is preparing retaliatory measures if trade negotiations with Washington continue to stall.

In the domestic market on July 19, the price of SJC gold bars closed at 119.7-121.2 million VND/tael (buy - sell), an increase of 200,000 VND/tael compared to the previous session.

The price of 1-5 chi SJC gold rings, closing on July 17, was listed at 114.2-116.7 million VND/tael (buy - sell), the price of 9999 gold rings at Doji closed at 115.9-118.4 million VND/tael, both unchanged from the closing price the previous day.

Gold Price Forecast

Richard Laterman, director of portfolio solutions at ReSolve Asset Management, said the strength of the US dollar comes not only from its military might but also from its financial strength, which depends on confidence in US institutions. However, he warned that this confidence is showing signs of weakening.

Global demand for the USD as a reserve currency and for US financial assets (such as Treasury bonds) is expected to continue to decline. This trend could benefit safe-haven and alternative assets, especially gold, other precious metals, and even digital assets such as Bitcoin.

Christopher Vecchio, head of futures and FX strategy at Tastylive, said that the possibility of gold falling further in the short term is very low. Gold is showing steady strength, surpassing US Treasury yields and the strength of the US dollar.

Gold has remained neutral against the dollar, but has outperformed many other major currencies, including the euro and pound, Mr. Vecchio said. The lack of a sharp rise in gold prices does not reflect a lack of appeal, but rather that gold is being priced in a strong dollar.

He predicts that gold prices will maintain support around $3,200/ounce next week.

Source: https://vietnamnet.vn/gia-vang-hom-nay-20-7-2025-sjc-tang-200-nghin-dong-luong-nhan-tron-o-muc-cao-2423601.html