Gold prices rose as the dollar weakened and US Treasury Secretary Scott Bessent tried to convince President Donald Trump not to fire Federal Reserve Chairman Jerome Powell.
Bessent warned that firing Mr. Powell would raise serious doubts about the Fed's independence, potentially putting pressure on the dollar and pushing up Treasury yields.
Last week, news of the Fed Chairman’s ouster sent shockwaves through financial markets and sent gold prices soaring. Shortly afterward, President Trump softened his tone and said he was not considering firing Mr. Powell.
In addition, the USD index fell against other major currencies, making gold cheaper for holders of other currencies.
Gold price movements today
+ Domestic gold price
Gold prices rise sharply (Photo: Gainesvillecoins)
At 6:00 a.m. on July 22, the price of gold bars at Doji and SJC was listed at 120 - 121.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 116.1 - 118.6 million VND/tael (buy - sell), an increase of 200,000 VND/tael.
+ International gold price
The world gold price listed on Kitco is at 3,398 USD/ounce, up 53 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,399 USD/ounce.
Gold Price Forecast
Analysts at CPM Group issued a buy recommendation on gold, with an initial target price of $3,425 on August 5.
The day after the recommendation, gold prices quickly surpassed $3,375 on July 11, reaching $381.60. Over the next six trading days, gold prices fluctuated between $3,326.10 and $3,389.30, according to CPM Group.
CPM Group forecasts that gold prices may continue to hover between $3,320 and $3,400 in the next few days. They remain optimistic and expect prices to rebound above $3,400, aiming for $3,425 or higher between now and mid-August.
The latest Kitco News weekly gold survey shows that experts remain cautious on gold's near-term outlook, while retail investors are back on the bullish side.
Of the 15 analysts surveyed, 8 (53%) predicted that gold prices would increase next week, only 1 (7%) said prices would decrease, and the remaining 6 (40%) said the market would move sideways.
In contrast, an online survey of 223 individual investors found a strong bias towards higher gold prices. Specifically, 138 people (62%) expected prices to rise, while 38 people (17%) predicted prices to fall and 47 people (21%) thought prices would remain flat.
Source: https://baolangson.vn/gia-vang-hom-nay-22-7-bat-ngo-tang-dung-dung-sat-moc-3-400-usd-ounce-5053856.html
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