Gold price continues to heat up today
World gold price today exploded
At 5:00 a.m. on July 23, the price of gold today reached 3,432 USD/ounce, up 47 USD compared to the lowest price of last night's trading session (3,385 USD/ounce). The price of gold for August delivery on the international market also increased by 32.4 USD, reaching 3,439 USD/ounce.
Technical buying activity in the gold market has also been active, as price charts show that the uptrend is still dominant. This reinforces investors' confidence in the positive outlook for the precious metal in the short term.
Weak USD, opportunity for gold price today
The U.S. dollar index fell this week after hitting a three-week high last week. Despite recovering from its early July lows, the greenback is facing renewed pressure. According to Bloomberg, the currency options market is showing negative signals for the greenback heading into August.
The dollar is likely to continue to weaken in the near term, and it may not have bottomed out yet, said Peter Kinsella, head of foreign exchange strategy at Union Bancaire Privee Ubp SA. The currency’s weakness is one of the main factors driving gold prices, which typically have an inverse relationship with the dollar.
Meanwhile, other overseas markets also recorded notable developments. Crude oil futures prices fell slightly, trading around $66/barrel. The 10-year US bond yield remained at 4.3%, creating favorable conditions for gold prices to increase as holding non-yielding assets such as gold became cheaper.
With an upward trend, the world gold price continues to be the focus of investors. The combination of a weak USD, falling bond yields and strong technical buying activity is strengthening the position of this precious metal.
In Vietnam, at the end of July 22, SJC gold was sold at 122 million VND/tael, while ring gold was at 117.5 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-23-7-tang-toc-can-muc-cao-nhat-5-tuan-qua-196250723050502139.htm
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