Gold price today 7/24: Free fall from 5-week peak

On the morning of July 24, the world gold price was listed on Kitco at 3,386 USD/ounce, down 40 USD/ounce compared to early yesterday morning.

Gold prices fell freely amid rising stock markets following positive signals about trade deals between the US and the EU and Japan.

Accordingly, the US will impose a 15% tax on imports from Japan, including cars; at the same time, Japan will establish a $550 billion investment fund in the US.

President Donald Trump called the trade deal "the biggest ever."

Gold prices also fell due to a sharp drop in oil, a commodity closely related to gold. The drop in oil prices has made investors less concerned about rising inflation, thereby reducing the attractiveness of gold.

Gold prices fall freely from the peak (Photo: Cong Hieu)

Tim Waterer, Chief Market Analyst at CM Trade Financial Services, said that if more trade deals are signed before August 1, this could continue to boost demand for risk assets and reduce demand for gold.

However, if the USD continues to come under pressure, a return to the $3,500/ounce mark for gold remains a viable prospect in the short term.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on July 24, the price of gold bars at Doji and SJC was listed at 120.7 - 122.7 million VND/tael (buy - sell), an increase of 700,000 VND/tael compared to early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 117 - 119.5 million VND/tael (buy - sell), an increase of 400,000 VND/tael.

+ International gold price

The world gold price listed on Kitco is at 3,386 USD/ounce, down 40 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,390 USD/ounce.

Gold Price Forecast

Investors are still betting on the possibility that Mr. Powell will soon have a softer policy. The Fed is likely to cut interest rates at its meeting in September. At that time, the USD will weaken further, pushing gold prices up.

Many organizations predict that gold will continue to be in a long-term uptrend as countries are reducing their dependence on the USD and increasing their gold purchases. The USD is also in a long-term downtrend.

Many experts believe that to firmly surpass the threshold of 3,400 USD/ounce, the market needs a strong enough driving force. That could be the Fed's decision to lower interest rates, at the earliest at the policy meeting in September.

Source: https://baolangson.vn/gia-vang-hom-nay-24-7-roi-tu-do-tu-dinh-cao-5-tuan-5054052.html