Gold price today, July 29: Sharp drop

(NLDO) – The world gold price today continues to plummet as the USD maintains a strong upward trend and US bond interest rates heat up.

World gold price today goes down

At around 6:00 a.m. on July 29 (Vietnam time), the price of gold today on the international market dropped sharply to 3,314 USD/ounce, down 30 USD compared to the peak of 3,344 USD/ounce in the trading session last night. The price of gold for August delivery also dropped 27.5 USD, reaching 3,307 USD/ounce, the lowest level in two weeks.

The downward pressure on gold prices comes from the strong increase in the USD and the 10-year US bond yield, currently at 4.412%. The risk-on sentiment in the global market also contributed to the reduction in the attractiveness of gold prices today.

US-EU trade deal

The US and the European Union (EU) reached a trade deal over the weekend, under which the EU accepted a 15% tariff on most goods exported to the US, including cars, to avoid a trade war. This agreement caused the Euro to fall sharply, while the USD index rose steadily, putting more pressure on gold prices today.

The US and China will also extend their tariff deal by three months, according to the South China Morning Post.

Waiting for decision from Fed

The Federal Open Market Committee (FOMC) meeting of the US Federal Reserve (Fed) will take place from Tuesday to Wednesday, with the official statement and press conference of Fed Chairman Jerome Powell receiving special attention from investors.

According to Bloomberg, Fed officials are determined to keep interest rates unchanged, despite increasing pressure from President Trump to cut interest rates. The market predicts that the Fed will maintain the benchmark interest rate band this week, but rising expectations of interest rate cuts will affect world gold prices in the coming days.

In Vietnam, at the end of July 28, SJC gold was sold at 121.1 million VND/tael, while ring gold was at 117 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-29-7-sut-giam-rat-manh-196250729063622959.htm