Gold prices rose after a disappointing US jobs report. Specifically, late on July 2, the ADP Employment Report for June showed that the US private sector lost 33,000 jobs, while the market expected an increase of 95,000 jobs.
This is the worst figure since March 2023, when the decline was more than 100,000 jobs. In May, the US private sector recorded an increase of 37,000 jobs.
The data raised concerns about the weakness of the US labor market, especially in sectors that have been the main drivers of job growth. The decline in the services sector suggests that US businesses may be becoming more cautious in the face of a prolonged economic and interest rate environment.
In addition, money flowed out of many Asian, European and American stock markets and shifted to gold. This was also a factor contributing to the increase in the price of precious metals.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on July 3, the price of gold bars at Doji and SJC was listed at 118.7 - 120.7 million VND/tael (buy - sell), unchanged from early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 115.4 - 117.4 million VND/tael (buy - sell), unchanged.
+ International gold price
The world gold price listed on Kitco is at 3,357 USD/ounce, up 20 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,360 USD/ounce.
Gold Price Forecast
While the odds remain low, market expectations are growing that the US Federal Reserve will cut interest rates later this month, according to the CME FedWatch tool.
In an interview with Kitco News, Ryan McIntyre, senior managing partner at Sprott, said gold could consolidate around $3,300 an ounce through the summer. However, he added that rising debt remains a significant risk to the stock market.
Meanwhile, Fawad Razaqzada, market analyst at City Index and FOREX.com, said that gold’s record rally in the first half of 2025 will likely give way to consolidation in the second half of the year as safe-haven demand cools. But U.S. trade policy and equity volatility remain the main drivers of gold prices.
Source: https://baolangson.vn/gia-vang-hom-nay-3-7-tiep-tuc-tang-manh-5052021.html
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