On the morning of July 31, the world gold price was listed on Kitco at 3,277 USD/ounce, down 49 USD/ounce compared to early yesterday morning.
Gold price today plunged after Fed Chairman Jerome Powell reaffirmed that the Fed is in no rush to cut interest rates, dampening expectations for easing in September.
The Federal Open Market Committee (FOMC) voted 9-2 to keep its benchmark interest rate unchanged at 4.25% to 4.50%. Most policymakers said the Fed should hold off on cutting rates while it assesses the impact of tariffs on inflation. Some also stressed that the strong labor market allows them to be patient.
In a statement released after the meeting, the Fed Chairman said that although fluctuations in the import-export balance still affect the data, recent indicators show that economic activity growth has slowed in the first half of the year.
The Fed previously described growth as occurring at a “solid pace.” The Fed reiterated its assessment that the labor market “remains strong” and that inflation “remains somewhat elevated.” However, the Fed withdrew its previous note that uncertainty about the economic outlook “has declined,” and instead said it “remains elevated.”
Gold prices plummet (Photo: Minh Duc)
Gold prices also fell sharply in the context The USD price skyrocketed. The DXY index - measuring the greenback's performance against a basket of six major currencies - rose 0.61% to 99.49 points.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on July 31, the price of gold bars at Doji and SJC was listed at 120 - 121.5 million VND/tael (buy - sell), an increase of 300,000 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 3,277 USD/ounce, down 49 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,280 USD/ounce.
Gold Price Forecast
Fawad Razaqzada, an analyst at City Index and FOREX.com, said the risk of trade talks breaking down is still possible, so many investors still hold gold as a hedge.
Trade deals tend to strengthen the US dollar, making gold less attractive, but gold prices have not fallen too much because there are still doubts about the feasibility of these deals, said Edward Meir of Marex.
According to Mr. Carsten Menke, an expert at Julius Baer, the market is in the accumulation phase and needs a strong impetus to restart the upward momentum. At the same time, central banks are playing an important role in supporting gold prices thanks to the trend of diversifying reserves and reducing dependence on the USD.
Source: https://baolangson.vn/gia-vang-hom-nay-31-7-lao-doc-khong-branh-mat-moc-3-300-usd-ounce-5054702.html
Comment (0)