World gold price today goes up
At around 6:00 a.m. this morning (Vietnam time), the price of gold today on the international market reached 3,374 USD/ounce, up 22 USD compared to the lowest level in last night's trading session (3,352 USD/ounce). The price of gold for December delivery also recorded an impressive increase, reaching 3,422 USD/ounce, up nearly 23 USD.
Gold price exploded today
Gold’s surge today was supported by optimism that the Fed will ease monetary policy amid signs of weakness in U.S. economic data. The July jobs report, released late last week, showed a significant slowdown in hiring. This has fueled speculation that the Fed will cut interest rates at its Federal Open Market Committee (FOMC) meeting in September.
Adding to the uncertainty was President Donald Trump's move to fire the head of the monthly jobs agency over the weekend, following a disappointing jobs report.
Mr. Trump also announced that he would soon announce a new head of the Fed and a new jobs data statistician for the Bureau of Labor Statistics (BLS), raising speculation about the future direction of economic policy.
Surprise from stocks and crude oil
Although gold prices increased sharply today, the increase was somewhat restrained by the recovery of the stock market. The strong increase in US stock prices directly competed, reducing the pressure on gold prices. Meanwhile, the USD decreased slightly, creating favorable conditions for gold prices to increase today.
In the energy market, crude oil futures fell to $66.75 a barrel after OPEC+ decided to increase production. The 10-year US bond yield is currently hovering around 4.25%, also contributing to the trend of the gold market.
In Vietnam, at the end of August 4, SJC gold was sold at 123.3 million VND/tael, while ring gold was at 118.8 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-5-8-bat-tang-khi-thi-truong-ky-vong-fed-giam-lai-suat-196250805062729002.htm
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