Domestic gold price today 7/7/2024

On July 6, the price of 9999 gold bars at SJC was 74.98 million VND/tael (buy) and 76.98 million VND/tael (sell).

Doji listed at 74.98 million VND/tael (buy) and 76.98 million VND/tael (sell).

International gold price today 7/7/2024

Gold prices on the Kitco floor ended the trading week at $2,388/ounce. For the week, gold prices increased by more than 2% and marked the second consecutive week of increase. Gold futures for August traded at $2,399/ounce.

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World gold prices hit a 1-month high. Photo: Kitco

World gold prices rose sharply at the end of the week, reaching the resistance level of 2,400 USD/ounce. The weak labor market increased expectations that the US Federal Reserve (Fed) would cut interest rates in September.

According to CME's FedWatch tool, the market is pricing in a nearly 80% chance of a rate cut after the summer break.

The dollar index fell to a three-week low and bond yields rose to a four-week high. The news boosted gold to a one-month high.

“As expected, the US employment data released confirmed continued weakness in the labor market, although not as pronounced as expected, but still enough to support the Fed’s dovish stance,” said Ricardo Evangelista, technical analyst at ActivTrades.

Jim Wyckoff, senior market analyst at Kitco Metals, said the gold market is being supported by investor buying while crude oil prices are rising and the US dollar is weak, creating momentum to push gold prices up.

The dollar could fall further as deflationary pressures begin to ease, said Jonathan Petersen, senior markets economist at Capital Economics. This environment is supportive of gold prices.

Gold Price Forecast

Ricardo Evangelista, technical analyst at ActivTrades, said that in the first half of the year, the resilience of the economy allowed the Fed to maintain high interest rates for a long time.

When there are signs of an economic slowdown, the USD falls, as well as lower Treasury yields. These support bullion.

He said he would not be surprised if gold reached $2,400 an ounce next week.