World gold price today skyrocketed

(NLDO) – Although the USD reached its highest level in the past three weeks, gold prices continued to increase strongly today as inflation in the US remained at a high level.

Gold price today on the world market is heating up

Why is the price of gold skyrocketing today?

Early on July 19, the world gold price today closed the weekend at 3,350 USD/ounce, up 20 USD compared to the lowest level in last night's trading session (3,330 USD/ounce).

Gold's ability to maintain key support around $3,300 an ounce shows impressive resilience, despite pressure from a stronger US dollar, analysts said.

The US dollar rose sharply, hitting a three-week high thanks to improved US economic data and relatively high inflation.

Aaron Hill, chief analyst at FP Markets, said that if the USD continues to increase in value, especially under the impact of trade policies from US President Donald Trump, gold could face a strong correction, possibly falling below 3,000 USD/ounce.

Christopher Vecchio, Head of Futures and FX Strategy at Tastylive.com, said there has been a lot of buying and selling of gold and USD in the past few months but this poses a short-term risk as investors take profits on gold.

However, he remains optimistic about the outlook for gold prices as global central banks are aggressively accumulating gold reserves, which, coupled with geopolitical uncertainty, continues to be a supportive driver for gold prices.

Economic data focus

Many other analysts predict the gold market will continue to be influenced by US economic data and monetary policy next week, including the opening speech of Fed Chairman Jerome Powell at an event in Washington, which could provide further clues on interest rate policy.

The European Central Bank (ECB) monetary policy meeting is expected to leave interest rates unchanged, but comments from the bank could impact the euro and indirectly impact gold prices.

In Vietnam, at the end of July 18, the price of SJC gold in the Vietnamese market was sold at 121 million VND/tael, while the price of gold rings was at 116.7 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-19-7-tiep-tuc-tang-manh-bat-chap-dong-usd-manh-len-196250719063323113.htm