DNVN - In the trading session on January 20, gold prices increased slightly as the USD weakened, in the context of the market analyzing the impact of economic policies of US President Donald Trump's second term after his inauguration.
Earlier, gold prices fell as tensions in the Middle East cooled. Global gold prices have recorded three consecutive weeks of increases, while gold prices in Asia are also heading for a third consecutive week of increases.
Spot gold prices recorded an increase of 0.3%, reaching 2,709.09 USD/ounce at 01:49 Vietnam time, amid low trading volume due to the US market being closed for Martin Luther King Jr. holiday. Meanwhile, US gold futures prices decreased by 0.7%, to 2,730.20 USD/ounce.
"I believe that President Donald Trump's term will bring more market volatility, and some of his policies may lead to higher inflation over a longer period of time. This will continue to support safe-haven assets such as gold," said Giovanni Staunovo, an analyst at UBS.
While gold is often seen as a hedge against inflation, Mr Trump’s inflationary tariff policies have prompted the US Federal Reserve to keep interest rates higher for longer, reducing the appeal of gold, an asset that does not generate interest.
President Trump has proposed imposing a 10% import tax on global goods, 60% on products from China and 25% on items from Canada and Mexico.
Goldman Sachs stressed: "Gold's status as a major asset class means it is likely to be exempt from broad-based taxation. Therefore, we only assess a 10% chance that gold will be subject to a 10% tax in the next 12 months."
A 0.9% drop in the dollar index made gold more attractive to foreign buyers.
In the Vietnamese market, at 6:00 a.m. on January 21, the price of SJC gold listed by Saigon Jewelry Company in Hanoi reached 84.90 - 86.90 million VND/tael (buy - sell).
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-nhich-nhe-sau-le-nham-chuc-tong-thong-my-cua-ong-donald-trump/20250121092732669
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