Gold, silver and other metals markets unexpectedly surged in the international market at the end of the week. Spot gold prices on the Comex New York floor increased by 33 USD (+1%) to 3,357 USD/ounce. Silver prices jumped about 3% to more than 38 USD, the highest level in 13 years.

Increased risk-off sentiment in the general market over the weekend of July 7-11 supported safe-haven metals.

Gold prices soared, surpassing the strong resistance of 3,350 USD/ounce in the context of US President Donald Trump continuously issuing threats of tariffs against countries that have not signed trade agreements with the US.

After announcing a 35% import tax on Canadian goods starting August 1, Mr. Trump also revealed plans to impose a general tax on partners who have not reached an agreement and a tax notice, with a rate of 15-20% on most partners. This rate is higher than the 10% currently applied to US trading partners.

During the week of July 7-11, Mr. Trump publicly issued 23 tax notices to countries. Notably, Brazil received the highest rate of 50%.

KC Gold.jpg
Gold and silver prices increase sharply. Photo: KC

In addition to the reciprocal tariffs, the US President also signed an executive order imposing a 50% import tax on copper starting next month and warned of a 200% tax on pharmaceuticals imported into the US. Mr. Trump said pharmaceutical companies would have about 18 months to start manufacturing in the US before the new tariffs take effect.

Trump’s rapid policy changes and rapid statements have sent shockwaves through financial markets. In addition, rising US-Russia tensions and a more volatile Middle East have helped push safe-haven assets like gold higher.

The gold market is not only affected by US-Russia tensions, but also by worsening signals in the Red Sea region of the Middle East.

After months of calm, the Red Sea has been rocked by attacks by Yemen’s Houthi militia, which sank two international commercial vessels. The Houthis have said that no company will be allowed to transport goods related to Israel through the areas they control in the Red Sea until the conflict in Gaza ends.

After Israel and Iran reached a ceasefire agreement, the outlook in the Middle East is brighter than ever. However, conflict in the Gaza Strip remains.

Gold is also supported by buying from central banks whenever prices fall.

A more than 2.5% increase in oil prices (WTI to $68.2/barrel) also contributed to the increase in gold prices, as concerns about inflation increased.

However, the precious metal was held back by a strong US dollar. The DXY index rose nearly 0.25% to 97.9 points at the start of the weekend session. Gold was also under pressure as US stocks remained at record highs. The group of US technology giants continued to break out. The market capitalization of chip giant Nvidia surpassed the $4 trillion mark for the first time.

Previously, many organizations predicted that gold prices would have a downturn, possibly a relatively strong adjustment, down to 3,200 USD, even 3,000 USD/ounce (compared to the peak of 3,500 USD recorded on April 22) before increasing again at the end of the year and in the following years. Profit-taking pressure has recently increased after nearly 2 years of soaring gold prices and Israel-Iran reaching a ceasefire agreement.

But with a series of new developments, along with forecasts of an increasing US budget deficit and support from buying activities of other countries, gold prices may not fall as deeply as some previous forecasts.

Domestically, the price of gold rings skyrocketed, with SJC gold bars reaching VND121 million. Specifically, by the end of the trading session on July 11, the price of 9999 gold bars at SJC and Doji was listed at VND119-121 million/tael (buy - sell), an increase of VND400,000 in both compared to the previous session.

By the end of the afternoon of July 11, SJC announced the price of gold rings of type 1-5 at only 114.5-117 million VND/tael (buy - sell), an increase of 500,000 VND/tael. Doji announced the price of gold rings of type 1-5 at only 115.5-118.5 million VND/tael (buy - sell), an increase of 500,000 VND for buying but an increase of 1.5 million VND/tael for selling.

Gold price before new developments, what is the forecast for SJC gold bars in the coming time? World gold price in the week of June 30 - July 4 increased by 1.5% to 3,337 USD/ounce due to the weakening of the USD and concerns about tariffs and rising US public debt. Domestically, SJC gold bars increased by 1.4 million VND/tael, but there is a risk of a sharp decrease.

Source: https://vietnamnet.vn/gia-vang-noi-song-du-bao-tang-toc-thoat-khoi-vung-giang-co-2420770.html