In the first trading session of the week, July 21, gold prices in the Asian and European markets increased sharply. Spot gold increased by nearly 20 USD (+0.6%) compared to the end of last week, up to nearly 3,370 USD/ounce (equivalent to about 108 million VND/tael).
The price of gold rings increased to nearly 118.6 million VND/tael (selling price), only lower than the peak of 119 million VND/tael recorded on April 22. At that time, the world gold price reached a historical peak of 3,500 USD/ounce.
Specifically, as of 1:40 p.m., the price of gold rings at Doji was traded at VND116.1 million/tael (buy) and VND118.6 million/tael (sell). SJC gold was bought and sold at VND120 and VND121.5 million/tael, an increase of VND300,000/tael in both buying and selling compared to the end of last week.
Thus, domestic gold prices have simultaneously increased again following world prices and reached close to their all-time high.
Demand for gold rings and gold bars remains quite high in the context of world gold prices showing signs of increasing again and a lack of attractive investment channels in the country.
Bank interest rates are low, while the stock market is rising strongly, with the VN-Index approaching the 1,500-point threshold and many stocks setting new highs.
The real estate market is no longer as vibrant as it was at the beginning of the year. The Ministry of Finance has just proposed to apply a 20% tax on the difference between the purchase and sale price of real estate for each transfer. If the profit from real estate transfer cannot be determined, personal income tax is calculated by multiplying the selling price by the corresponding tax rate, specifically: 10% for real estate held for less than 2 years; 6% if owned for 2-5 years; 4% for 5-10 years and 2% for over 10 years (applied as currently).
In the world, gold prices have increased sharply and are breaking out of the 3,300-3,350 USD/ounce range recorded over the past two months.
World gold increased when the USD weakened. The DXY index - measuring the fluctuations of the greenback against a basket of 6 other major currencies - decreased by 0.25% to 98.23 points. Instability in the world increased.
Japanese politics were in turmoil at the start of the week after Prime Minister Shigeru Ishiba's ruling coalition failed to retain its majority in the upper house. The election results raised concerns about political instability and cast doubt on the future of Japan's trade talks with the United States. Some analysts warned that if Ishiba were to resign, it could trigger a sell-off in Japanese stocks and the yen, supporting gold prices.
James Stanley from Forex believes that spot gold prices could surpass $3,400/ounce and if successful, this would be a confirmation signal of the uptrend.
However, many experts previously said that gold needed a strong enough impetus to break out of the $3,400/ounce threshold. That could be the decision of the US Federal Reserve (Fed) to lower interest rates. But this could only happen at the earliest at the policy meeting in September. Currently, the Fed is still cautious about lowering interest rates because inflation is not yet fully controlled.
However, the possibility of a sharp drop in gold prices is underestimated in the context of global uncertainty, central banks are still quietly buying and tensions between US President Donald Trump and Fed Chairman Jerome Powell are increasing. Mr. Trump has recently put pressure on Mr. Powell to resign.
Source: https://vietnamnet.vn/gia-vang-the-gioi-noi-song-nhan-tiem-can-dinh-lich-su-sjc-but-pha-2424102.html
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