The domestic gold market today (July 22) was affected by Typhoon Wipha, causing some stores to temporarily close in the morning. However, the heat of the gold market did not decrease.
Investors continue to closely monitor international market developments, as gold prices in the US skyrocketed in the previous session, at times surpassing the important resistance level of 3,400 USD/ounce (equivalent to about 109 million VND/tael).
On the morning of July 22, domestic gold prices increased by 500,000 VND per tael and remained unchanged until late afternoon.
Specifically, the price of SJC gold bars was adjusted to 122 million VND/tael (selling price). SJC announced the price of gold rings of type 1-5 at only 115-117.5 million VND/tael (buy - sell). The price of Doji plain rings is at 116.6-119.1 million VND/tael.
Meanwhile, gold prices in the Asian market cooled down in the session of July 22, slightly decreasing by 5-10 USD/ounce after a sharp increase of about 40 USD earlier. The reason came from profit-taking activities of investors and cautious psychology before an important moment: Chairman of the US Federal Reserve (Fed) Jerome Powell was preparing to give his first speech after a week filled with rumors of resignation due to pressure from the administration of President Donald Trump.
The sharp increase in world gold prices was also due to the rapid decline of the USD, with the DXY index falling below the threshold of 98 points. Investors expect the Fed to cut interest rates at its meeting next September.
In addition, falling US government bond yields and escalating trade tensions between the US and major economies , including the European Union (EU), contributed to pushing gold prices up.
At 7:30 p.m. on July 22 (Vietnam time), Mr. Powell gave his first speech after rumors of his resignation.
The Trump administration is still looking for legal grounds to put pressure on Mr. Powell. The US President also called for a comprehensive review of the Fed's operations. This could directly affect Mr. Powell's position as well as the possibility of restructuring this organization.
The combination of a weaker dollar, falling bond yields and pressure on the Fed has created an ideal environment for gold, which has benefited from low opportunity costs as alternative investments become less attractive. Demand for safe havens has also increased as geopolitical and global trade uncertainties continue to escalate.
Recent statements by US Commerce Secretary Howard Lutnick have added urgency to the ongoing trade talks. While expressing optimism about the possibility of reaching a deal with the EU, Lutnick stressed that the August 1 tariff deadline is a “hard deadline” for negotiations.
At the same time, the US government will maintain the base tax rate of 10% throughout the negotiation process to demonstrate its consistency within the current trade policy framework.
The announcement comes after President Trump sent formal notices to key trading partners earlier this month, detailing specific tariffs that would take effect if a deal was not reached by the deadline.
In response, the EU has prepared corresponding countermeasures in case the US implements new tariffs, making the prospects for a mutually beneficial trade deal increasingly uncertain.
Along with the market turmoil, expectations for monetary policy continue to fluctuate. Traders are pricing in about a 60% chance of a Fed rate cut in September, reflecting growing speculation about a possible leadership change at the central bank and broader institutional reforms.
This dovish shift in interest rate expectations has contributed to a weaker US dollar and falling Treasury yields, both of which are supportive of gold prices.
Source: https://vietnamnet.vn/gia-vang-the-gioi-tang-dung-dung-sjc-vot-len-122-trieu-dong-lieu-co-tang-tiep-2424646.html
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