Global gold prices surge, Wall Street plunges.

TPO - World gold prices rose sharply in the morning trading session on July 2nd (Vietnam time) after US private sector employment data fell short of expectations. Meanwhile, the US stock market closed in the red as technology and semiconductor stocks faced strong selling pressure.

In morning trading on July 2nd (Vietnam time), spot gold prices rose 1.6% to $4,071.04 per ounce, after hitting their lowest level since November in the previous session. August gold futures contracts in the US closed up 1.1% at $4,082.4 per ounce.

According to Tai Wong, an independent metals trader, the lower-than-expected ADP jobs report provided initial impetus for gold's rise, and Federal Reserve Chairman Kevin Warsh's remarks about falling inflation pushed bond yields down, thereby boosting buying interest in the precious metal.

Wong believes gold may have established a short-term bottom, unless the US non -farm payrolls report released in the next session significantly exceeds market expectations.

World gold prices surged in morning trading on July 2nd (Vietnam time). Photo: Reuters.

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Other precious metals also rose in price. Spot silver increased 2.5% to $60.01 per ounce; palladium rose 1.2% to $1,218.75 per ounce; while platinum gained 2.2% to $1,584.75 per ounce after touching its lowest level since November earlier in the session.

In the stock market, the main Wall Street indices ended the trading session with slight declines. The Dow Jones lost 0.03%, to 52,305.24 points. The S&P 500 fell 0.22% to 7,483.23 points, and the Nasdaq Composite dropped 0.66% to 26,040.03 points.

The decline was mainly driven by technology stocks, particularly semiconductor companies. The semiconductor index fell 6.3%, while the technology sector was the biggest loser in the S&P 500. Investors continued to express concerns about high valuations and the large-scale spending on artificial intelligence (AI) by technology corporations.

Contrary to the general trend, Meta Platforms shares rose 8.8% after Bloomberg reported that the company is building a cloud computing business to commercialize its surplus AI computing power.

Despite intraday corrections, the US stock market just closed out a strong quarter. The S&P 500 and Nasdaq Composite recorded their largest quarterly gains since 2020, while the Dow Jones had its strongest quarterly gain since 2022.

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Source: https://tienphong.vn/gia-vang-the-gioi-tang-manh-pho-wall-do-lua-post1856156.tpo