Gold jewelry on display at a jewelry store in Seoul, South Korea. (Photo: Yonhap/VNA)

Gold prices rose more than 1% on July 21 to a five-week high as the US dollar and US bond yields fell amid uncertainty ahead of the August 1 deadline set by the US for countries to reach a trade deal with it or face higher tariffs.

Spot gold rose 1.3% to $3,394.23 an ounce at 1:34 a.m. Vietnam time, its highest since June 17. U.S. gold futures rose 1.4% to $3,406.40 an ounce.

The dollar index fell 0.6%, making dollar-denominated gold more accessible to buyers using other currencies, while the yield on 10-year US Treasury notes hit its lowest in more than a week.

Gold prices are getting support amid uncertainty as the August 1 deadline approaches, said David Meger, director of metals trading at High Ridge Futures.

The European Union is considering a range of possible countermeasures against the United States as the prospects of reaching an acceptable trade deal with the country fade, according to European Union diplomats .

On interest rate policy, traders see a 59% chance that the US Federal Reserve will cut interest rates in September, according to CME's FedWatch tool.

Mr. Meger said that predictions of an earlier-than-expected US interest rate cut are increasing, while the possibility of replacing Fed Chairman Jerome Powell and restructuring the Fed is adding to market anxiety.

Gold is considered a hedge against risk and tends to appreciate in a low interest rate environment.

In Vietnam, on the morning of July 22, the price of SJC gold was listed by Saigon Jewelry Company at 120-121.5 million VND/tael (buy-sell)./.

According to vietnamplus.vn

Source: https://huengaynay.vn/kinh-te/thong-tin-thi-truong/gia-vang-tren-thi-truong-the-gioi-phien-21-7-cao-nhat-trong-5-tuan-155917.html