Down for the fourth consecutive week

Domestic gold price

At the end of the trading session on July 7, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.45 million VND/tael (buy) and 67.05 million VND/tael (sell). SJC Hanoi listed at 66.45 million VND/tael (buy) and 67.07 million VND/tael (sell).

Doji Hanoi listed at 66.45 million VND/tael (buy) and 67.05 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.45 million VND/tael and sold at 66.95 million VND/tael.

International gold price

On the world market, the spot gold price on Kitco on July 7 (at 10:00 p.m., Vietnam time) was trading at 1,933 USD/ounce.

Gold trading is quiet. (Photo: WJ)

Treasury yields jumped after the labor market data. The 10-year note surged above 4%, while the 2-year note hit a 16-year high.

The jobs report raised concerns about the next steps by the Federal Reserve, which investors believe will raise interest rates and keep them high for longer to fight inflation.

Some Fed officials have favored a 25 basis point rate hike in June, rather than pausing further tightening.

Fed Chairman Jerome Powell said a pause in the impact of previous rate hikes is still needed to fully boost the economy. He said he would not rule out rate hikes at successive meetings.

Gold Price Forecast

Traders are pricing in an 89% chance that the Fed will raise rates by 25 basis points at its July 2023 meeting after pausing last month, according to CME's Fedwatch analytics tool.

Gold prices are highly sensitive to rising US interest rates, which increase the opportunity cost of holding bullion.

Tim Waterer, financial expert of KCM Trade, commented that gold is trying to maintain above $1,900/ounce in the near future. Currently, investors are only paying attention to interest rates and speculation about the final interest rate.

Source: https://vietnamnet.vn/gia-vang-hom-nay-8-7-giam-tuan-thu-4-lien-tiep-2163031.html