Tariffs, inflationary pressures are 'leading' the global gold market

DNVN - The world gold market recorded a downward trend in the trading session on July 15, in the context that investors are closely monitoring new information on tariff policies, while inflation data showed that the consumer price index in the US increased as expected last month.

Illustration photo. Photo: Internet

As of 0:45 a.m. on July 16, Vietnam time, spot gold price decreased by 0.5% to 3,328.06 USD/ounce; meanwhile, gold futures price in the US closed the session with a decrease of 0.7% to 3,336.7 USD/ounce.

The US dollar rose 0.6%, making gold more expensive for investors holding other currencies.

According to Peter Grant, vice president and senior metals strategist at Zaner Metals, the market is still paying special attention to the tariff factor, which is playing a supporting role for gold prices. Mr. Grant commented that the gold price trend remains positive, although the precious metal continues to fluctuate within the price range established since mid-May 2025 until now.

Last weekend, US President Donald Trump warned of possible import tariffs of up to 30% on goods from the European Union and Mexico.

The report released on July 15 showed that the US Consumer Price Index (CPI) recorded an increase of 0.3% in June 2025 – in line with market expectations, after only a slight increase of 0.1% in May 2025. This is the highest increase rate since January 2025.

In a post on the social network Truth Social, Mr. Trump commented: “Because consumer prices are low, the US Federal Reserve (Fed) should lower interest rates.”

Immediately after the CPI data was released, many investors still expected the Fed to start cutting short-term lending rates from September.

The market is paying attention to the US producer price index (PPI) report due on July 16, to find more basis for the Fed's next policy action.

In other precious metals, spot silver fell 0.9% to $37.79 an ounce, after hitting its highest peak since September 2011 on July 14. According to Mr. Grant, silver prices could reach $41.61 an ounce.

Meanwhile, platinum increased by 0.6% to $1,371.49/ounce and palladium also increased by 0.5% to $1,198.97/ounce.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/thue-quan-ap-luc-lam-phat-dang-dan-dat-dien-bien-cua-thi-truong-vang-toan-cau/20250716093040938