US President considers the possibility of firing Fed Chairman, international gold price increases

DNVN - The global gold market made a big jump in the trading session on July 16, after information appeared that US President Donald Trump was considering the possibility of firing US Federal Reserve (Fed) Chairman Jerome Powell.

Illustration photo. Photo: Internet

As of 0:53 a.m. on July 17 (Vietnam time), spot gold prices recorded an increase of 1%, up to 3,354.01 USD/ounce, after jumping 1.6% at the beginning of the session.

Gold futures on the US market increased by 0.7% to 3,359.1 USD/ounce.

President Trump said he has no current plans to replace Mr. Powell, but did not rule out any possibility, citing an ongoing investigation into cost overruns in a $2.5 billion renovation of the Fed's headquarters.

At the same time, Israel launched airstrikes targeting the capital Damascus, raising concerns about geopolitical tensions and fueling a trend of buying gold as a hedge against risks.

On the trade front, the European Commission has prepared a scenario of imposing tariffs on $84.1 billion worth of US goods if trade talks with Washington break down, after Mr Trump warned last week that he would impose a 30% tariff on imports from the European Union (EU).

“With the Israeli military actions and the US being tougher on tariffs, there is a little more uncertainty in the market, which is supporting gold prices,” said Jim Wyckoff, senior analyst at precious metals company Kitco Metals. He forecasts gold prices to fluctuate between $3,250 an ounce and $3,476 an ounce in the near term.

In addition, gold prices were also supported by a new report showing that the US producer price index was unchanged in June 2025, in contrast to the 0.3% increase recorded in May 2025. Previously released figures also showed that overall consumer prices increased 0.3% in June, higher than the 0.1% increase in May, suggesting that the Fed may continue to maintain a cautious attitude before implementing interest rate cuts.

In the domestic market, the price of SJC gold in the early morning of July 17 was listed by Saigon Jewelry Company at 118,600 - 120.60 million VND/tael (buy - sell).

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/tong-thong-my-xem-xet-kha-nang-sa-thai-chu-cich-fed-gia-vang-quoc-te-bat-tang/20250717090332787