At 8:45 this morning, the price of gold bars at Doji and SJC was listed at 120.7 - 122.7 million VND/tael (buy - sell), an increase of 700,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 117 - 119.5 million VND/tael (buy - sell), an increase of 400,000 VND/tael.
Domestic gold prices increased sharply today due to the high global gold price. On the morning of July 23, the global gold price on Kitco was at 3,427 USD/ounce, up 30 USD/ounce compared to early yesterday morning.
Gold prices continued to rise due to the weakening of the USD. The DXY index fell to 97.8 points in the context of the US Federal Reserve Chairman Jerome Powell's first speech after a week filled with rumors of resignation due to pressure from the Donald Trump administration.
Gold prices are at a five-week high due to uncertainty surrounding US President Donald Trump’s August 1 tariff deadline, said Jigar Trivedi, senior commodities analyst at Reliance Securities.
" Gold prices are expected to continue rising. Strong resistance is expected around $3,420 an ounce. On the contrary, support is at $3,350 an ounce ," said Mr. Trivedi.
The European Union (EU) is considering broader retaliatory measures against the United States, according to EU diplomats, as the chances of reaching a trade deal with Washington appear to be fading.
President Donald Trump has threatened to impose a 30% tariff on European imports if no deal is reached by the August 1 deadline. US Treasury Secretary Scott Bessent has said the Washington administration prioritizes the quality of trade deals over the speed with which they are completed.
Markets are also watching the upcoming US Federal Reserve (Fed) monetary policy meeting next week, where the Fed is expected to keep interest rates unchanged and could cut them as early as October.
Many experts believe that to surpass the threshold of 3,400 USD/ounce, the market needs a strong enough driving force. That could be the Fed's decision to lower interest rates, at the earliest at the policy meeting in September.
However, the pressure from the Donald Trump administration on Mr. Powell is putting great pressure on the USD and US Treasury bond yields. Any dovish signal from Mr. Powell in the meeting taking place on the night of July 22 and the early morning of July 23 (Vietnam time) is also a supporting factor for gold.
Analysts at CPM Group issued a buy recommendation on gold, with an initial target price of $3,425 on August 5.
VTC NewsSource: https://baohaiphongplus.vn/vang-mieng-tiep-tuc-dat-len-sat-123-trieu-dong-luong-417037.html
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