Financial analysts say the reason gold continues to rise strongly is because investors are looking for safe assets amid trade uncertainty and weak US bond yields. The US 10-year bond yield fell to its lowest level in nearly two weeks, making gold more attractive to investors.
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| Due to the heat of world gold, the domestic SJC gold price this morning (July 23) increased to 700,000 VND/tael. |
Meanwhile, investors are also preparing for the US Federal Reserve's policy meeting next week. Although the Fed is expected to keep interest rates unchanged, the market still expects a rate cut in October 2025. Meanwhile, gold, which is considered a safe haven asset in times of uncertainty, tends to increase in price when interest rates are low.
The U.S. dollar index (DXY), which measures the greenback against a basket of major currencies, fell to 97.48 this morning. That also weighed on investors' minds about the Fed 's independence, as President Trump has repeatedly criticized Chairman Jerome Powell and urged him to resign over the central bank's reluctance to cut interest rates.
In addition, US President Donald Trump’s threat to impose tariffs on most of America’s trading partners unless trade deals are signed by August 1 has caused significant uncertainty for global trade. His proposal to impose a 30% tariff on imports from the European Union has led to reports of potential retaliation from the bloc, raising concerns about a broader trade conflict that could significantly impact transatlantic trade and global economic growth.
The heat of world gold prices has caused the domestic SJC gold price to increase by 700,000 VND/tael this morning. Specifically, the opening price listed by Saigon Jewelry Company (SJC) was 120.7 million VND for buying and 122.7 million VND for selling. The difference between the buying and selling prices of gold bars fluctuated from 1 - 2.5 million VND/tael. The price of gold rings increased by 500,000 VND per tael, buying at 115.5 million VND and selling at 118 - 118.1 million VND. Phu Quy Company bought at 116.2 million VND and sold at 119.2 million VND.
This morning (July 23), the central exchange rate between VND and USD announced by the State Bank was 25,177 VND/USD, down 2 VND compared to yesterday. The USD price at Vietcombank decreased 20 VND when buying by transfer to 25,960 VND/USD and selling at 26,320 VND/USD.
Source: https://baodautu.vn/vang-quoc-te-tang-manh-gia-sjc-niem-yet-gan-123-trieu-dongluong-d338864.html
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