World gold recovers, SJC listed price 120.8 million VND/tael

International gold prices rose again this morning to $3,320/ounce ahead of negotiations between the US and its trade partners. Domestic SJC gold bar prices were listed at VND18.8 - 120.8 million/tael.

Gold prices rose as investors closely followed developments in trade negotiations between the US and its trading partners, but a stronger US dollar capped the precious metal’s gains.  

US President Donald Trump sent letters to many countries, announcing the tariffs that will be imposed and the deadline will be postponed until August 1, creating more time for negotiations.

World gold recovered, SJC listed price 120.8 million VND/tael.

The US Dollar Index (DXY), which measures the greenback’s strength against a basket of major currencies, hit 97.35 this morning. The USD remained at its highest level in more than two weeks, making gold less attractive to international buyers.

Moreover, analysts believe that the reason for the increase in gold prices is the cautious stance of the US Federal Reserve (Fed) in its monetary policy orientation. Minutes of the US Federal Reserve (Fed) meeting on June 17-18 showed that only a few officials supported lowering interest rates this month, while the majority expressed concern about inflationary pressure due to the tariffs imposed by Mr. Trump.

President Trump has repeatedly called for the Fed to cut interest rates immediately and for Chairman Jerome Powell to resign. However, the minutes show only limited support within the Fed for lowering interest rates. At the most recent meeting of the Federal Open Market Committee (FOMC), officials unanimously left the benchmark interest rate unchanged at 4.25% - 4.50%, the level set in December last year.

However, in the short term, gold prices may have periods of sideways or decline, but in the long term, experts still believe in the potential for this precious metal to increase. Gold tends to increase in price during times of economic instability, but faces difficulties when interest rates are high.

For the domestic gold market, opening this morning (July 10), the price of gold bars at Saigon Jewelry Company - SJC remained unchanged when buying at 118.6 million VND, selling at 120.6 million VND, then increased to 118.8 - 120.8 million VND/tael (buying-selling).

This morning, the State Bank increased the central exchange rate by 12 VND to 25,131 VND. Meanwhile, commercial banks reduced the USD price by 10 VND. Specifically, Vietcombank bought at 25,920 - 25,950 VND, and sold at 26,310 VND/USD.

Source: https://baodautu.vn/vang-the-gioi-hoi-phuc-gia-sjc-niem-yet-1208-trieu-dongluong-d327686.html