Financial analysts say the reason gold is rising is because investors are waiting for US economic data to be released this week for signals on the policy direction of the US Federal Reserve (Fed). A weaker USD is creating some support for gold.
On the other hand, the greenback weakened against the euro and the Swiss franc as markets weighed the prospect of a widening U.S. government budget deficit and the possibility of trade deals with major partners. Meanwhile, the precious metal gold, considered a safe haven in times of uncertainty, also tends to benefit in a low-interest-rate environment.
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| World gold price increased due to weakening USD, SJC price listed at 120.3 million VND/tael. |
Investors are now looking ahead to the US ADP employment data, due on Wednesday (July 2), and initial jobless claims data on Thursday for clues on the Fed’s future policy. If the Fed continues its path of cutting USD interest rates in the third quarter of 2025, the USD is likely to weaken further and gold will benefit.
Analysts at Citi said in a note that they expect gold prices to range between $3,100 and $3,500 an ounce in the third quarter of this year, noting that the peak of $3,500 an ounce in late April may have been a peak as the gold market approaches the peak of a supply deficit.
This week, of the 17 analysts participating in Kitco News' survey on the trend of precious metals this week, 9 people, equivalent to 53%, said that gold prices will decrease; 6 people, equivalent to 35%, predicted an increase and 2 people said that the precious metal will move sideways.
Meanwhile, many individual investors still predict that gold prices will increase again. The results of an online survey with 233 individual investors participating showed that 119 people, equivalent to 51%, predicted that gold prices would increase. On the contrary, 63 people, equivalent to 27%, predicted that gold prices would decrease and the remaining 49 investors, equivalent to 21%, thought that gold would fluctuate sideways.
For the domestic gold market, this morning Saigon Jewelry Company - SJC increased the price of gold bars by 800,000 VND per tael, buying at 118.3 million VND, selling at 120.3 million VND. Doji Group also increased each tael of gold bars by 800,000 VND, to 118.3 million VND for buying, and 120.3 million VND for selling.
Thus, the world gold price converted to the bank USD price is over 106 million VND/tael, including tax and fees, about 14.3 million VND/tael lower than the domestic gold price.
On the morning of July 1, the central exchange rate between VND and USD announced by the State Bank was 25,058 VND, up 6 VND compared to yesterday. USD prices at banks increased simultaneously. Vietcombank increased 20 VND, buying by transfer to 25,930 VND, selling to 26,290 VND/USD.
Source: https://baodautu.vn/vang-the-gioi-tang-truoc-suy-yeu-cua-usd-gia-sjc-niem-yet-1203-trieu-dongluong-d318360.html
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