Illustration photo. Photo: Internet
As of 1:10 a.m. on July 23, Vietnam time, the spot gold price jumped 1% to $3,428.84/ounce - a level not seen since June 16. At the same time, the gold futures price in the US also climbed to $3,443.70/ounce, up 1.1%.
The yield on 10-year US Treasuries fell to its lowest level in nearly two weeks, making gold, which does not pay interest, more attractive to investors.
“Trade uncertainty is driving demand for gold as a safe haven as the U.S. negotiates multiple trade deals,” said Kitco Metals senior analyst Jim Wyckoff. “There is speculation that the U.S. and the European Union (EU) may not reach a trade deal.”
On July 22, US Treasury Secretary Scott Bessent announced that he would meet with his Chinese counterpart next week, hinting at the possibility of delaying the tariff deadline (August 12). He also revealed: “The US is preparing to announce a series of trade agreements with other countries.”
On the other hand, EU diplomats revealed that the bloc is considering stronger responses to the US, as the chances of reaching a bilateral trade deal are increasingly fading.
Reliance Securities senior commodities analyst Jigar Trivedi predicts that the upward trend in gold prices will be maintained, with strong resistance around the $3,420/ounce mark.
In addition, investors are also preparing for the upcoming meeting of the US Federal Reserve (Fed). Although the possibility of the Fed keeping interest rates unchanged is quite high, the market is still paying attention to the possibility of an interest rate cut in October 2025.
Gold – an asset often favored in times of uncertainty – tends to rise in price when interest rates fall.
In the Vietnamese market, at 6:07 a.m. on July 23, Saigon Jewelry Company listed the price of SJC gold in Hanoi at around 120.00 - 122.00 million VND/tael (buy - sell).
Source: https://doanhnghiepvn.vn/kinh-te/vi-sao-gia-vang-the-gioi-vot-len-muc-dinh-trong-5-tuan-/20250723085008927
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