Gold price today July 9: Profit-taking pressure pushes gold down sharply

World gold prices fell sharply to below $3,300/ounce as investors took profits. Domestic gold also fell after two days of increases.

The price of SJC gold bars decreased by 400,000 VND per tael after 2 consecutive days of increase. Saigon Jewelry Company - SJC bought at 118.6 million VND, sold at 120.6 million VND; Doji Group bought at 118.6 million VND, sold at 120.6 million VND... As for gold rings, Phu Quy Company reduced each tael by 200,000 VND, bought at 114.1 million VND, sold at 117.1 million VND; Doji Group reduced by 500,000 VND, to 115 million VND for buying, sold at 117 million VND; SJC Company bought at 114 million VND, sold at 116 million VND...

SJC gold bar price decreased by 400,000 VND per tael. PHOTO: NGOC THACH

World gold prices increased slightly by 4 USD per ounce after a sharp drop of 40 USD in the US trading session (night of July 8), down to 3,302 USD/ounce. Profit-taking activities took place in the market, causing the precious metal to decline. The world's largest gold investment fund, SPDR, sold 1.15 tons of gold, leaving its gold holdings at 946.51 tons. In addition, US President Donald Trump imposed additional tariffs on Japan and South Korea and sent letters to more than a dozen countries, threatening to impose tariffs of 25% to 40%. Mr. Trump also postponed the deadline until August 1 for countries to implement trade agreements with the US.

Central bank gold purchases remain a key pillar of support for the market, helping to stabilize prices near $3,300 an ounce. Although China has slowed its purchases this year, it continues to be a major player in the global gold market. The People's Bank of China added 2 tonnes of gold in June, the World Gold Council said, marking the eighth consecutive month of purchases by the People's Bank of China. However, the pace slowed from 10.3 tonnes in December and 5 tonnes in January. China's net purchases for the year rose to 19 tonnes and its total gold reserves to 2,299 tonnes./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-vang-hom-nay-972025-luc-chot-loi-day-vang-giam-manh-185250709090623175.htm

Source: https://baolongan.vn/gia-vang-hom-nay-09-7-luc-chot-loi-day-vang-giam-manh-a198418.html