According to Kitco, at 8:00 p.m. (June 30, Vietnam time), the spot gold price was trading at $3,277/ounce, up 0.13% on the day. The gold futures price for August 2025 delivery on the Comex New York floor was trading at $3,293/ounce.

World gold prices rose slightly on the last trading day of the month and quarter. The market is increasingly optimistic that the US Federal Reserve (Fed) may soon cut interest rates.

According to CME's FedWatch tool, as of late last week, the market was pricing in an 18.6% chance of the Fed cutting interest rates at its late July meeting, up from 14.5% a week earlier.

Fed Chairman Jerome Powell has been more cautious about cutting rates. In testimony before House lawmakers last week, Powell stressed that the central bank is “well positioned to wait” before adjusting rates.

A weaker dollar makes gold cheaper for holders of other currencies. This increases demand for gold, pushing up its price.

The US Dollar Index (DXY), which measures the greenback's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 97.27 points.

Gold price.jpg
Gold prices rise again. Photo: Chi Hieu

Investors' risk appetite in the market has recently boosted stocks. Investor optimism was evident as Asian stock markets rose.

The S&P 500 returned to record highs as optimism around Fed rate cuts and waning tariff worries pushed stocks higher.

Nymex crude oil futures edged lower and traded around $65.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is currently at 4.251%.

At the end of the session on June 30, the price of SJC gold bars was traded at 117.5-119.5 million VND/tael (buy - sell), an increase of 300,000 VND/tael compared to the end of last week.

The price of 1-5 chi SJC gold rings is listed at 113.5-116 million VND/tael (buy - sell), an increase of 300,000 VND/tael compared to the end of last week. The price of 9999 gold rings at Doji is at 114.3-116.3 million VND/tael, an increase of 300,000 VND/tael.

Gold Price Forecast

Alex Kuptsikevich, senior market analyst at FxPro, expects gold prices to fall in the short term. He pointed to the obvious weakness in the precious metal as prices broke below key technical support at the 50-day moving average (around $3,324) and are struggling to hold above $3,300.

The lack of bullish momentum and continued failure to break above $3,500 reinforces the bearish outlook in the short term.

Kuptsikevich stressed that the easing of tensions between Israel and Iran has significantly reduced safe-haven demand, which was the main driver of gold's previous rally.

He also noted that the consolidation range between $3,100 and $3,400 remains intact, while technical signals are gradually turning negative. With the selling side gaining the upper hand and momentum weakening, gold prices are likely to continue to face downward pressure in the short term.

Naeem Aslam, chief investment officer at Zaye Capital Markets, remains bullish on gold as the US dollar continues to weaken.

Mr. Aslam commented that most investors are looking at the USD index with a bearish trend, and at the same time expect interest rates to go down. In that context, he said: "Any further weakening of the USD brings a clear opportunity to buy gold."

However, the expert also noted that the return of risk-on sentiment could limit gold's upside, especially in the absence of prominent geopolitical tensions.

Source: https://vietnamnet.vn/gia-vang-hom-nay-1-7-2025-chat-vat-tang-vang-sjc-co-vot-len-120-trieu-dong-2416860.html