Gold price continues to fall today
At around 6:00 a.m. on August 1 (Vietnam time), the price of gold today on the international market decreased to 3,295 USD/ounce, down 20 USD compared to the peak in last night's trading session (3,315 USD/ounce).
The downward pressure on gold prices partly comes from the collapse of the copper market, which has been affected by President Donald Trump’s new tariff policies. Copper futures in the US fell by 6%, after a record 18% plunge. On July 31, when Mr. Trump imposed a 50% tax on imported copper products, it caused selling pressure in the gold market.
Gold prices drop dramatically as central banks limit purchases
In addition, gold demand from central banks and the jewelry industry has also decreased significantly. According to the World Gold Council, central banks bought only 166.5 tons of gold in the second quarter of 2025, down 30% compared to the first quarter, bringing total purchases in the first half of 2025 to the lowest level since 2022.
In gold-related markets, the US dollar continued to rise, while crude oil prices fell to around $68.75/barrel. The 10-year US bond yield is currently at 4.3%. Traders are paying attention to the US July employment report, with non -farm payroll growth estimated at around 100,000 jobs, which could impact the trend of world gold prices.
In Vietnam, at the end of July 31, SJC gold was sold at 121.4 million VND/tael, while ring gold was at 117.1 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-1-8-tiep-tuc-lao-doc-196250801061705208.htm
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