Gold prices were supported by ongoing conflicts in the Middle East and uncertainty surrounding the US tariff stance.
Reuters In the Middle East, an Israeli airstrike targeted the area around the Presidential Palace in the Syrian capital Damascus, according to reports.
On the trade front, US President Donald Trump on Tuesday announced a 19% tariff on goods from Indonesia. Meanwhile, the European Commission is preparing to target $84.1 billion worth of US goods for potential retaliatory measures if trade talks with Washington fail, after President Trump last week threatened to impose a 30% tariff on European imports.
In addition, gold prices increased due to increased bottom-fishing buying power after the precious metal fell. In the world , over the past few years, there has been a stable and strong buying force every time gold prices fell. That is the central banks of countries.
Countries have been buying gold since the Russia-Ukraine conflict broke out and the US dollar has been on a downward trend following US policies.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on July 17, the price of gold bars at Doji and SJC was listed at 118.6 - 120.6 million VND/tael (buy - sell), down 500,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 115.6 - 118.6 million VND/tael (buy - sell), unchanged.
+ International gold price
The world gold price listed on Kitco is at 3,349 USD/ounce, up 24 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,350 USD/ounce.
Gold Price Forecast
Investors are now expecting the Federal Reserve (Fed) to cut interest rates to be a strong enough factor to push gold higher. However, the possibility of the Fed cutting interest rates at its meeting at the end of July is very low. The next monetary policy meeting will be in September.
Money is also pouring into the US stock market amid positive news about the world's No. 1 economy and businesses facing the quarterly financial reporting season. The Trump administration's reciprocal tax exemption policy can help businesses achieve positive business results.
Northlight Asset Management's chief investment officer Chris Zaccarelli said that although US inflation has not increased sharply, the US economic situation remains unstable.
Gold is currently supported strongly around $3,300 an ounce. Analysts say the precious metal needs a catalyst to break above $3,400 and retest its April all-time high of $3,500 an ounce. A potential interest rate cut is seen as the best catalyst.
Zaccarelli predicts that if inflation is under control, the Fed could cut interest rates in September.
Source: https://baolangson.vn/gia-vang-hom-nay-17-7-quay-dau-hoi-phuc-5053409.html
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