Gold prices fluctuate strongly today
The world gold price last night increased sharply by tens of USD/ounce but then quickly reversed from the peak of 3,370 USD/ounce when President Donald Trump, in a speech broadcast live from the White House, affirmed that he had no plans to fire Federal Reserve Chairman Jerome Powell. Therefore, by 6:00 a.m. on July 17, the gold price today decreased to 3,350 USD/ounce.
In another development, the US producer price index (PPI) report released this morning showed a slightly lower increase than analysts expected.
However, the gold market had almost no significant reaction to this information, because investors were still focused on President Trump's statements and the prospect of interest rate policy.
Analysts say the volatility of gold prices today reflects the market's sensitivity to news related to monetary policy and the Fed's moves. Investors are waiting for more economic data, including the upcoming consumer inflation (CPI) report, to assess the possibility of the Fed changing interest rates in the future. In that context, gold is still considered a safe haven, especially when political and economic uncertainties continue to increase.
In Vietnam, at the end of July 16, the price of SJC gold in the Vietnamese market was sold at 120.6 million VND/tael, while the price of ring gold was at 116.7 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-17-7-tang-vot-roi-giam-manh-196250717062645708.htm
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