Gold prices continued to rise as the US dollar continued to fall, along with falling US Treasury yields, causing investors to flock to safe-haven assets such as gold.
Accordingly, the USD index (DXY) in the international market continued to fall to its lowest level since the beginning of 2022; the yield on 10-year US Treasury bonds is at 4.19%. Both of these factors give the US Federal Reserve (FED) more room to consider cutting interest rates.
Gold prices also increased due to the closely related commodity oil increasing 0.4%, to more than 65.4 USD/barrel.
Money flows out of many Asian, European and American stock markets and into gold. This is also a factor contributing to the increase in the price of precious metals.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on July 2, the price of gold bars at Doji and SJC was listed at 118.7 - 120.7 million VND/tael (buy - sell), an increase of 1.2 million VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 115.4 - 117.4 million VND/tael (buy - sell), an increase of 1.1 million VND/tael.
+ International gold price
The world gold price listed on Kitco is at 3,337 USD/ounce, up 20 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,340 USD/ounce.
Gold Price Forecast
Investors are concerned that if the Trump administration imposes high reciprocal tariffs on many of its trading partners next week as planned, this will cause a new phase of tension in trade between the US and other countries. The US dollar may continue to depreciate, thereby pushing up gold prices.
However, gold prices are at risk of falling as they have done many times in the past two months, after reaching a historic peak of $3,500/ounce on April 22. Profit-taking pressure on this commodity has often skyrocketed recently.
Alex Kuptsikevich, senior market analyst at FxPro, predicts that gold prices will fall in the short term. The lack of bullish momentum and the continued failure to break above $3,500 reinforce this risk.
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.
Source: https://baolangson.vn/gia-vang-hom-nay-2-7-usd-lao-doc-vang-tiep-tuc-di-len-5051913.html
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