Gold price today plummeted
World gold price today falls freely
As of 6:00 a.m. on July 24, the spot gold price on the international market dropped to 3,389 USD/ounce, down 41 USD from the peak of 3,430 USD/ounce recorded in last night's trading session.
Similarly, the price of gold for August delivery on the Comex floor also dropped sharply by $46, reaching $3,396/ounce. This is the most significant decrease in the past few weeks, marking a reversal after the price of gold reached a 5-week high.
The main reason for this price decline is strong profit-taking pressure from investors after a series of consecutive price increases. In addition, the risk-on sentiment in the market has improved significantly, causing safe-haven assets such as gold to be under downward pressure.
US-Japan trade deal sparks market boom
The decline in gold prices comes amid positive news from the US-Japan trade deal. The two countries announced a landmark deal that will see the US impose a 15% tariff on imports from Japan, including cars and other industrial products. In return, Japan pledged to set up a $550 billion investment fund in US projects focused on infrastructure and technology.
US President Donald Trump announced that this is the largest trade deal ever, and will boost economic growth and create more jobs for both countries. This agreement immediately increased investors' risk appetite, increased money flow into stocks, making gold prices less attractive today.
In addition to the trade deal, the US dollar index rose slightly, adding pressure to gold prices, which are priced in dollars. When the US dollar strengthens, gold becomes more expensive for investors using other currencies.
In Vietnam, at the end of July 23, SJC gold was sold at 122.7 million VND/tael, while ring gold was at 118 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-24-7-dot-ngot-giam-manh-196250724064126472.htm
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