Gold prices edged up as investors await details on trade negotiations ahead of US President Donald Trump's tariff deadline.
“ We are seeing a mild correction due to the short-term strengthening of the US dollar – possibly because the economic data from the US is still quite solid, making the need for a rate cut less urgent,” said Nitesh Shah, a commodity strategist at WisdomTree, one of the largest US asset managers .
specifically, the increase in gold prices was limited as the USD index increased 0.2% against major currencies, making gold more expensive for buyers holding other currencies.
Meanwhile, last week's data showed that US job growth unexpectedly increased in June, while concerns about tariff-induced inflation have raised expectations that the US Federal Reserve will slow its rate cuts.
Gold price movements today
+ Domestic gold price
At 6:00 am on July 8, the price of gold bars at Doji and SJC was listed at 118.5 - 120.5 million VND/tael (buy - sell), down 400,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 115 - 117 million VND/tael (buy - sell), down 500,000 VND/tael.
+ International gold price
The world gold price listed on Kitco is at 3,340 USD/ounce, up 7 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,342 USD/ounce.
Gold Price Forecast
Adrian Day, chairman of Adrian Day Asset Management, is more cautious, saying that a number of negative factors could come together to overshadow gold's performance: the possibility of a Fed rate cut as early as this month, new tariff agreements and a slowdown in central bank purchases, especially from China. However, he stressed that any correction in gold would be mild and short-lived.
Marc Chandler, an expert from Bannockburn Global Forex, also maintains a cautious view. Forecasting the world gold price next week, he said that the recovery is quite fragile. According to him, the price could return to the $3,250/ounce range or lower.
Sharing this view, Sean Lusk, co-director of trade defense at Walsh Trading, questioned the appropriateness of the Fed's rate cut at this time.
According to this expert, interest rate cuts are usually a sign of economic trouble. But right now, stocks are still at their peak and the economy is doing well. According to him, if the Fed cuts too soon, the risk of inflation returning is not to be underestimated.
However, Sean Lusk also believes that in the long term, gold still has the prospect of increasing prices.
Source: https://baolangson.vn/gia-vang-hom-nay-8-7-quay-dau-tang-nhe-5052514.html
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