Gold prices plunged as US President Donald Trump announced new tariff proposals against trading partners, including Japan and South Korea.
The US and its trading partners are embroiled in a tariff war as President Donald Trump continues to threaten new tariffs after August 1. In this uncertain environment, investors are flocking to the US dollar - a safe haven asset. As the dollar rises, gold is under pressure to decline.
The market is still cautious, waiting for clues about the Fed's ability to tighten monetary policy at the meeting of the US Federal Open Market Committee (FOMC).
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on July 9, the price of gold bars at Doji and SJC was listed at 119 - 121 million VND/tael (buy - sell), an increase of 500,000 VND/tael compared to early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 115.5 - 1175 million VND/tael (buy - sell), an increase of 500,000 VND/tael.
+ International gold price
The world gold price listed on Kitco is at 3,299 USD/ounce, down 41 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,300 USD/ounce.
Gold Price Forecast
Some experts on Kitco believe that the gold market needs new fundamental momentum to create an upward price move.
However, there has not yet been enough new momentum for gold to overcome important resistance levels such as $3,350 and $3,400/ounce.
Moreover, the Middle East is showing signs of increasing stability. The ceasefire between Israel and Iran is taking place as Mr. Trump wished. The situation in Syria has also been stable for many months.
The situation in the Middle East is very different now than it was just a few months ago. Israeli Prime Minister Netanyahu is also seeking a ceasefire in Gaza. Israel and Hamas have resumed indirect talks on a ceasefire in Gaza after months of intense conflict.
Source: https://baolangson.vn/gia-vang-hom-nay-9-7-bat-ngo-lao-doc-mat-nguong-3-300-usd-ounce-5052627.html
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