World gold price hits lowest level in nearly three weeks

Spot gold fell 0.8% to $3,310.45 an ounce, after hitting its lowest level since July 9 at $3,301.29 an ounce on July 28.

World gold prices fell in the first trading session of the week on July 28, hitting the lowest level in nearly three weeks, amid a rising USD and improved risk sentiment after the US and the European Union (EU) reached a framework trade agreement.

The market is also waiting for new interest rate policy signals from the US Federal Reserve (Fed) meeting this week.

Specifically, at the end of the session on July 28, at the COMEX exchange (USA), the spot gold price decreased by 0.8%, down to 3,310.45 USD/ounce, after reaching the lowest level since July 9 at 3,301.29 USD/ounce in the same session. The futures gold price closed the session down 0.7%, down to 3,311.2 USD/ounce.

The dollar index rose to its highest in more than a week, making gold more expensive for buyers holding other currencies.

“The more trade deal announcements we get, the stronger the dollar will be,” said Edward Meir, an analyst at financial services firm Marex. “Tariff deals like this are good for the dollar, making gold less attractive and creating selling pressure in a risk-on environment.”

The US and the European Commission (EC) reached a framework trade deal over the weekend that would see the US impose 15% tariffs on EU goods – half the level it had initially threatened – helping to ease fears of a full-blown trade war.

The agreement comes on the heels of a US-Japan trade deal last week, while US and Chinese officials resumed tariff talks in Stockholm on July 28 with the aim of extending the current trade truce by 90 days.

However, the US trade representative said he did not expect a major breakthrough with China, noting that discussions would focus on monitoring and enforcing existing commitments.

The Fed is expected to keep its benchmark interest rate unchanged at 4.25-4.50% after concluding its two-day meeting on July 30 (local time). However, the market is still betting on the possibility of the Fed cutting interest rates in September 2025. Gold tends to increase in price in a low-interest-rate environment.

On the same day, spot silver prices fell 0.3% to $38.04 an ounce. Platinum prices fell 1.1% to $1,386.03 while palladium prices rose 1.5% to $1,238.18 an ounce.

In Vietnam, in the early morning of July 29, Saigon Jewelry Company listed the price of SJC gold at 119.6 - 121.1 million VND/tael (buy - sell).

vietnamplus.vn

Source: https://baolaocai.vn/gia-vang-the-gioi-cham-muc-thap-nhat-gan-ba-tuan-post649988.html