As of 8:30 p.m. on July 1 (Vietnam time), the spot gold price today on the international market was at $3,347/ounce. Gold for August 2025 delivery on the Comex New York floor was at $3,362/ounce.
The world gold price on the night of July 1 was about 27.5% higher (equivalent to 722 USD/ounce) than at the end of 2024. The world gold price converted to the bank USD price was 107.1 million VND/tael, including taxes and fees, about 13.6 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 1.
Gold prices on the international market skyrocketed by nearly $50/ounce as the US dollar plunged to a three-and-a-half-year low and investors worried that the US was about to impose reciprocal tariffs on many countries.
The USD weakened very quickly. The Dollar Index (DXY) fell 0.35% at the beginning of the trading session on July 1 on the New York market (July 1 evening Vietnam time) to 96.5 points. This is the lowest level of the USD in the past 3 and a half years. A weak USD helps gold increase rapidly.
Gold rose as US Treasury yields fell sharply. The yield on the 10-year US bond fell to 4.19% per year.
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.
Investors are concerned about the negative impact on countries, as the deadline for the US to impose reciprocal tariffs on many countries is approaching.
Domestic gold prices increased sharply, reaching the highest level in the past month. Specifically, by the end of the trading session on July 1, the price of 9999 gold bars at SJC and Doji was listed at 118.5-120.7 million VND/tael (buy - sell), an increase of 1 million VND for buying and 1.2 million VND/tael for selling compared to the previous session.
By the end of the afternoon of July 1, SJC announced the price of gold rings of type 1-5 at only 114.3-116.8 million VND/tael (buy - sell), an increase of 800,000 VND compared to the previous session. Doji announced the price of gold rings of type 1-5 at only 115.4-117.4 million VND/tael (buy - sell), an increase of 1.1 million VND.
USD/VND exchange rate reached a record high, reaching 26,310 VND/USD (selling price).
Gold Price Forecast
Gold rose sharply after many previous declines. The driving force for gold's rise continues to be instability in the world financial market as the administration of US President Donald Trump continuously introduces policies to restructure and promote the world's number 1 economy .
The USD is under great pressure after President Donald Trump sent a handwritten letter to Fed Chairman Jerome Powell on June 30, asking for an immediate interest rate cut. Mr. Trump said that the US is one of the countries with the highest interest rates.
Mr. Trump posted a list of interest rates in different countries on the social network Truth Social and criticized Mr. Powell for “costing America a fortune” and “still doing so.” Mr. Trump said that the US “should have an interest rate of 1% or better,” instead of the current 4.5%/year.
Over the past several months, Mr. Trump has repeatedly criticized Mr. Powell, calling the Fed Chairman a “stupid” and “stubborn”...
Mr. Trump said he would soon announce his choice to succeed Mr. Powell, even though Mr. Powell's term does not end until May 2026.
Investors are also concerned that if the Trump administration imposes high reciprocal tariffs on many trading partners next week, as planned, the trade war between the US and other countries will enter a new phase of tension. The USD 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 gold reached a historic peak of $3,500 per ounce on April 22. Profit-taking pressure on this commodity has often skyrocketed recently.
Gold prices have increased 1.6 times since the beginning of 2024 and there is not much room for further growth. Geopolitical tensions have also eased in many regions, including the Middle East.
HA (according to Vietnamnet)Source: https://baohaiphongplus.vn/sjc-lap-dinh-1-thang-vang-the-gioi-tang-soc-415431.html
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