Gold market cautiously awaits US economic data

Gold prices rose slightly on June 25 as investors remained cautious ahead of the release of key US economic data. Meanwhile, the ceasefire agreement between Iran and Israel reduced the appeal of the precious metal as a safe haven asset.

Gold bars in Incheon, South Korea. Photo: Yonhap/VNA

At around 0:58 a.m. on June 26, Vietnam time, spot gold edged up 0.1% to $3,327.91 an ounce, after hitting its lowest level in more than two weeks in the previous session. US gold futures closed down 0.3% to $3,343.1 an ounce.

Daniel Pavilonis, senior market strategist at RJO Futures, said that while the market has plenty of momentum and potential, the factors that typically support gold prices are failing to push the precious metal to new highs. He predicted that gold prices could fall to $2,900 an ounce if the situation in the Middle East does not escalate.

In his second congressional testimony, Federal Reserve Chairman Jerome Powell reiterated that the Fed is in no rush to cut interest rates, given the uncertainty surrounding the impact of ongoing tariff negotiations. In May 2025, President Trump postponed the imposition of broad tariffs until July 9, allowing the US to negotiate and seek compromises with many countries.

However, Mr. Powell said that if inflationary pressures are contained, the Fed will move to cut interest rates sooner than expected. Currently, the market is pricing in a more than 85% chance of the Fed cutting interest rates by September 2025.

Gold typically increases in price during times of uncertainty and in low interest rate environments.

Investors are also looking ahead to the US GDP and jobs reports due on June 26, along with Personal Consumption Expenditures (PCE) data on June 27, for further clues on the Fed's upcoming monetary policy direction.

In other precious metals, spot silver rose 0.8% to $36.2 an ounce, while platinum rose 2.8% to $1,352.96 an ounce, hitting its highest level since September 2014. Palladium fell 0.5% to $1,061.01 an ounce.

In Vietnam, Saigon Jewelry Company (SJC) and DOJI Group listed gold bar prices at 117.5 - 119.5 million VND/tael (buy - sell).

According to VNA

Source: https://doanhnghiepvn.vn/kinh-te/thi-truong-vang-than-trong-cho-du-lieu-kinh-te-my/20250626081840440