Gold prices fell under pressure from a strong dollar index and a slight rise in US Treasury yields. The general risk-on sentiment in the market also weighed on the safe-haven precious metal.
Gold prices also fell as the US and the European Union (EU) agreed over the weekend on a trade deal under which the EU will face a 15% tariff on most exports to the US, including cars, to avoid a trade war with Washington.
The solid rise in the dollar index and the sharp fall in the euro after the trade deal suggest the US has offered better terms to the EU.
Another factor that contributed to the decline in gold prices was the US and China’s plan to extend their tariff truce for another three months. The news came ahead of trade talks between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lien in Stockholm, Sweden.
Gold price movements today
+ Domestic gold price
Gold prices continue to fall (Photo: Minh Duc)
At 6:00 a.m. on July 29, the price of gold bars at Doji and SJC was listed at 119.6 - 121.1 million VND/tael (buy - sell), unchanged from early this morning.
Meanwhile, the price of gold rings is currently listed by Doji at 116 - 118.5 million VND/tael (buy - sell), unchanged.
+ International gold price
The world gold price listed on Kitco is at 3,312 USD/ounce, down 15 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,315 USD/ounce.
Gold Price Forecast
The trade deal has succeeded in easing concerns about economic conflict between the two powers, which typically puts downward pressure on gold, which is seen as a safe haven asset in times of uncertainty, said Jigar Trivedi, senior commodities analyst at Reliance Securities.
The gold market is not expected to have strong fluctuations in the coming time. Investors' attention is focused on important information from US monetary policy and economic data, expected to be announced this week.
The Fed's stance on monetary policy, along with upcoming important economic reports such as inflation data, employment, or GDP growth, will have a significant impact on the USD and bond yields, thereby directly affecting gold prices.
Mr. Peter Grant, an expert from precious metals trading company Zaner Metals, commented that according to technical analysis, gold prices are expected to find important support around $3,300/ounce.
Source: https://baolangson.vn/gia-vang-hom-nay-29-7-chiu-suc-ep-tu-usd-vang-suy-giam-5054484.html
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