World gold price increased sharply on July 21, reaching a 5-week peak

DNVN - In the trading session on July 21, the international gold price jumped more than 1%, setting a 5-week high as the USD weakened and US bond yields fell amid increasing uncertainty ahead of Washington's August 1 deadline for countries to reach a trade agreement or face new, heavier tariffs.

Illustration photo. Photo: Internet

At 1:34 a.m. Vietnam time, spot gold jumped 1.3% to $3,394.23 an ounce, marking its highest level since June 17. Meanwhile, US gold futures also added 1.4% to $3,406.40 an ounce.

The dollar index fell 0.6%, making gold, which is priced in the currency, more attractive to investors using other currencies, while the yield on 10-year US Treasury bonds fell to its lowest level in more than a week.

David Meger, director of metals trading at High Ridge Futures, said gold prices received support amid uncertainty as the August 1 deadline approached.

European Union diplomats say the bloc is considering new response options to the US as the chances of reaching a viable trade deal with Washington shrink.

Regarding interest rate policy, investors currently predict the probability of the Fed cutting interest rates next September is at about 59%, according to data from CME's FedWatch tool.

Mr. Meger commented that predictions of an earlier-than-expected US interest rate cut are increasing, while the possibility of replacing Fed Chairman Jerome Powell and restructuring the Fed further increases market anxiety.

In a low interest rate environment, gold is often seen as a safe haven and tends to increase in price.

In the Vietnamese market, on the morning of July 22, Saigon Jewelry Company listed the price of SJC gold at 120-121.5 million VND/tael for buying and selling.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-tang-manh-phien-21-7-cham-dinh-5-tuan/20250722082806131