Illustration photo. Photo: Internet
As of 0:53 a.m. on July 17 (Vietnam time), spot gold prices recorded an increase of 1%, up to 3,354.01 USD/ounce, after jumping 1.6% at the beginning of the session.
Gold futures on the US market increased by 0.7% to $3,359.1/ounce.
President Trump said he has no current plans to replace Mr Powell, but did not rule out the possibility, citing an ongoing investigation into cost overruns in a $2.5 billion renovation of the Fed's headquarters.
At the same time, Israel launched airstrikes targeting the capital Damascus, raising concerns about geopolitical tensions and fueling a trend of buying gold as a hedge against risks.
On the trade front, the European Commission has prepared a scenario of imposing tariffs on $84.1 billion worth of US goods if trade talks with Washington break down, after Mr Trump warned last week that he would impose a 30% tariff on imports from the European Union (EU).
“With the Israeli military actions and the U.S. taking a tougher stance on tariffs, there is a little more uncertainty in the market, which is supporting gold,” said Jim Wyckoff, senior analyst at Kitco Metals. He forecasts gold prices to fluctuate between $3,250 and $3,476 in the near term.
In addition, gold prices were also supported by a new report showing that the US producer price index was unchanged in June 2025, in contrast to the 0.3% increase recorded in May 2025. Previously released figures also showed that overall consumer prices increased 0.3% in June, higher than the 0.1% increase in May, suggesting that the Fed may continue to maintain a cautious stance before cutting interest rates.
In the domestic market, the price of SJC gold in the early morning of July 17 was listed by Saigon Jewelry Company at 118,600 - 120.60 million VND/tael (buy - sell).
Source: https://doanhnghiepvn.vn/kinh-te/tong-thong-my-xem-xet-kha-nang-sa-thai-chu-cich-fed-gia-vang-quoc-te-bat-tang/20250717090332787
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