Tariff uncertainty causes global gold prices to surge

DNVN - In the trading session on July 31, global gold prices increased as investors sought safe havens due to the uncertainty over tariffs showing no signs of ending, just before the August 1 deadline set by US President Donald Trump to conclude negotiations.

Illustration photo. Photo: Internet

At 0:54 a.m. Vietnam time, spot gold prices recorded an increase of 0.6%, reaching 3,294.56 USD/ounce, after jumping more than 1% at one point during the session; on the contrary, US gold futures prices closed the session down slightly by 0.1%, down to 3,348.6 USD/ounce.

Mr. Trump said he had agreed to extend the existing trade agreement with Mexico for 90 days and continue negotiations during that time with the goal of signing a new agreement.

The news comes just a day after President Trump announced a series of tariff-related measures, including on imports from Brazil and South Korea, ahead of higher US tariffs.

In June 2025, inflation in the US increased due to the impact of new tariffs on imports, causing the cost of some goods to escalate. Specifically, the personal consumption expenditure (PCE) price index in June 2025 increased by 0.3%, following the increase of 0.2% recorded in May 2025.

On July 30, the US Federal Reserve (Fed) decided to keep interest rates at 4.25-4.5%; however, statements from Chairman Jerome Powell later reduced expectations of a rate cut in September 2025.

Gold tends to outperform in low interest rate environments due to the non-yielding nature of the asset.

Investors are watching the US non- farm payrolls report scheduled to be released on August 1 to assess the prospects of interest rate policy adjustments from the Fed.

Meanwhile, in the Vietnamese market on the morning of August 1, Saigon Jewelry Company listed the price of SJC gold in Hanoi at the buying and selling price of 119.9 - 121.4 million VND/tael.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/bat-on-thue-quan-khien-gia-vang-toan-cau-bat-tang/20250801082204371