Gold prices move sideways as market factors balance each other

World gold prices remained almost unchanged in the session on July 10, as the stronger USD offset the demand for gold from investors seeking safe havens after the latest tariff moves by US President Donald Trump.

At 0:50 a.m. (July 11, Vietnam time), spot gold increased slightly by 0.1% to 3,317.44 USD/ounce. US gold futures also increased by 0.1% to 3,325.7 USD/ounce.



Gold at a jeweler in Meyrin, near Geneva, Switzerland.

The US dollar index, which measures the greenback's strength against a basket of major currencies, rose 0.2% in the session. Gold prices are sensitive to moves in the US dollar, as a stronger greenback reduces the appeal of safe-haven assets like gold.

Unless there is a major geopolitical escalation, gold is unlikely to break above $3,400 an ounce, said Daniel Pavilonis, senior market strategist at investment brokerage RJO Futures. In the short term, he said, gold prices will remain within a certain range.

On July 9, Mr. Trump launched a new round of tariff attacks, announcing a 50% tariff on copper imported into the United States and a 50% tariff on goods from Brazil. Both tariffs will take effect on August 1.

In addition, the minutes of the US Federal Reserve's June 2025 meeting showed that only a few officials felt they could cut interest rates as early as July. Most policymakers remained concerned about the inflationary pressures they expected from tariff policies.

On the data front, the number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that employers may be holding on to workers despite other signs of a cooling labor market.

In other precious metals markets, spot silver rose 1.5% to $36.87 an ounce. Platinum also rose 0.5% to $1,353.55 an ounce.

In Vietnam, at the close of the session on July 10, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 118.80 - 120.80 million VND/tael (buy - sell).

baotintuc.vn

Source: https://baolaocai.vn/gia-vang-di-ngang-khi-cac-yeu-to-thi-truong-can-bang-lan-nhau-post648444.html