Gold prices today increased sharply amid the US stock market plunge.

(NLDO) - Gold prices increased today in the context of President Trump announcing that 14 countries would be subject to high taxes, US stocks fell sharply.

Gold price today increased dramatically

Gold prices today, July 8, increased sharply on the world market, reaching 3,340 USD/ounce at around 6:00 am, up 40 USD compared to the lowest level in the trading session last night (3,300 USD/ounce). This increase took place in the context of US President Donald Trump announcing high tariffs on 14 countries and the US stock market witnessing a sharp decline.

US tax policy affects gold price today

President Trump recently announced high tariffs on 14 countries. This move comes at the time of the BRICS summit held in Rio, Brazil, attracting the attention of precious metals investors due to the potential impact on gold prices in the long term.

Along with that, the US stock market recorded a significant decrease. Dow Jones indexes decreased by 422 points, Nasdaq decreased by 188 points, S&P 500: decreased by 49 points.

This decline reflects investors' concerns about new tax policies and uncertainties related to international trade relations. Many people have increased their demand for capital shelter in gold. The sharp increase in gold prices today is understandable.

According to the latest report, central banks around the world continue to strengthen gold demand, creating a solid foundation for precious metal prices. In May 2025, central banks added a net 20 tonnes of gold to their reserves, with Kazakhstan, Türkiye and Poland leading the purchases.

With the unstable geopolitical context, the new US tax policy, and the gold accumulation trend of central banks, gold prices are expected to continue to maintain their upward momentum in the short term. Investors need to closely monitor the developments of the BRICS conference and policy moves from the US to assess the long-term impact.

In Vietnam, by the end of July 7, the price of SJC gold was listed at 120.5 million VND/tael for sale, while the price of gold rings was at 116.4 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-8-7-tang-rat-manh-196250708063845176.htm