Gold market cautiously awaits US economic data

World gold prices rose slightly on June 25 as investors were cautious ahead of the release of important US economic data. Meanwhile, the ceasefire agreement between Iran and Israel reduced the appeal of this precious metal as a safe haven asset.

Gold bars in Incheon, South Korea. Photo: Yonhap/TTXVN

At around 0:58 a.m. on June 26, Vietnam time, spot gold edged up 0.1% to $3,327.91 an ounce, after hitting its lowest level in more than two weeks in the previous session. US gold futures closed down 0.3% at $3,343.1 an ounce.

Daniel Pavilonis, senior market strategist at RJO Futures, said that while the market has a lot of momentum and potential, the factors that usually support gold prices are not enough to push the precious metal to new highs. He predicted that gold prices could fall to $2,900 an ounce if the situation in the Middle East does not escalate.

In his second congressional testimony, Federal Reserve Chairman Jerome Powell reiterated that the Fed is in no rush to cut interest rates, given the uncertainties surrounding the impact of ongoing tariff negotiations. In May 2025, President Trump postponed the imposition of broad tariffs until July 9, in order to allow the US to negotiate and seek compromises with many countries.

However, Mr. Powell said that if inflationary pressures are contained, the Fed will move to cut interest rates sooner than expected. Currently, the market is pricing the possibility of the Fed cutting interest rates by September 2025 at more than 85%.

Gold typically increases in price during times of uncertainty and in low interest rate environments.

Investors are also waiting for the US GDP data and jobs report due on June 26, along with Personal Consumption Expenditure (PCE) data on June 27, for more clues on the Fed's upcoming monetary policy direction.

In other precious metals markets, spot silver prices rose 0.8% to $36.2 an ounce, platinum prices rose sharply by 2.8% to $1,352.96 an ounce, hitting their highest level since September 2014. Palladium prices fell 0.5% to $1,061.01 an ounce.

In Vietnam, Saigon Jewelry Company (SJC), DOJI Group listed the price of gold bars at 117.5 - 119.5 million VND/tael (buy - sell).

According to VNA

Source: https://doanhnghiepvn.vn/kinh-te/thi-truong-vang-than-trong-cho-du-lieu-kinh-te-my/20250626081840440