End of the week with strong price increases

Domestic gold price

At the end of the trading session on July 14, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.65 million VND/tael (buy) and 67.25 million VND/tael (sell). SJC Hanoi listed at 66.65 million VND/tael (buy) and 67.27 million VND/tael (sell).

Doji Hanoi listed at 66.7 million VND/tael (buy) and 67.35 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael and sold at 67.2 million VND/tael.

World gold prices rise again. (Photo: Kitco)

International gold price

On the world market, the spot gold price on July 14 (at 7:00 p.m., Vietnam time) was trading at 1,958 USD/ounce.

The dollar index, which compares the greenback against a basket of six major currencies, broke below 100 and fell to 99.767, its lowest level in more than a year. A weaker dollar makes gold more attractive to holders of other currencies.

The US producer price index (PPI) edged up 0.1% in June from May, with an annual increase also of 0.1%, the smallest annual increase in nearly three years.

Christopher Waller, Governor of the US Federal Reserve (Fed), a member of the Federal Open Market Committee (FOMC), expressed his support for the Fed to conduct two more interest rate hikes this month and later this year to address the situation of high inflation.

Two rate adjustments, each increasing by 25 basis points at the upcoming policy meetings, are needed to bring inflation back to the 2% target.

Gold Price Forecast

Market focus remains on the Fed's next interest rate policy meeting, which could determine gold prices in the short term, said Brian Lan, an expert at GoldSilver Central in Singapore.

Phillip Streible, strategist at Blue Line Futures, assessed that following the newly released economic data, the gold market recovered strongly. Gold prices could push up to the $ 2,000 / ounce mark.

Source: https://vietnamnet.vn/gia-vang-hom-nay-15-7-ket-thuc-tuan-tang-gia-manh-2165497.html