Gold Prices Surge in Local Markets

The price of gold bars from the Saigon Jewelry Company saw a significant increase, rising by 0.57% to VND122.7 million (US$4,694.85) per tael, marking the highest price since April 22. Similarly, gold ring prices climbed by 0.43% to VND118 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.

Global Gold Market Trends

On the global stage, gold prices experienced a slight decline as market optimism grew following U.S. President Donald Trump's announcement of a trade deal with Japan. Spot gold decreased by 0.2% to $3,423.44 per ounce, after reaching its peak since June 16 earlier in the day. U.S. gold futures also saw a 0.2% drop to $3,437.70.

Factors Influencing Gold Prices

The weakening U.S. dollar and falling Treasury yields have played a crucial role in mitigating the losses in gold prices. The dollar index lingered near a two-week low against other major currencies, making gold more affordable for investors holding other currencies.

Expert Insight: "The anticipation of more trade deals before August 1 could further enhance risk appetite, potentially reducing the demand for gold," commented Tim Waterer, Chief Market Analyst at CM Trade. "However, continued pressure on the USD keeps the possibility of gold reaching $3,500 in the near term alive."