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Gold prices in the US market unexpectedly dropped during Friday’s trading session (July 19). At 9:30 PM Vietnam time, gold spot prices in the US market had fallen over 2%, dipping below the $2,400/ounce mark. Prior to this, gold prices had reached an all-time high of $2,483.60/ounce on Wednesday (July 17).
Source: Kitco.com
According to Reuters, the strengthening US dollar and rising US Treasury bond yields exerted pressure on gold prices.
“In addition to profit-taking, gold prices fell due to market predictions of a potential soft landing for the US economy – which could pressure gold as investors shift from safe-haven investments to riskier assets,” said Alex Ebkarian, executive director at Allegiance Gold.
Earlier this week, Fed Chair Jerome Powell stated that recent inflation data “raised the likelihood” that price increases were on a sustainable path back to the central bank’s target.
Additionally, Kitco also cited analysts’ views that the gold sell-off was partly due to concerns about a weakening Chinese economy in the coming months, which could reduce demand for raw materials, including gold and other metals.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
VinFast slashes rental prices for VF 8 in the US.
VinFast’s recent price adjustment has made the VF 8 one of the most affordable new car models available for lease in the US market.
‘King of spenders’ Phan Minh Thong warns of ‘shocking’ changes in the US market from a $500,000 pho bowl perspective.
“In the US, a bowl of pho costs about $15-18, plus a $20 tip (around 500,000 Vietnamese dong). Compared to Vietnam, where breakfast in Saigon or Hanoi costs around 50,000 dong per meal, and a plate of banh cuon with all the toppings in Hai Phong costs 20,000 dong,” Mr. Thong recounted.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
