Global Gold Price Stuck in Tight Range Ahead of US Interest Rate Decision
The global gold price has been stuck in a tight range of $4,000, $4,200 per ounce for over a month. The current price is around $4,030 per ounce, with spot gold losing 0.3% to $4,029.84 per ounce and the August futures contract falling 0.5% to $4,029 per ounce. This comes as investors await the US ADP and non-farm payrolls reports, which could determine the next direction of interest rates and gold prices.
Despite this uncertainty, gold's support comes from expectations of a rebound in July inflation and lingering geopolitical risks, including tensions between the US and Iran. The price of SJC gold bars has increased to 137.5 million VND per ounce for buying, while the selling price remains unchanged at 141.0 million VND per ounce.
Several gold sellers in Vietnam have seen a slight improvement in their premium compared to previous sessions, with some businesses offering gold bars at prices ranging from 137.5-141.0 million VND per ounce. However, investors should remain cautious as the Fed may keep interest rates high for an extended period, putting pressure on precious metals.