Editor’s Note
This article highlights how global gold prices reacted to stronger-than-expected U.S. employment data, which tempered expectations for near-term Federal Reserve rate cuts and reduced the metal’s attractiveness to investors.
On the July 3 trading session, global gold prices fell sharply by 1%. The release of better-than-expected US employment data strengthened expectations that the Federal Reserve (Fed) would not cut interest rates in the near term, diminishing the appeal of the precious metal.
Around 1:00 AM Vietnam time on July 4, spot gold prices closed at $3,328.63 per ounce, down 0.9%, after falling more than 1% during the session. Meanwhile, US gold futures ended the session at $3,342.9 per ounce, up 0.4%.
As a result, the US dollar strengthened, putting further pressure on the gold market. According to him, the possibility of a rate cut in July 2025 is almost non-existent. Gold is a non-yielding asset and typically performs well in a low-interest-rate environment.
In the US Congress, Republican House members passed a large-scale tax cut and spending reduction bill proposed by President Donald Trump, which is expected to increase the national debt by approximately $3.4 trillion.
In Vietnam, on the morning of July 4, Saigon Jewelry Company announced the price of SJC gold bars at 119.3 – 121.3 million VND per tael (buying – selling price).
The table below shows the gold prices of some domestic gold, silver, and jewelry companies as of the morning of July 4.
Gold prices from Saigon Jewelry Company Limited (SJC):
Gold prices from Phu Quy Gold Investment Joint Stock Company:
Gold prices from Doji Gold, Silver, and Jewelry Group: