World gold prices cool down due to profit-taking pressure

Market focus has now turned to US President Donald Trump's upcoming nominations at the US Federal Reserve (Fed).

At 1 a.m. on August 7 (Vietnam time), spot gold prices fell 0.2% to $3,373.59/ounce. Meanwhile, US gold futures prices closed flat at $3,433.4/ounce.

David Meger, head of metals trading at High Ridge Futures, sees this as a mild correction and profit-taking after the recent rally. In addition, the current economic environment is calmer, reducing demand for safe-haven assets.

One factor that is attracting market attention is that US President Donald Trump said he will announce a nomination for the Fed's Board of Governors later this week, while at the same time, he has narrowed down his options to replace Chairman Jerome Powell.

Gold prices had previously recorded three consecutive sessions of gains following a weaker-than-expected US jobs report late last week. According to CME's FedWatch tool, markets now see a more than 93% chance of the Fed cutting interest rates in September, up sharply from 63% previously.

Gold prices are always sensitive to US interest rate adjustments. Lower interest rates will weaken the USD, but significantly increase the attractiveness of non-yielding assets such as gold.

In other precious metals markets, spot silver edged up 0.1% to $37.88 an ounce. Platinum also rose 0.9% to $1,332.26 an ounce.

In Vietnam, in the early morning of August 7, Saigon Jewelry Company listed the price of SJC gold at 122.40 - 123.80 million VND/tael (buy - sell).

Source: https://baolaocai.vn/gia-vang-the-gioi-ha-nhet-do-ap-luc-chot-loi-post878928.html