Gold prices this morning, July 11, moved sideways or slightly down compared with the same time yesterday.
Inflation concerns and expectations that the Federal Reserve will keep monetary policy tight longer weighed on gold. Ongoing tensions in the Middle East and rising energy costs have pushed oil higher, contributing to price dynamics for gold as a non-yielding asset. The International Energy Agency (IEA) noted that recent regional developments could affect the outlook for global oil supply next year.
Domestic spot prices across major brands were broadly unchanged or flat from yesterday morning. Prices at SJC, DOJI, PNJ and Bao Tin Minh Hai were quoted at 146.9 – 149.9 million VND per tael (buy – sell).
Mi Hong fell 300,000 VND on the buy side and 100,000 VND on the sell side, trading at 147.5 – 149.2 million VND per tael, while Ngoc Tham was quoted lower at 145 – 148 million VND per tael.
For gold jewelry, SJC quoted 146.4 – 149.4 million VND per tael, down 200,000 VND on both directions, the highest buying level among the major brands.
Other brands recorded decreases from 100,000 to 500,000 VND per tael. PNJ traded at 145.7 – 149.2 million VND per tael, while DOJI and Bao Tin Minh Hai quoted 145 – 149 million VND per tael.
Mi Hong’s buy-sell range was 147.5 – 149.2 million VND per tael, while Ngoc Tham was the lowest in the market at 133.5 – 137 million VND per tael.
World price: Kitco-listed price at 4,108 USD per ounce, down 14 USD per ounce from the prior session.
Gold prices reversed downward as US-Iran tensions in the Middle East propelled oil higher, fueling inflation concerns and strengthening expectations that the Federal Reserve will keep monetary policy tight longer.
The context of rising energy costs and inflation pressures reinforces expectations for higher rates for longer, which is a negative factor for gold — a non-yielding asset.
Market participants note that inflation pressures and higher energy costs contribute to a tougher environment for gold, as expectations for sustained higher interest rates tend to limit gold’s appeal as an inflation hedge.
