Gold prices reverse to increase as the USD weakens

    Thạch Lam |

    Gold prices recovered slightly after hitting a bottom for more than a month, thanks to a weakening USD and optimism about US-China trade.

    Gold prices reversed and increased slightly in the trading session on Monday. The precious metal is supported by a weakening US dollar, after hitting its lowest level in more than a month before due to the ease of US-China trade tensions, reducing safe-haven demand and promoting risk-taking psychology.

    Spot gold prices increased by 0.5%, exceeding 3,290 USD/ounce. US gold futures increased by 0.4%, to $3,301/ounce.

    There is not much optimism surrounding tariff negotiations and events in the Middle East, which puts gold at a disadvantage compared to risky assets, said Tim Waterer, market analyst at KCM Trade.

    Dien bien gia vang the gioi nhung phien giao dich gan day. Bieu do: Phan Anh
    World gold price developments in recent trading sessions. Chart: Phan Anh

    Asian stocks flourished, Wall Street futures increased, while the USD (.DXY) index decreased by 0.3%. A weak US dollar makes USD-denominated gold cheaper for buyers holding other currencies.

    The US and China have addressed issues related to rare earth and magnet exports to the US, Finance Minister Scott Bessent said on Friday. He added that the Trump administration could complete many other trade deals ahead of the September 1 Labor Day holiday.

    Canada also lifted digital service tariffs targeting US technology companies late Sunday, just hours before they were officially applied, to promote the stalemate of trade negotiations with the US.

    The ceasefire between Iran and Israel after 12 days of conflict has been maintained, further reducing demand for shelter in gold.

    The US dollar continues to be under pressure, which is limiting golds decline. However, the 3,250 USD/ounce threshold is considered an important support level. If it breaks through this mark, gold could fall sharply to $3,200, Waterer added.

    When the geopolitical and economic situation is stable, demand for gold as a safe asset often decreases. In addition, in the context of high interest rates, the attractiveness of non-interest-bearing assets such as gold is further weakened.

    Spot silver prices increased by 0.5% to 36.16 USD/ounce, platinum increased by 2% to 1,366.63 USD/ounce, and paladi increased by 1.6% to 1,151.36 USD/ounce.

    See more news related to gold prices HERE...

    Thạch Lam
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