World gold prices fluctuated in opposite directions in the trading session on July 31 when profit-taking activities caused gold futures contracts to decrease, while spot gold prices still maintained their upward momentum. The precious metal is heading towards its first month of increase since February thanks to the weakening USD and the decision to keep interest rates unchanged by the US Federal Reserve (Fed).
As of 10:23 am Vietnam time, spot gold prices increased by 0.82% to 4,073.13 USD/ounce. Meanwhile, gold futures for August delivery fell 0.68% to 4,072.30 USD/ounce due to profit-taking activity after two consecutive increasing sessions. Despite adjustments in the last session of the month, gold prices are still heading towards an increase of nearly 2% in July.
The USD fell nearly 1% against a basket of currencies in the previous session, making gold more attractive to investors holding other currencies. In the session on July 31, the USD index recovered by about 0.2%, creating certain pressure on gold prices.
The market continues to receive support from the Fed's decision to keep interest rates unchanged at the recent policy meeting. High interest rates often reduce the attractiveness of gold because it is an unprofitable asset.
On the energy market, Brent oil for October delivery fell 1.24% to 85.80 USD/barrel, while WTI oil for September delivery fell 1.59% to 82.26 USD/barrel.
On the precious metals market, spot silver prices fell 1.15% to 58329 USD/ounce, platinum prices fell 1.92% to 1,632.35 USD/ounce, and palladium prices fell 1.82% to 1,296.75 USD/ounce.
