World gold prices turned down in the trading session on July 28 in the context that the market turned its attention to the interest rate decision of the US Federal Reserve (Fed) after increasing by 0.6% in the previous session. However, the upward momentum did not last long and the precious metal quickly underwent pressure again.
Gold prices recently mainly fluctuated around the 4,000 USD/ounce range since the end of June. Buying power when prices fell many times helped the precious metal maintain above this important psychological threshold.
However, gold is still 20% lower than when the conflict began at the end of February. Previously, a multi-year upward cycle brought gold prices to a record high of nearly 5,600 USD/ounce at the end of January.
On the energy market, oil prices continued to fall in the session of July 28. Brent oil fell 1.18%, to 84.86 USD/barrel. Previously, both types of oil at one point fell about 1%, to the lowest level in more than a week.
As of 10:56 am Vietnam time, spot gold prices slightly decreased by 1.07% to 4,049.32 USD/ounce. August gold futures fell 0.67% to 4,49.40 USD/ounce.
In the precious metals market, silver prices fell 1.4% to $57.35/ounce, platinum prices fell 0.96% to $1,609.51/ounce and palladium fell 1.2% to $1,275.00/ounce.
