On July 10, gold prices saw a notable rise after a period of decline. According to Kitco, the global gold price was listed at $4,122 per ounce, reflecting an increase of $45 compared to the previous morning. This uptick comes as traders began to recover from a sell-off that occurred on Wednesday, while Treasury yields, the US dollar, and crude oil prices remained stable amidst escalating tensions between the US and Iran.

The gold market's situation is complex following the June employment report released last Thursday and the minutes from the Federal Reserve's meeting on Wednesday. The number of jobs increased by 57,000 in June, maintaining an unemployment rate of 4.2%. However, the job figures for April and May were revised down by a total of 74,000, initially supporting gold prices by reducing confidence in another short-term interest rate hike by the Fed.

Despite this, the minutes from the Fed meeting shifted focus to inflation risks, with officials divided on the interest rate path. Notably, nine out of eighteen policymakers anticipate at least one rate hike by December, contributing to the upward movement of gold prices.

As of 6 AM on July 10, the domestic gold price in Vietnam was listed at Doji and SJC at 146 million VND per tael for buying and 149 million VND for selling, marking an increase of 500,000 VND from the previous trading session. Meanwhile, the price of gold rings was also listed at the same levels.

Experts from Invesco suggest that the recent adjustment is a normal occurrence following a prolonged price increase. Although gold prices have dropped over $1,500 per ounce from their peak at the end of January and briefly fell below $4,000 per ounce at the end of June, the precious metal has still risen over 21% in the past 12 months.

Invesco warns that gold prices face several short-term risks. Factors such as inflation trends, the Fed's monetary policy, and the strength of the US dollar will be crucial in determining market direction in the coming months. The inflation rate in the US remains high, with the PCE index for May reaching 4.1% and core inflation at 3.4%. This situation compels the Fed to maintain a firmer stance, and the market is beginning to factor in the possibility of continued rate hikes into 2026.

Higher interest rates and a strong US dollar typically pose challenges for gold, as they increase the opportunity cost of holding non-yielding assets and make gold more expensive for international investors.