Gold price today 7/2/2025: Domestic and world gold prices heat up thanks to the US fiscal situation

Domestic gold price today 7/2/2025

As of 4:30 a.m. on July 2, 2025, the domestic gold bar price is based on the closing price yesterday, July 1. Specifically:

DOJI Group listed the price of SJC gold bars at 118.7-120.7 million VND/tael (buy - sell), an increase of 1.2 million VND/tael in both buying and selling directions compared to yesterday.

At the same time, the price of SJC gold bars was listed by Saigon Jewelry Company Limited - SJC at 118.7-120.7 million VND/tael (buy - sell), an increase of 1.2 million VND/tael in both buying and selling directions compared to yesterday.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 119.2-120.5 million VND/tael for buying and selling. Compared to yesterday, the gold price increased by 500 thousand VND/tael for buying and 1 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 118.7-120.7 million VND/tael (buy - sell), the price increased by 1.2 million VND/tael in both buying and selling directions compared to yesterday.

SJC gold price at Phu Quy is traded by businesses at 118.1-120.7 million VND/tael (buy - sell), gold price increased by 1.3 million VND/tael in buying direction - increased by 1.2 million VND/tael in selling direction compared to yesterday.

As of 4:30 a.m. on July 2, 2025, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 115.4-117.4 million VND/tael (buy - sell); the price increased by 1.1 million VND/tael in both buying and selling directions compared to yesterday.

Bao Tin Minh Chau listed the price of gold rings at 115.5-118.5 million VND/tael (buy - sell); the price increased by 1.1 million VND/tael in both buying and selling directions compared to yesterday.

The latest gold price list today, July 2, 2025 is as follows:

World gold price today 7/2/2025 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 4:30 a.m. on July 2, Vietnam time, was 3,351.51 USD/ounce. Today's gold price increased by 66.6 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,310 VND/USD), the world gold price is about 109.8 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 10.9 million VND/tael higher than the international gold price.

World gold prices increased sharply thanks to the weakening USD and concerns about US tariff policies and fiscal outlook. These factors caused many investors to seek gold as a safe haven.

Specifically, spot gold prices increased by 2.03% to exceed 3,500 USD/Ounce, while gold futures prices in the US also increased by 1.6% to 3,361.70 USD.

The US dollar is at its lowest level since early 2022, making gold cheaper for foreign investors. Gold prices are supported by concerns about the US fiscal situation and uncertainty around tariffs, said Ricardo Evangelista, an analyst at ActivTrades. The Trump administration has yet to make a final decision before the July 9 deadline.

Adding to the uncertainty, markets are also awaiting the outcome of a vote on Trump’s tax cuts and spending package. President Trump has continued to pressure the Federal Reserve to lower interest rates, even sending Fed Chairman Jerome Powell a handwritten list of global interest rates.

According to Evangelista's forecast, gold prices may continue to rise in the short term, with the next important resistance level at $3,370/ounce. The market is also paying attention to upcoming economic reports, including US employment data this week.

Gold is often seen as a safe haven asset in times of economic uncertainty and tends to appreciate when interest rates are low. HSBC said that central banks may reduce their purchases if gold prices rise above $3,300, but they will increase purchases if prices correct to $3,000.

Meanwhile, silver prices rose 0.9% to $36.41 an ounce, platinum fell slightly 0.1% to $1,351.80, and palladium rose sharply by 2.5% to $1,124.79.

Gold Price Forecast

HSBC has just revised up its forecast for the average gold price in 2025 to $3,215 an ounce (from $3,015) and in 2026 to $3,125 an ounce (from $2,915). The reason is increased economic risks and high government debt levels in many countries. Gold often rises in price during periods of geopolitical or economic uncertainty, which pushed the spot price to a record $3,500.05 an ounce in late April.

By early July, gold was trading around $3,348.50 an ounce. HSBC predicts prices will fluctuate sharply between $3,100 and $3,600 in the second half of the year, ending 2025 at $3,175 and 2026 at $3,025.

In the US, Republicans are trying to pass former President Trump’s tax-cut and spending package, even though it could add $3.3 trillion to the country’s national debt. Meanwhile, Treasury Secretary Scott Bessent warned of the possibility of a sudden increase in import tariffs before the July 9 deadline.

In terms of actual demand, HSBC noted that if gold prices continue to rise above $3,500, the jewelry, coin and small gold bar industries may see a reduction in purchasing power, especially in large markets such as India and China.

Citi Bank believes that gold prices will fluctuate between $3,100 and $3,500 per ounce in the third quarter of this year. The reason is that geopolitical tensions in the Middle East show signs of cooling down along with improved global economic growth prospects.

Gold prices may have peaked at $3,500 an ounce in late April, according to a recent report from Citi. Since mid-June, when the bank revised its short-term gold price forecast down from $3,500 to $3,300, gold has fallen more than $100 and is currently trading just below the new forecast.

Citi believes gold prices will peak in the third quarter and then likely decline as investment demand declines. The bank forecasts that gold prices could fall to between $2,500 and $2,700 an ounce by the second half of 2026.