Gold prices, US stocks continue to rise

Each ounce of gold increased by more than 30 USD, while the S&P 500 index reached a new record high for the 11th time this year.

At the end of the trading session on July 22, the world spot gold price increased by nearly 35 USD to 3,423 USD per ounce. This is the highest level since the session on June 16. Currently, the price continues to increase, reaching 3,431 USD.

The market is improving due to trade uncertainty and falling US government bond yields. Investors are observing the situation as the deadline for imposing new tariffs on imported goods into the US approaches.

"Trade tensions have increased the demand for shelter. The US has only reached a few agreements in the past month. There is also speculation that the agreement with Europe may not come true," explained Jim Wyckoff, senior analyst at Kitco Metals.

World gold prices increased by nearly 100 USD in the past two sessions. Chart: Kitco

The yield on the 10-year US government bond has fallen to a two-week low, further benefiting the precious metal as it does not pay fixed interest.

"Gold will continue to rise. The resistance is around $3,420 and the support is at $3,350," Jigar Trivedi, a commodities analyst at Reliance Securities, predicted.

On the US stock market, the S&P 500 index closed up 0.06% at 6,309 points on July 22. This is the 11th time the index has reached a new high this year. The DJIA rose 0.4% to 44,502 points.

Healthcare stocks rose nearly 2%. FactSet data also showed that of the S&P 500 companies that have reported second-quarter financial results, 85% have exceeded expectations.

Investors are also assessing the latest developments on trade. On July 22, US Treasury Secretary Scott Bessent said he would meet with his Chinese counterpart next week. The August 12 deadline for tariff deferrals with China could also be extended. He affirmed that the US is about to announce "a series of trade agreements" with other countries.

Meanwhile, the Nasdaq Composite Index fell 0.4%, the first time in seven sessions, as technology stocks fell. The WSJ reported on July 22 that SoftBank and OpenAI's $500 billion AI project is facing difficulties and has to scale back its short-term plans.

Ha Thu (according to Reuters, CNBC)