Gi\u00e1 v\u00e0ng \u0111\u00e3 t\u0103ng h\u01a1n 15% k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m, v\u1edbi m\u1ee9c cao k\u1ef7 l\u1ee5c 3.057,21 USD\/ounce \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o ng\u00e0y 20\/03\/2025. S\u1ef1 t\u0103ng gi\u00e1 m\u1ea1nh m\u1ebd n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi nhu c\u1ea7u \u201ctr\u00fa \u1ea9n an to\u00e0n\u201d c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 khi \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u00e0 lo ng\u1ea1i v\u1ec1 c\u00e1c ch\u00ednh s\u00e1ch thu\u1ebf quan s\u1eafp \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1eeb ph\u00eda T\u1ed5ng th\u1ed1ng M\u1ef9 Donald Trump.<\/p>\n
V\u00e0o th\u1ee9 Ba, ng\u00e0y 25\/03\/2025, t\u1ea1i 11:24 s\u00e1ng gi\u1edd ET (15:24 GMT), gi\u00e1 v\u00e0ng giao ngay \u0111\u00e3 t\u0103ng nh\u1eb9 0,3% l\u00ean m\u1ee9c 3.021,39 USD\/ounce. \u0110\u1ed3ng th\u1eddi, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0ng c\u0169ng ghi nh\u1eadn m\u1ee9c t\u0103ng 0,4%, \u0111\u1ea1t 3.026,20 USD\/ounce. Nh\u1eefng con s\u1ed1 n\u00e0y cho th\u1ea5y, b\u1ea5t ch\u1ea5p \u00e1p l\u1ef1c t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4, v\u00e0ng v\u1eabn gi\u1eef \u0111\u01b0\u1ee3c v\u1ecb th\u1ebf l\u00e0 k\u00eanh \u0111\u1ea7u t\u01b0 an to\u00e0n trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111ang nhi\u1ec1u b\u1ea5t \u1ed5n.<\/p>\n
M\u1ed9t trong nh\u1eefng nguy\u00ean nh\u00e2n ch\u00ednh khi\u1ebfn gi\u00e1 v\u00e0ng t\u0103ng m\u1ea1nh l\u00e0 do lo ng\u1ea1i v\u1ec1 ch\u00ednh s\u00e1ch thu\u1ebf quan c\u1ee7a M\u1ef9. T\u1ed5ng th\u1ed1ng Trump \u0111\u00e3 c\u00f4ng b\u1ed1 r\u1eb1ng ch\u1ec9 m\u1ed9t s\u1ed1 m\u1ee9c thu\u1ebf s\u1ebd \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1eeb ng\u00e0y 02\/04\/2025, v\u00e0 kh\u1ea3 n\u0103ng \u00e1p thu\u1ebf hai giai \u0111o\u1ea1n \u0111ang \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc. S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn n\u00e0y \u0111\u00e3 d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 vi\u1ec7c c\u00e1c bi\u1ec7n ph\u00e1p thu\u1ebf m\u1edbi c\u00f3 th\u1ec3 l\u00e0m gia t\u0103ng l\u1ea1m ph\u00e1t, k\u00e9o theo s\u1ef1 suy gi\u1ea3m t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf.<\/p>\n
Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, v\u00e0ng \u2013 v\u1ed1n t\u1eeb l\u00e2u \u0111\u01b0\u1ee3c xem l\u00e0 \u201cn\u01a1i tr\u00fa \u1ea9n an to\u00e0n\u201d \u2013 tr\u1edf n\u00ean c\u1ef1c k\u1ef3 h\u1ea5p d\u1eabn. Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 tin r\u1eb1ng v\u00e0ng s\u1ebd gi\u00fap b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u1ee7a h\u1ecd tr\u01b0\u1edbc nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t khi c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf nh\u01b0 PCE, GDP v\u00e0 l\u00e3i su\u1ea5t c\u00f3 d\u1ea5u hi\u1ec7u kh\u00f4ng \u1ed5n \u0111\u1ecbnh. Vi\u1ec7c chuy\u1ec3n d\u1ecbch sang v\u00e0ng nh\u1eb1m m\u1ee5c ti\u00eau gi\u1ea3m thi\u1ec3u r\u1ee7i ro t\u1eeb c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c c\u1ee7a ch\u00ednh s\u00e1ch thu\u1ebf v\u00e0 bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n
\u00d4ng Jeffrey Christian, \u0111\u1ed1i t\u00e1c qu\u1ea3n l\u00fd t\u1ea1i CPM Group, cho bi\u1ebft:<\/p>\n
\n“C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang lo ng\u1ea1i v\u1ec1 t\u00ecnh h\u00ecnh kinh t\u1ebf to\u00e0n c\u1ea7u v\u00e0 ch\u00ednh s\u00e1ch thu\u1ebf m\u1edbi c\u1ee7a M\u1ef9, v\u00ec v\u1eady h\u1ecd chuy\u1ec3n sang mua v\u00e0ng nh\u01b0 m\u1ed9t k\u00eanh b\u1ea3o v\u1ec7 t\u00e0i s\u1ea3n an to\u00e0n.”<\/p>\n<\/blockquote>\n
C\u00f9ng l\u00fac \u0111\u00f3, \u00f4ng Daniel Pavilonis, chi\u1ebfn l\u01b0\u1ee3c gia c\u1ea5p cao t\u1ea1i RJO Futures, nh\u1eadn \u0111\u1ecbnh r\u1eb1ng n\u1ebfu xu h\u01b0\u1edbng t\u0103ng gi\u00e1 hi\u1ec7n t\u1ea1i duy tr\u00ec, gi\u00e1 v\u00e0ng c\u00f3 th\u1ec3 \u0111\u1ea1t t\u1edbi m\u1ee9c kho\u1ea3ng 3.125 USD\/ounce trong th\u1eddi gian s\u1eafp t\u1edbi. Nh\u1eefng nh\u1eadn \u0111\u1ecbnh n\u00e0y c\u00e0ng c\u1ee7ng c\u1ed1 ni\u1ec1m tin c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o v\u00e0ng nh\u01b0 m\u1ed9t k\u00eanh \u0111\u1ea7u t\u01b0 an to\u00e0n trong b\u1ed1i c\u1ea3nh kinh t\u1ebf g\u1eb7p nhi\u1ec1u kh\u00f3 kh\u0103n.<\/p>\n
4. Tri\u1ec3n V\u1ecdng Kinh T\u1ebf V\u00e0 D\u1ef1 B\u00e1o C\u1ee7a Fed<\/h4>\n
B\u00ean c\u1ea1nh c\u00e1c v\u1ea5n \u0111\u1ec1 v\u1ec1 thu\u1ebf quan, nh\u1eefng b\u1ea5t \u1ed5n trong n\u1ec1n kinh t\u1ebf M\u1ef9 v\u00e0 th\u1ebf gi\u1edbi c\u0169ng \u0111ang t\u1ea1o ra s\u1ee9c \u00e9p l\u1edbn l\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, c\u00e1c chuy\u00ean gia kinh t\u1ebf \u0111ang theo d\u00f5i s\u00e1t sao c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf ch\u1ee7 ch\u1ed1t \u0111\u1ec3 c\u00f3 th\u1ec3 \u0111\u01b0a ra d\u1ef1 b\u00e1o ch\u00ednh x\u00e1c h\u01a1n. Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Atlanta, \u00f4ng Raphael Bostic, k\u1ef3 v\u1ecdng r\u1eb1ng Fed s\u1ebd ch\u1ec9 th\u1ef1c hi\u1ec7n m\u1ed9t \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t duy nh\u1ea5t v\u1edbi m\u1ee9c 0,25% trong n\u0103m nay, d\u00f9 v\u1eabn c\u00f3 kh\u1ea3 n\u0103ng gi\u1ea3m th\u00eam 0,5% trong n\u0103m 2025.<\/p>\n
C\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a Fed trong vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t kh\u00f4ng ch\u1ec9 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 r\u1ee7i ro m\u00e0 c\u00f2n t\u00e1c \u0111\u1ed9ng gi\u00e1n ti\u1ebfp \u0111\u1ebfn s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a v\u00e0ng. Khi l\u00e3i su\u1ea5t th\u1ea5p, l\u1ee3i su\u1ea5t t\u1eeb c\u00e1c kho\u1ea3n ti\u1ebft ki\u1ec7m v\u00e0 \u0111\u1ea7u t\u01b0 truy\u1ec1n th\u1ed1ng gi\u1ea3m, khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n sang v\u00e0ng \u0111\u1ec3 t\u00ecm ki\u1ebfm s\u1ef1 an to\u00e0n v\u00e0 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh.<\/p>\n
5. T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn C\u00e1c Kim Lo\u1ea1i Qu\u00fd Kh\u00e1c<\/h4>\n
Xu h\u01b0\u1edbng t\u0103ng gi\u00e1 c\u1ee7a v\u00e0ng c\u0169ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c c\u00e1c kim lo\u1ea1i qu\u00fd kh\u00e1c \u0111ang c\u00f3 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng t\u00edch c\u1ef1c. C\u1ee5 th\u1ec3:<\/p>\n
\n
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Gi\u00e1 b\u1ea1c:<\/strong> T\u0103ng 1,8% l\u00ean m\u1ee9c 33,59 USD\/ounce.<\/p>\n<\/li>\n
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Gi\u00e1 b\u1ea1ch kim:<\/strong> Ghi nh\u1eadn m\u1ee9c t\u0103ng 0,8%, \u0111\u1ea1t 980,80 USD\/ounce.<\/p>\n<\/li>\n
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Palladium:<\/strong> M\u1ee9c t\u0103ng 1,1%, \u0111\u1ea1t 961,60 USD\/ounce.<\/p>\n<\/li>\n<\/ul>\n
Nh\u1eefng con s\u1ed1 n\u00e0y cho th\u1ea5y r\u1eb1ng kh\u00f4ng ch\u1ec9 v\u00e0ng, m\u00e0 c\u00e1c kim lo\u1ea1i qu\u00fd kh\u00e1c c\u0169ng \u0111ang \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00fa \u00fd nh\u01b0 m\u1ed9t k\u00eanh b\u1ea3o v\u1ec7 t\u00e0i s\u1ea3n trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y r\u1ee7i ro. S\u1ef1 t\u0103ng gi\u00e1 \u0111\u1ed3ng b\u1ed9 c\u1ee7a c\u00e1c kim lo\u1ea1i qu\u00fd g\u00f3p ph\u1ea7n kh\u1eb3ng \u0111\u1ecbnh vai tr\u00f2 c\u1ee7a ch\u00fang nh\u01b0 nh\u1eefng c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro hi\u1ec7u qu\u1ea3.<\/p>\n
6. K\u1ebft Lu\u1eadn v\u00e0 Tri\u1ec3n V\u1ecdng T\u01b0\u01a1ng Lai<\/h4>\n
Trong b\u1ed1i c\u1ea3nh c\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i leo thang, b\u1ea5t \u1ed5n ch\u00ednh tr\u1ecb v\u00e0 lo ng\u1ea1i v\u1ec1 ch\u00ednh s\u00e1ch thu\u1ebf quan c\u1ee7a M\u1ef9, v\u00e0ng v\u1eabn duy tr\u00ec v\u1ecb th\u1ebf \u201ctr\u00fa \u1ea9n an to\u00e0n\u201d \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u ti\u00ean l\u1ef1a ch\u1ecdn. M\u1ee9c t\u0103ng gi\u00e1 h\u01a1n 15% t\u1eeb \u0111\u1ea7u n\u0103m \u0111\u00e3 th\u1ec3 hi\u1ec7n r\u00f5 s\u1ee9c h\u00fat c\u1ee7a v\u00e0ng khi \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c r\u1ee7i ro kinh t\u1ebf. D\u1ef1a tr\u00ean nh\u1eefng nh\u1eadn \u0111\u1ecbnh t\u1eeb c\u00e1c chuy\u00ean gia, n\u1ebfu xu h\u01b0\u1edbng hi\u1ec7n t\u1ea1i ti\u1ebfp t\u1ee5c, v\u00e0ng c\u00f3 th\u1ec3 s\u1ebd \u0111\u1ea1t \u0111\u1ebfn c\u00e1c m\u1ed1c gi\u00e1 m\u1edbi quan tr\u1ecdng, trong \u0111\u00f3 m\u1ee9c 3.125 USD\/ounce l\u00e0 m\u1ed9t \u0111i\u1ec3m m\u1ed1c ti\u1ec1m n\u0103ng.<\/p>\n
C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n theo d\u00f5i s\u00e1t c\u00e1c di\u1ec5n bi\u1ebfn c\u1ee7a ch\u00ednh s\u00e1ch thu\u1ebf quan, l\u1ea1m ph\u00e1t, v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 \u0111\u1ec3 c\u00f3 th\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c. Vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, k\u1ebft h\u1ee3p gi\u1eefa v\u00e0ng v\u00e0 c\u00e1c kim lo\u1ea1i qu\u00fd kh\u00e1c, s\u1ebd gi\u00fap gi\u1ea3m thi\u1ec3u r\u1ee7i ro trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh lu\u00f4n bi\u1ebfn \u0111\u1ed9ng.<\/p>\n
Ngu\u1ed3n: www.business-standard.com\u00a0<\/a><\/p>\n