Gold price today 8/22: After Trump's criticism, world gold turned to skyrocket

    P.Đ |

    Gold prices today, August 22, are expected to increase after Trump's criticism of the Fed, the USD decreases, world gold prices turn to increase to a one-week high

    Opening this morning, Saigon Jewelry Company SJC listed in Ho Chi Minh City at 36.57 - 36.75 million VND/tael (buy - sell).

    Gold prices in Hanoi are listed at 36.57 - 36.75 million VND/tael (buy - sell), down 40,000 VND/tael compared to yesterday.

    Doji Group's gold bar price is currently listed at 36.65 - 36.75 million VND/tael (buy - sell).

    Gold prices in the Hanoi area are listed at 36.61 - 36.72 million VND/tael (buy - sell), down 30 thousand VND/tael compared to yesterday.

    At Phu Quy Jewelry Company, the price of SJC gold is listed at 36.61 million VND/tael (buy) and 36.71 million VND/tael (sell), down 30,000 VND/tael compared to yesterday's closing price.

    As of early morning of August 22 (Vietnam time), the world spot gold price stood at 1,190 USD/ounce.

    December gold delivery price on the New York Comex was at 1,197 USD/ounce.

    World gold converted to USD is priced at 33.0 million VND/tael, excluding taxes and fees, about 3.7 million VND/tael lower than domestic gold.

    World gold prices turned to increase quite strongly from the bottom as the USD decreased after US President Donald Trump once again criticized the US Federal Reserve (Fed) for its decision to increase interest rates in the past. Mr. Trump also accused the US central bank of failing to back his policies to promote US economic growth.

    In a recent interview with Reuters, the head of the White House accused the financial institution of failing to back his policies to boost US economic growth.

    This move by Mr. Trump is considered unusual as the Fed's independence has long been considered an important factor for the stability of the US economy.

    Although the US President's comments helped the gold price increase, according to analyst Carsten Menke from Julius Baer, the market will not change its basic assessment of the outlook for gold prices as well as the US monetary policy.
    In the context of the current gradual recovery of the US economy, the Fed has increased interest rates seven times since December 2015, including two times under the current Fed Chairman, Mr. Jerome Powell.It is expected that from now until the end of 2018, the Fed will have two more interest rate adjustments and the most recent will take place in September.

    P.Đ
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