World gold prices recovered in the morning session of September 9 after falling 2.6% in the previous 3 sessions, but are still under pressure as Middle East tensions increase concerns about inflation and the possibility of the Fed raising interest rates.
As of 11:30 AM on September 9 Vietnam time, spot gold price increased by 0.43%, to 4,374.44 USD/ounce. Meanwhile, December gold futures price decreased by 0.54%, to 4,415.21 USD/ounce.
Gold prices have fallen by about 2.6% in the last 3 sessions, as the market continuously adjusted expectations for US monetary policy ahead of the FOMC meeting on September 14-15.
Traders are currently valuing about 60% of the possibility that the US Federal Reserve (Fed) will raise interest rates this month. High interest rates are often detrimental to gold because the precious metal does not yield yields. The market is waiting for important US inflation figures this week to have more signals about the Fed's policy decision.
Since jumping from the 4,000 USD/ounce zone in July, gold prices have mainly fluctuated in a relatively narrow range around 4,400 USD/ounce. The fact that the precious metal continues to struggle around this price range shows that the market is still looking for new momentum to establish a trend.
On the precious metals market, spot silver price increased by 0.38%, to 66.00 USD/ounce. Platinum price increased by 0.80%, to 1,833.84 USD/ounce. Meanwhile, palladium price decreased by 0.20%, to 1,359.50 USD/ounce.
