World gold prices recovered after a sharp decline in the trading session on September 14, while the market continued to struggle in the face of changes in US monetary policy expectations.
As of 9:30 AM on September 14th Vietnam time, spot gold prices increased by 0.13%, to 4,354.39 USD/ounce. Meanwhile, December gold futures fell 0.28%, to 4,396.70 USD/ounce.
Gold prices at one point suffered strong selling pressure after higher-than-expected US inflation data increased expectations that the Fed could maintain tight monetary policy. However, buying power quickly returned, helping the precious metal recover.
Gold prices increased by nearly 2% in the last session of the week and approached the 4,400 USD/ounce mark. This development shows that buying power is still maintained as the market re-evaluates gold prospects after strong fluctuations.
Senior commodity expert Ryan McKay of TD Securities believes that weakening in the short term can be seen as an opportunity to buy in. This view reflects the expectation that demand for gold is still relatively solid despite short-term fluctuations.
The gold market is currently continuing to fluctuate around the 4,300–4,400 USD/ounce range. The fact that prices have maintained above the recent low shows that selling pressure is not strong enough to completely reverse the trend of precious metals.
On the precious metals market, spot silver prices fell 0.23%, to 64.35 USD/ounce. Platinum prices rose 0.26%, to 1,803.37 USD/ounce, while palladium prices rose 0.13%, to 1,316.75 USD/ounce.
