World gold prices continued to fall in the afternoon trading session on September 15, while the market waited for the Fed's policy decision and the USD maintained its strength.
As of 2:30 PM on September 15th Vietnam time, spot gold price decreased by 0.22% to 4,289.49 USD/ounce. December gold futures price decreased by 0.53% to 4,328.92 USD/ounce.
Previously, spot gold prices fell 0.8% to 4,312.59 USD/ounce in the first session of the week, while December gold futures fell 1.3% to 4,351.90 USD/ounce. This is the lowest level for gold in more than a month.
The market is focusing its attention on the Fed's policy decisions this week. According to information provided, the market is almost certain that the Fed will raise interest rates by another 0.25 percentage points, to a range of 3.75–4.00%.
Along with that, the USD rose to its highest level in two weeks, making gold less attractive to buyers holding other currencies.
Oil prices rose about 4% in the session of September 14, increasing concerns about energy price pressure. This development is also considered a factor putting pressure on the precious metals market.
According to CME Group's tool, traders are expecting a 93% chance of the Fed raising interest rates this week.
Meanwhile, the yield on 10-year US Treasury bonds rose to 5% in the session on September 14, for the first time since October 2023.
On the precious metals market, spot silver price is currently at 63.05 USD/ounce, down 0.30%. Platinum price is at 1,764.66 USD/ounce, down 0.04%. Palladium price is at 1,296.25 USD/ounce, down 0.02%.
