World gold prices continued to rise in the session of September 18, supported by cooling US bond yields and falling oil prices. Meanwhile, silver increased by nearly 3%, while platinum and palladium also recorded an increase of more than 2%.
As of 4:30 PM on September 18 Vietnam time, spot gold price increased by 1.02%, to 4,386.11 USD/ounce. December gold futures price increased by 0.6%, to 4,426.30 USD/ounce.
Previously, gold prices at one point increased by 2.8%, exceeding 4,380 USD/ounce, ending a 3-session consecutive decline.
US Treasury bond yields cooled down after rising sharply immediately after the decision of the US Federal Reserve (Fed) on September 16. The yield decrease helps limit pressure on gold - an uninterested asset that is often less attractive when bond yields rise.
The decrease in oil prices also created more support for gold as concerns about supply disruptions cooled down. The previous upward momentum of oil prices increased inflationary pressure and contributed to strengthening expectations of the Fed maintaining tight monetary policy.
Although the Fed increased interest rates by another 0.25 percentage points as expected, signals of the possibility of further interest rate hikes still put certain pressure on gold.
On the precious metals market, spot silver prices increased by 2.9%, to 67.1 USD/ounce. Platinum prices increased by 2.62%, to 1,818.81 USD/ounce, while palladium increased by 2.51%, to 1,335.75 USD/ounce.
