World gold prices rose in the morning session of September 10, while the weakening USD continued to create support for the precious metal. Spot gold prices are currently above the 4,400 USD/ounce mark.
As of 9 am on September 10 Vietnam time, spot gold price increased by 0.27%, to 4,413.87 USD/ounce. Meanwhile, December gold futures price decreased by 0.10%, to 4,456.26 USD/ounce.
Gold prices are maintaining around 4,400 USD/ounce after increasing by 1% in the previous session. The precious metal has traded in a relatively narrow range in recent weeks, showing that the market is still struggling and waiting for new momentum.
The weakening USD is supporting gold prices. Since rebounding from the 4,000 USD/ounce mark in July, gold prices have mainly fluctuated around the 4,400 USD/ounce mark. This price range continues to be the focus as investors assess the ability of the precious metal to maintain its upward momentum in the near future.
Although short-term volatility still exists, gold continues to be seen by a part of investors as a defensive asset in their portfolios. The fact that gold prices are holding around the 4,400 USD/ounce mark shows that buying power is still maintained after recent corrections.
On the precious metals market, spot silver price was at 67.38 USD/ounce, up 0.14%. Platinum price decreased by 0.62%, to 1,888.59 USD/ounce. Meanwhile, palladium price increased by 0.51%, to 1,373 USD/ounce.
