World gold prices recovered in the afternoon trading session of September 9 when the weakening USD created support for the precious metal. However, gold prices still fluctuated around the 4,400 USD/ounce mark as the market waited for new signals about US monetary policy.
As of 5 pm on September 9 Vietnam time, spot gold price increased by 0.81%, to 4,390.74 USD/ounce. Meanwhile, December gold futures price decreased by 0.08%, to 4,435.37 USD/ounce.
Gold prices have fallen by about 2.6% in the previous 3 sessions, before recovering in session 9. 9. The precious metal at one point increased by about 1%, approaching the 4,400 USD/ounce mark.
The weakening USD continues to provide support for gold prices. The USD index fell 0.26% this week, making gold valued in greenbacks more attractive to buyers holding other currencies.
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. After a recent strong correction, the market is monitoring the possibility of the precious metal regaining this important milestone.
Despite recovery, gold prices have not yet created a clear upward trend. The fact that spot prices continue to fluctuate below 4,400 USD/ounce shows that buying power is improving but not strong enough to create a breakthrough.
On the precious metals market, spot silver price increased by 0.73%, to 66.23 USD/ounce. Platinum price increased sharply by 1.65%, to 1,849.28 USD/ounce. Meanwhile, palladium price decreased by 0.37%, to 1,364 USD/ounce.
