World gold prices rose in the morning trading session of September 17, while the market received the latest Fed interest rate decision and monitored oil price movements.
As of 10:30 am on September 17 Vietnam time, spot gold prices increased by 0.60% to 4,289.78 USD/ounce. Meanwhile, December gold futures fell by 1.46% to 4,323.59 USD/ounce.
Previously, spot gold prices had at one point reached their lowest level in nearly 6 weeks. In the session of September 17, gold prices recovered, while future gold prices still faced downward pressure.
The market is receiving the latest policy decision from the Fed. The US central bank has raised interest rates on September 16 and signaled that it may continue to raise interest rates in the coming months.
According to Fed updated economic forecasts, 16 out of 18 officials expect to increase interest rates by at least once by 0.25 percentage points by the end of this year, while 2 officials believe interest rates could be kept unchanged.
In addition, oil prices are falling, extending the downward trend of the previous session. The cooling of oil prices may support gold in the medium term if this trend continues.
At the same time, the diễn biến of gold prices is having differentiation between the spot market and futures contracts. Spot gold prices are recovering, while December futures contracts decreased by more than 1%, showing that adjustment pressure is still present in the market.
On the precious metals market, spot silver price increased by 0.76% to 63.48 USD/ounce. Platinum price increased by 1.48% to 1,781.59 USD/ounce. Palladium price increased by 1.61% to 1,296.33 USD/ounce.
