World gold prices continued to face pressure in the first session of the week, after falling 1% in the previous session. The precious metal is currently fluctuating around the 4,400 USD/ounce range as the market re-evaluates its price outlook after a sharp decline at the end of the week.
As of 8:05 am on September 7th Vietnam time, spot gold price decreased by 0.77%, to 4,396.39 USD/ounce. Meanwhile, December gold futures price decreased by 0.40%, to 4,458.89 USD/ounce.
Gold's decline lasted into the first session of the week, after the precious metal lost about 1% in the previous session. Better-than-expected US job data has increased expectations that the US Federal Reserve (Fed) will raise interest rates in September, thereby creating more pressure on gold prices.
The USD once rebounded after US jobs data, making gold more expensive for buyers holding other currencies. However, the greenback is weakening again, helping to reduce pressure on the precious metal as gold prices fluctuate around the 4,400 USD/ounce mark.
Gold prices continuously fluctuated around the 4,400 USD/ounce mark as the market re-evaluated the outlook for US monetary policy. After the recovery from the 4,000 USD/ounce mark in July, the precious metal remained within a relatively narrow range.
The 4,400 USD/ounce mark is now becoming a noteworthy price range as gold is under pressure after a sharp decline at the end of the week. Developments around this threshold may show the correlation between buying and selling forces in the following trading sessions.
On the precious metals market, silver price was at 65.67 USD/ounce, down 0.81%. Platinum price was at 1,806.06 USD/ounce, down 0.90%. Meanwhile, palladium price increased by 0.80%, to 1,411.25 USD/ounce.
