World gold prices recovered slightly in the morning session of September 15 after undergoing strong selling pressure, in the context that the market is still cautious about new fluctuations in oil prices and monetary policy expectations.
As of 10 am on September 15 Vietnam time, spot gold price increased by 0.36%, to 4,314.09 USD/ounce. Meanwhile, December gold futures price increased slightly by 0.06%, to 4,354.70 USD/ounce.
Previously, gold prices fell to their lowest level in more than a month as rising oil prices increased concerns about price pressure, while boosting expectations of tighter monetary policy. Spot gold prices at one point fell to 4,271.59 USD/ounce in the session on September 14.
The sharp drop brought gold prices below the 4,300 USD/ounce mark, but buying pressure quickly appeared as the precious metal retreated to the low price range. Developments in the morning session of September 15 showed that the market is showing signs of rebalancing after a sharp drop.
Gold prices are still significantly affected by the developments of the energy market. Rising oil prices increase pressure on gold, while bond yields and monetary policy expectations continue to make the market cautious.
However, the return of gold prices above 4,300 USD/ounce is creating a support for the market. This is an important price range to monitor in the coming sessions, especially after the precious metal just went through a series of strong adjustment sessions.
On the precious metals market, spot silver prices increased by 0.48%, to 63.54 USD/ounce. Platinum prices increased by 0.47%, to 1,773.69 USD/ounce, while palladium prices increased by 0.52%, to 1,303.25 USD/ounce.
