Recorded at 8:05 am on September 9 (Vietnam time), the spot world gold price was listed around 4,356 USD/ounce, a significant decrease compared to the previous price range. At the same time, the world silver price stood at 65.63 USD/ounce, platinum reached 1,824 USD/ounce and palladium at 1,336 USD/ounce.
The downward trend of international gold prices occurred as the market increased concerns about the possibility that the US Federal Reserve (Fed) will continue to maintain a cautious monetary policy to control inflation.
In recent sessions, gold prices have been under pressure from the 10-year US government bond yield rising to around 4.8%, along with the recovery of the USD. These are two factors that often disadvantage the precious metal because they reduce the attractiveness of gold compared to other profitable assets.
In addition, investors are waiting for important US inflation data to be released this week. These data may directly affect expectations about the Fed's interest rate decision in the near future.
Previously, the market had expected that inflation cooling signals could open up the possibility of monetary policy easing. However, oil prices rebounded due to tensions in the Middle East, increasing inflation risks, reducing the possibility of the Fed soon shifting to a stronger supportive trend for the market.
Brent oil prices at times approached the threshold of 100 USD/barrel as concerns about increased global energy supply increased. Although geopolitical tensions often boost demand for gold holdings to hedge risks, in the current context, inflation and interest rates are putting greater pressure on the price of precious metals.
The adjustment of world gold prices may have a certain impact on the domestic market, especially when international gold prices are one of the important factors dominating the domestic gold price trend.
If the decline in world gold prices continues, the domestic gold market may experience adjustments. However, the degree of decrease depends on the diễn biến of the USD/VND exchange rate, domestic buying and selling demand and gold market management policies.
Technically, world gold prices are testing the support zone around 4,365 USD/ounce. If this zone is maintained, the price may recover towards the resistance zone of 4,422 - 4,465 USD/ounce. Conversely, in case of losing an important support level, gold prices may continue to fall back to lower zones around 4,305 USD/ounce and 4,263 USD/ounce.
In the short term, the diễn biến of the USD, US bond yields and upcoming inflation data will continue to be decisive factors for the direction of world gold prices. The domestic market is likely to closely monitor these fluctuations to determine the next trend.
Domestic gold price
The article only updates the developments of the gold market and factors affecting the price of precious metals, not investment recommendations.
