World gold prices continued to fall in the afternoon trading session on July 28 when the USD remained at its highest level in a month, while investors were waiting for the results of the monetary policy meeting of the US Federal Reserve (Fed) to find more signals about the interest rate roadmap.
As of 4:30 PM Vietnam time, spot gold prices fell 0.85% to 4,040.54 USD/ounce. US gold futures for August delivery fell 0.97% to 4,037.80 USD/ounce.
The strengthening USD makes gold more expensive for investors holding other currencies, reducing the attractiveness of the precious metal. Meanwhile, the market continues to monitor oil price movements and the Fed's interest rate outlook, factors that have a major impact on gold trends. High interest rates often put pressure on the precious metal because gold is a non-performing asset.
On the energy market, Brent oil prices continued to weaken by 2.35% to 83.85 USD/barrel - fluctuating around the lowest level in about a week, contributing to inflation expectations and monetary policy in the coming time.
According to the CME FedWatch tool, about 34% of investors predict the Fed will raise interest rates by another 25 basis points at this meeting, while the market is also assessing about 79% of the possibility that the Fed will continue to raise interest rates in the September meeting.
On the precious metals market, silver prices fell 1.91% to 57.29 USD/ounce, platinum prices fell 1.37% to 1,603.25 USD/ounce, while palladium fell 2.9% to 1,259.25 USD/ounce.
