ANTD.VN - Gold prices continued to fall due to the stronger USD after the US announced the consumer price index with inflation basically as predicted by experts.
This morning, domestic gold prices continued to decrease slightly. Saigon Jewelry Company (SJC) adjusted SJC gold down 50 thousand VND per tael compared to yesterday's closing price, bringing the buying and selling prices to 67.90 - 68.62 million VND/tael.
At other businesses, SJC gold prices listed early this morning were as follows: DOJI 67.95 - 68.75 million VND/tael; Bao Tin Minh Chau 68.00 - 68.63 million VND/tael; PNJ 68.00 - 68.70 million VND/tael...
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Gold prices fall as Fed expected to keep interest rates high for long |
In the world market, gold prices continued to fall in the trading session on September 13 (last night Vietnam time) after the US announced inflation data. Spot gold fell nearly 5 USD per ounce, down to 1,908 USD/ounce.
The consumer price index (CPI) for the world's largest economy rose 0.6% last month, matching the forecasts of economists polled by the Wall Street Journal. It was the biggest monthly increase in inflation this year.
However, economists polled by the Wall Street Journal slightly underestimated the increase in the core CPI, which was forecast to rise 0.2%, but actually came in hotter with a 0.3% increase.
Year-over-year inflation also rose to 3.7% in August from 3.2% in July, meaning the Federal Reserve’s 2% inflation target is unlikely to be met this year, putting it somewhat on the side of the “hawks” on monetary policy.
However, CME's Fedwatch tool shows that traders' expectations that the Fed will keep the current final interest rate unchanged at next week's FOMC meeting have risen to 97% today from 92% yesterday, and are more likely to pause the hike in November.
Gold prices continued to fall, however, as market participants focused on the fact that the Fed funds rate will remain high for longer.
But in fact, unlike yesterday's double-digit drop (which was largely due to technical selling), today's drop was largely due to the strength of the dollar. The greenback rose 0.21% during the session, bringing the index to 104.765.
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