FED keeps interest rates unchanged, gold prices fluctuate violently today

The world gold price today fluctuates very strongly.

Last night, the US Federal Reserve (FED) concluded its September 2023 monetary policy meeting. Accordingly, the organization kept interest rates unchanged at 5.25-5.5% - the highest level in the past 22 years.

The Fed said the economy is expanding at a solid pace. Job growth has slowed in recent months but remains high, and unemployment remains low. Inflation remains high, a factor the Fed is always paying attention to. At the same time, the Fed adjusted its forecast for the US economy to grow by 2.1% in 2023.

With the above information, the USD has decreased in value compared to many other currencies, encouraging speculators to put capital into precious metals. Immediately, the world gold price at times jumped to 1,945 USD/ounce.

However, shortly after, some information from the FED press conference clarified the future interest rate trend. Specifically, the majority of FED members agreed to raise interest rates by the end of 2023 with 12 people voting in favor of raising interest rates and the remaining 7 people opposing.

In response to this news, the USD reversed and increased in value again. US stocks were in the red. Many people moved part of their capital into USD, helping the currency increase in value even more.

Faced with the unexpected developments of the USD, gold speculators were somewhat concerned about the risks. So when gold reached 1,945 USD, they immediately sold to recover their capital. The world gold price today therefore plunged to 1,930 USD/ounce at 6:00 a.m. on September 21.

In Vietnam, SJC gold price on September 20 decreased by 100,000 VND/tael, closing at 69.2 million VND/tael at the end of the day.

Thy Tho - Photo: Tan Thanh - Graphics: Chi Phan

Source: https://nld.com.vn/kinh-te/gia-vang-hom-nay-21-9-vang-bien-dong-du-doi-20230921063504218.htm