ANTD.VN - World gold prices have skyrocketed as weaker US economic data has supported the doves on monetary policy. Domestic gold prices have also reached a new high.
This morning, domestic gold prices increased sharply. Saigon Jewelry Company (SJC) listed gold bar prices at 67.70 - 68.32 million VND/tael, an increase of 150 thousand VND/tael in both buying and selling directions.
SJC gold prices at some other businesses also increased similarly, accordingly, DOJI listed gold prices early this morning at 67.45 - 68.35 million VND/tael; Bao Tin Minh Chau 67.70 - 68.30 million VND/tael; PNJ 67.60 - 68.30 million VND/tael...
Domestic gold prices increased sharply when world gold had a relatively positive trading session. Spot gold in the US market on August 29 (last night, Vietnam time) increased by 17.6 USD per ounce, to 1,927.2 USD/ounce. Meanwhile, gold for December delivery also increased sharply by 17.30 USD, to nearly 1,964 USD/ounce.
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Gold prices increased quite strongly |
Gold prices hit a three-week high as a much weaker-than-expected US jobs report (JOLTS) and a weaker-than-expected consumer confidence report fueled fresh buying demand for the precious metal.
The decline in US consumer confidence and job opportunities also led to a weakening of the US dollar and lower US Treasury yields.
Both reports support doves on US monetary policy, who believe the Fed has raised interest rates enough to effectively slow the country's economic growth.
In his latest speech at an economic symposium in Jackson Hole, Wyoming, Fed Chairman Jerome Powell is understood to have said that a tightening job market poses challenges in their fight against inflation.
While the possibility of further rate hikes remains on the Fed's "table," today's data showing a decline in job openings has market participants betting the Fed won't continue to raise rates.
This assumption is very different from the assumptions made after Powell's speech last Friday.
This week is a “busy” week for US economic data, which will be able to give a clearer picture of the Fed's direction in the coming time.
Notable among them is the PCE price index report on Thursday; the August jobs report will be released on Friday from the Labor Department.
Nonfarm payrolls are expected to have increased by 170,000, compared with a gain of 187,000 in July's report.
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