ANTD.VN - Gold prices fluctuated quite strongly before and after the Fed meeting ended, but it quickly regained balance when it was determined that the Fed was not "hawkish" enough to make the market afraid.
This morning, domestic gold prices had almost no significant fluctuations compared to yesterday's closing price.
At 9:30 a.m., Saigon Jewelry Company (SJC) listed the price of SJC gold at 60.00 - 70.72 million VND/tael (buy - sell), down slightly by 50 thousand VND/tael compared to yesterday's closing price.
At DOJI Group, SJC gold kept the same trading price as the previous session, at 70.00 - 70.75 million VND/tael. Phu Quy SJC increased slightly by 100 thousand VND in buying price, keeping the same selling price at 69.95 - 70.75 million VND/tael...
The price of 99.99 gold, after a decrease of about 200 thousand VND/tael yesterday, has almost maintained its trading price today. PNJ gold is listed at 58.50 - 59.50 million VND/tael, a slight increase of 100 thousand VND per tael in the buying direction, unchanged in the selling direction. SJC rings increased slightly by 100 thousand VND in both directions to 58.50 - 59.50 million VND/tael, a decrease of 250 thousand VND per tael.
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Gold prices fluctuated little in today's session |
Domestic gold prices fluctuated little, similar to the world market. In the trading session on November 1 in the US market (last night, early this morning Vietnam time), the world spot gold price closed at 1,982.5 USD/ounce, down slightly by nearly 1 USD/ounce compared to the previous trading session.
Although the price of gold closed the session almost unchanged, the price of gold fluctuated quite a bit during the session before regaining its balance. The precious metal briefly surpassed $1,990/ounce but quickly cooled down, breaking through the $1,970 threshold after the Fed's somewhat hawkish message.
On November 1, the US policy-making body, the Fed, concluded its first meeting of November. The body decided to keep the USD operating interest rate unchanged, the highest in 22 years, at 5.25% to 5.5% per year.
With optimistic forecasts for US economic growth, the Fed believes that the US economy is still growing well, despite high interest rates. This may force them to maintain high interest rates for longer.
However, according to experts, the Fed's message is not "hawkish" enough to make the gold market worried, because in reality they still have to turn on "wait and see" mode.
Many believe that the US growth momentum will be difficult to maintain for long, because the lag of high interest rates will continue to affect people's spending, thereby affecting growth and possibly reducing inflation. If so, the possibility of the Fed continuing to raise interest rates is quite dim and they may also have to cut sooner.
Experts predict that gold will still be supported by geopolitical tensions in the Middle East. However, the fact that the US has increased its crude oil reserves may also make it difficult for oil prices to increase in the international market, helping to minimize negative impacts on the economy, thereby dimming the upward momentum of the precious metal.
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