Gold price goes up today
As of 6:00 AM on September 9th (Vietnam time), the price of gold on the international market was recorded at $3,630 per ounce, a sharp increase of $50 compared to the lowest point of $3,580 per ounce in the previous night's trading session. The December gold futures contract also performed well, rising $29.4 and closing at $3,682 per ounce.
The main reason for the surge in gold prices stems from expectations that the US Federal Reserve (FED) will implement three interest rate cuts, totaling a 0.75% reduction in the remaining months of 2025. This expectation was reinforced after the US released its August non -farm payrolls report last weekend.
Accordingly, the economy created only 22,000 new jobs, much lower than the forecast of 75,000 and a sharp decrease compared to the 79,000 (adjusted) figure in July. The unemployment rate also increased to 4.3%, the highest level since 2021.
The weak labor market data has fueled speculation that the Fed will soon ease monetary policy, which could weaken the dollar and push gold prices higher, as gold typically moves inversely to the greenback.
According to experts, in the current economic climate, gold is likely to continue benefiting from the Fed's loose monetary policy and the weakening trend of the US dollar. However, investors still need to be cautious, closely monitoring signals from the Fed as well as important economic data to be released, especially the consumer price index (CPI) and the producer price index (PPI), to have more basis for assessing interest rate prospects and their impact on the gold market.
In the domestic market, at the close of trading on September 8th, the price of SJC gold was listed at 135.4 million VND/ounce, while the price of gold rings remained at 130.2 million VND/ounce.
Source: https://nld.com.vn/gia-vang-hom-nay-9-9-vang-the-gioi-lap-dinh-moi-196250909075042621.htm
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