ANTD.VN - Although the Fed raised interest rates by 25 basis points and sent an open message, in the direction of continuing to tighten, gold prices are still trading optimistically.
This morning, domestic gold prices fluctuated little. SJC gold at Saigon Jewelry Company (SJC) remained unchanged from yesterday's closing price, at 66.60 - 67.20.
Gold rings of various brands of enterprises increased slightly by 100 thousand VND per tael. Accordingly, PNJ rings are listed at 56.30 - 57.30 million VND/tael; Bao Tin Minh Chau round rings are 56.31 - 57.16 million VND/tael; SJC 99.99 rings are 56.25 - 57.25 million VND/tael...
In the world , the gold market performed quite positively in the trading session on July 26. Spot gold updated on Kitco increased by 7.2 USD per ounce during the entire trading session in the US market to 1,971.7 USD/ounce.
This morning in the Asian market, the precious metal continued to increase by more than 7 USD as of 9:00 a.m. Vietnam time and is trading around 1,979 USD/ounce.
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Gold prices move positively after Fed raises interest rates |
Gold markets are holding steady as the US Federal Reserve signals the open after its 11th interest rate hike, saying future monetary policy will continue to be data-dependent.
In a press conference following the decision to raise interest rates by 25 basis points, Fed Chairman Jerome Powell said that at this point, the Committee is likely to raise interest rates in September or may also leave them unchanged.
However, he also reiterated his stance that the central bank would not consider any rate cuts this year. “We need to continue to do our job and keep policy at a restrictive level for some time... The process still has a long way to go,” he said.
The gold market was immune to Powell’s neutral comments. The precious metal even jumped after the Fed’s rate decision and closed near session highs.
Some analysts say the reason gold has maintained its upward momentum is because before this meeting, many investors had predicted a more hawkish trend from the central bank.
However, the Fed's open message further reinforces the belief that this will be the agency's last rate hike in this tightening cycle.
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