ANTD.VN - Gold prices rebounded, despite the strength of the USD, as investors await important economic data to be released starting tonight.
After a sharp drop yesterday of up to 250 - 350 thousand VND per tael, domestic gold prices recovered this morning.
SJC gold was listed by Saigon Jewelry Company (SJC) early this morning at 69.70 - 70.42 million VND/tael (buy - sell), an increase of 50 thousand VND per tael in both directions compared to the closing price yesterday.
SJC gold price at Phu Quy also increased by 100 thousand VND/tael, listed at 69.70 - 70.45 million VND/tael; DOJI Group increased by 150 thousand VND/tael, bringing the buying and selling price of this gold brand to 69.65 - 70.45 million VND/tael. Similarly, SJC gold at Bao Tin Minh Chau Company also increased to 69.65 - 70.30 million VND/tael...
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Gold prices regain momentum after yesterday's decline |
The price of gold rings and gold brands of the enterprise also continued to increase with an increase of about 100 - 200 thousand VND per tael. In which, PNJ gold is trading at 58.10 - 59.10 million VND/tael.
In the world , after a quiet session at the beginning of the week, precious metals have also regained their upward momentum. In the session on October 25 in the US market (last night, early this morning Vietnam time), spot gold increased by more than 9 USD per ounce, to 1,979.6 USD/ounce.
As of this morning, as of 9:30 a.m. Vietnam time, the Asian market continued to witness an increase of about 6 USD/ounce, accordingly, spot gold is trading around 1,986 USD/ounce.
Although the increase in gold is not too groundbreaking, it is very significant when taking into account the strength of the USD. The greenback has increased sharply during the same period and the USD-Index is reaching 106.65. As a rule, when the USD increases, it will put pressure on the price of gold, so the price of gold should have increased much more if the strength of the dollar was ignored.
Experts say gold prices are still supported by the geopolitical crisis and the war in Israel. The ongoing conflict continues to drive capital flows into safe-haven assets, with the dollar and gold being the top choices. That could be one explanation for the rise in both gold and the dollar today.
Not only that, investors are awaiting two important economic reports starting tomorrow, which are the latest and most recent US Q3 GDP data on Thursday and the latest inflation data from the BEA (Bureau of Economic Analysis) on Friday, with the release of the PCE (personal consumption expenditures price index) for September.
The reports will be crucial for the US Federal Reserve's monetary policy. They will determine whether the Fed will raise interest rates again this year or continue its recent stance of pausing interest rate hikes, and will also help shape how long it will maintain current high interest rates next year.
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