Gold prices turn to increase after a series of fierce declines

10/05/2023 10:11 Nhat Linh Print article

ANTD.VN - Gold prices in the Asian market this morning increased slightly after a series of fierce declines, as the USD weakened.

In the trading session on October 4 (last night, Vietnam time), the spot gold price in the US market continued to decrease by nearly 2 USD per ounce. However, this morning, the precious metal market seemed to have a more positive development when opening in the Asian market. As of 9:30 am Vietnam time, the world gold price had increased by more than 5 USD per ounce and was trading around 1,826 USD/ounce.

Domestically, SJC gold continued to have a session with little change. Saigon Jewelry Company (SJC) listed the price of SJC gold at 68.20 - 68.92 million VND/tael, a slight increase of 0 thousand VND/tael compared to the closing price yesterday.

Gold prices edge up after a series of deep declines

Other businesses basically kept the national gold brand transaction price unchanged. Accordingly, DOJI listed the price early this morning at 68.05 - 68.95 million VND/tael; Phu Quy 68.15 - 68.90 million VND/tael.

The increase in gold prices was mainly due to the decline of the USD and US Treasury bonds.

In fact, before that, in the US market last night, despite the decline of these two factors, gold still could not regain its upward momentum, due to technical selling pressure still taking place in the context of completely negative short-term charts. The precious metal only recovered slightly in the Asian market afterwards when the USD continued to decline.

Currently, the USD Index measuring the strength of the greenback against six other major currencies is standing at 106.5 points, much lower than the 107.2 points early yesterday afternoon.

The key economic data that weighed on market sentiment was the ADP National Employment Report, which showed that 89,000 jobs were added in September, well below the consensus forecast of 160,000 jobs. This gave gold bulls hope that the US economy was cooling.

Traders are actually starting to look forward to the more important September jobs report due out on Friday from the US Department of Labor to solidify their expectations.

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