Gold prices on the international market faced the strongest correction week since the end of June, thereby recording two consecutive weeks of decline. At the end of the week, spot gold prices traded at 3,335.6 USD/ounce. Gold futures for December 2025 delivery on the Comex New York floor fell to 3,381.7 USD/ounce.
The decline this week was due to higher-than-expected inflation data in the US. The producer price index (PPI) in July increased at the fastest rate in three years, showing that businesses are passing on input cost pressures to consumers. Specifically, according to the US Department of Labor, the PPI in July increased 0.9% compared to June, the largest increase in more than three years. Compared to the same period in 2024, the index increased 3.3%, much higher than economists ' forecasts. Hotter-than-expected US data has reduced hopes of a major Fed rate cut. The betting rate on the possibility of the Fed cutting interest rates by 25 basis points at the meeting on September 18 is now at 83.4%, while many days ago it was above 90%.
The market is now leaning toward a 25 basis point rate cut in September, instead of the previously expected 50 basis points. Investors are looking ahead to Chairman Jerome Powell's speech at the Jackson Hole conference next week for clearer signals on policy direction.
Next week, investors will be looking for clearer signals on policy direction from Fed Chairman Jerome Powell at the Jackson Hole conference next week. The Jackson Hole economic policy conference, an annual event with a history of nearly 50 years, will take place from August 21 to 23. This year's theme is "Labor markets in transition: demographics, productivity, and macroeconomic policy." The Fed faces a balancing act as inflation is pressured by tariffs while the labor market continues to show signs of weakness. Fed Chairman Jerome Powell's speech on August 22 is expected to provide some new monetary policy signals, as US inflation and expectations for interest rate cuts remain at the center of the debate.
On the geopolitical front, US President Donald Trump and Russian President Vladimir Putin held a three-hour face-to-face meeting in Alaska on August 15 and held a press conference afterward to announce the results of their discussions. Although the meeting did not yield any agreement, the two sides left open the possibility of holding another summit in the near future. In addition, the focus of this week's information was the minutes of the latest FOMC meeting, US housing data...
Despite the downward pressure of world gold prices over the past two weeks, gold prices remain quite stable with the selling price of SJC gold bars at gold shops at 124.5 million VND/tael. In the domestic market, the price of SJC gold bars closed the week at 123.50 million VND/tael for buying and 124.50 million VND/tael for selling. During the week, the selling price of gold climbed to 124.7 million VND/tael on Thursday (August 15), then slightly decreased towards the end of the week. The prices of 999.9 gold rings and jewelry products also remained relatively stable. At Bao Tin Minh Chau, the price of smooth round gold rings was listed at 116.8 - 119.8 million VND/tael for both buying and selling.
Domestic exchange rates also recorded a trend in the opposite direction to the general situation in the world. The USD Index (DXY) ended the week at 97.85 points, down 0.3% compared to the previous week. Commercial banks last week simultaneously raised the domestic USD/VND exchange rate. At Vietcombank, the USD/VND exchange rate was listed at 26,090 VND/USD (buy) and 26,450 VND/USD (sell), up 50 VND in both directions. The central exchange rate announced by the State Bank also increased by 21 VND/USD, to 25,249 VND/USD. The increase in domestic exchange rates caused domestic gold prices to maintain a large "difference" compared to the world, continuing to anchor at a high price range despite adjustments in international gold prices.
Source: https://baodautu.vn/gia-vang-trong-nuoc-neo-cao-thi-truong-quoc-te-ngong-tin-hieu-tu-hoi-nghi-jackson-hole-d362053.html
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