Domestic gold prices increased sharply again on the morning of November 8 after the Fed lowered interest rates.

DNVN - The US Federal Reserve (Fed) has cut interest rates by another 0.25 percentage points as predicted by experts. Meanwhile, the world gold price increased by more than 1% in the trading session on November 7, leading to a recovery in the domestic price of gold bars and SJC gold rings on the morning of November 8, after a sharp decline yesterday.

Specifically, at 9:00 a.m., Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 82 - 86.5 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling prices compared to the closing price of the previous session.

At the same time, DOJI Gold and Gemstone Group also listed the price of SJC gold bars at 82 - 86.5 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling prices compared to the closing price of the previous session.

The price of gold rings also recovered following the trend of SJC gold bars, with Saigon Jewelry Company SJC announcing the price of gold rings at 82 - 84.8 million VND/tael (buy - sell), an increase of 1 million VND/tael in both directions compared to yesterday's closing price.

Similarly, DOJI Gold and Gemstone Group announced the price of gold rings at 82.1 - 84.4 million VND/tael (buy - sell), with an increase of 700 thousand VND/tael for buying and 600 thousand VND/tael for selling compared to the previous trading session.

In the international market, at 2:19 a.m. on November 8, Vietnam time, the spot gold price increased by 1.2% to 2,691.36 USD/ounce, after falling to a three-week low in the previous session. The gold futures price also recorded an increase of 1.1%, closing at 2,705.80 USD/ounce.

The two-day policy meeting ended with the Fed cutting interest rates to a range of 4.50% to 4.75% as policymakers saw the labor market starting to loosen. Traders expect the Fed to cut another 0.25 percentage points in December, according to LSEG data.

The decline in US interest rates is weighing on the greenback and bond yields, boosting the appeal of non-yielding gold. The US dollar index, which measures the strength of the currency against a basket of major currencies, fell 0.6% after hitting a four-month high following Donald Trump’s victory in the US presidential election on November 5.

Tai Wong, an independent metals trader, said gold prices are currently in a strong uptrend and nothing this week, including the election and the Fed decision, can change that momentum.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-trong-nuoc-tang-manh-tro-lai-sang-8-11-sau-khi-fed-ha-lai-suat/20241108095311532