ANTD.VN - Gold prices continue to fall sharply, while the USD exchange rate has increased to an all-time high after the Fed's tough message on monetary policy.
Domestic gold prices continued to fall sharply, while exchange rates During yesterday's trading session, the prices of gold rings and SJC gold both fell sharply with a decrease of up to 1 - 1.2 million VND per tael. The decline of precious metals has not stopped this morning.
At the opening of the trading session, the selling price of SJC gold listed at 4 state-owned joint-stock commercial banks, SJC Company and major gold trading enterprises continued to decrease by 500 thousand VND per tael, at 83.6 million VND/tael. Similarly, the buying price also decreased to 82.1 million VND/tael.
With this decrease, the price of SJC gold has returned to the same level as the price of gold rings. Specifically, this morning, SJC 999.9 rings were listed at 81.60 - 83.40 million VND/tael. At Bao Tin Minh Chau, plain round rings cost 82.60 - 83.60 million VND/tael; Phu Quy 82.40 - 83.6 million VND/tael; DOJI 82.55 - 83.60 million VND/tael...
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USD is "weighing down" on gold prices |
The precious metals market continues to be affected by the tougher-than-expected messages from the US Federal Reserve (Fed). After recovering somewhat in the late session on September 18, the precious metal continued to be pushed down in the session on August 19 with a decrease of nearly 41 USD, currently trading around 2,597 USD/ounce.
At its September 18 meeting, while the Fed announced a 25 basis point rate cut, as expected, the Federal Open Market Committee (FOMC) dot plot released afterward showed that a majority of FOMC members now expect only 50 basis points of rate cuts in 2025. That's a major shift in the FOMC's thinking since its last meeting in September, when the FOMC forecast 100 basis points of rate cuts in 2025.
Fed Chairman Jerome Powell said in a press conference later that this was a “new phase” in which inflation concerns were being discussed again. He said the Fed “still has a lot of work to do” to lower inflation.
The hawkish pivot has sparked a surge in the US dollar index, which measures the greenback against a basket of major currencies, hitting 108.4 this morning, its highest level in more than two years.
Domestically, this morning the State Bank continued to increase the central exchange rate by 20 VND, to 24,324 VND. This is the highest central exchange rate since the State Bank implemented the operating mechanism through this tool. In yesterday's session, the central exchange rate also increased by 26 VND.
The buying and selling prices of USD at banks also increased by about 20-30 VND compared to the previous session. Accordingly, the buying price of USD is fluctuating between 25,220 - 25,270 VND/USD; the common price is 25,540 VND/USD, which is the ceiling price according to the amplitude allowed by the State Bank.
Source: https://www.anninhthudo.vn/gia-vang-van-tiep-tuc-giam-sau-ty-gia-usd-len-muc-cao-ky-luc-post598905.antd
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