ANTD.VN - Gold prices fell sharply as many traders and investors decided to take profits before the US employment report is released later this week.
After a strong increase yesterday, domestic gold prices fell again this morning. SJC gold fell by VND100,000 per tael, down to around VND66.65 - 67.25 million per tael (buy - sell).
Gold rings also have a similar decrease. Accordingly, SJC 99.99 rings are listed at 55.95 - 56.95 million VND/tael; PNJ rings 56.00 - 57.10 million VND/tael; Bao Tin Minh Chau round rings 56.17 - 57.02 million VND/tael...
In the world , the price of spot gold and gold futures both fell quite deeply, with a decrease of more than 1% in the trading session on August 1 (last night, Vietnam time). Accordingly, the updated spot gold on Kitco decreased by 21.5 USD/ounce, to 1,944 USD/ounce.
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Gold prices under selling pressure on world market |
Gold prices were largely pressured as traders reacted to a stronger dollar and stronger U.S. Treasury yields, but that alone is not enough to explain why gold prices fell so much.
Market participants are reacting cautiously ahead of the release of the US non- farm payrolls report on Friday. Current forecasts predict the report will show 200,000 new jobs were added in July after an increase of 209,000 in June.
US job openings hit a more than two-year low in June, which could prompt the Federal Reserve to keep interest rates high for an extended period, a Reuters analysis showed today.
This could be the underlying factor causing some traders and investors to take profits ahead of the report release.
While Chairman Powell’s statements and comments from last week’s FOMC meeting left many investors, analysts, and economists with more questions than answers regarding future monetary policy signals, many believe that next month’s FOMC meeting will not see another rate hike.
The latest information provided by the CME Fedwatch tool predicts an 82.5% chance that interest rates will remain unchanged following last month's 25 basis point hike.
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