USD declines, gold prices increase sharply

ANTD.VN - World gold prices skyrocketed amid a rapid decline in the USD after US inflation data was lower than expected.

In the domestic market, in yesterday's session, gold prices increased sharply in the early morning but then adjusted down again and closed the session in red.

By this morning, the precious metal had slightly recovered. At 9:30 a.m., Saigon Jewelry Company (SJC) was listing the price of SJC gold brand at 69.60 - 70.42 million VND/tael, an increase of 50 thousand VND/tael compared to the previous closing price;

DOJI Group listed the price at 69.55 - 70.40 million VND/tael, unchanged from yesterday's closing price; Phu Quy SJC at 69.70 - 70.60 million VND/tael, up 200 thousand VND/tael; Bao Tin Minh Chau also increased to 69.70 - 70.40 million VND/tael...

Non-SJC gold increased more strongly with a common increase of VND200,000 per tael. Accordingly, PNJ gold price increased to VND58.70 - 59.90 million/tael; SJC 99.99 ring VND58.75 - 59.75 million/tael; Bao Tin Minh Chau Thang Long Gold Dragon round ring VND69.13 - 60.08 million/tael...

Gold prices rise as USD weakens

Domestic gold prices increased slightly while world gold prices soared thanks to the rapid decline of the USD.

In the trading session on November 14 in the US market (last night, early this morning Vietnam time), the spot gold price increased by nearly 17 USD per ounce, closing at 1,962.7 USD/ounce.

The DXY index - measuring the greenback's volatility against a basket of six major currencies - fell sharply from 105.7 points to around 104.17 points this morning, Vietnam time.

The US dollar fell sharply after the US announced a lower-than-expected consumer price index (CPI) for October. Specifically, the US CPI in October increased by 3.2% compared to the same period last year, down sharply from September (3.7%) and lower than the forecast of 3.3%. This is the lowest level since March 2021.

The US core CPI in October increased by 4% year-on-year, also lower than the 4.1% increase in September and the previous forecast.

With US inflation under control, experts believe the US Federal Reserve (Fed) will continue not to raise interest rates at its December meeting. This is the reason why the dollar has fallen.

However, experts also warn investors to be cautious, because inflation has decreased but is still far from the 2% target. Previously, the Fed Chairman sent a message that the Fed will do everything possible to reduce inflation to the target level. Therefore, it is not excluded that the Fed will raise interest rates once more or keep interest rates high longer than expected.

In the currency market, on November 15, the State Bank listed the central exchange rate at 24,016 VND/USD, down 4 VND compared to yesterday's session.

At Vietcombank , the buying and selling price of USD also decreased sharply by 80 VND per USD, listed at 2,110 - 24,450 VND/USD (buy - sell).

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