Global gold prices moved slightly, aided by a small depreciation of the US dollar, as market participants grew more confident that the Fed might end its rate hikes.
“The biggest impact on the gold price going forward is the expectation of the first rate cut by the Fed and changes in the pace of rate cuts,” said Craig Earlam, senior market analyst at OANDA. Then lower interest rates. "
"September is pretty much over at this point," Erlam said, referring to the September 19-20 Federal Reserve monetary policy meeting, where the market largely expects rates to remain flat. Ta.
Data since the last policy session have bolstered the impression that the US economy is slowing rather than collapsing, fueling sentiment for further rate hikes, thereby supporting zero interest-bearing gold power. "Precious metals will depend on what happens to Treasury yields ahead of the FOMC meeting in September," said Tim Waterler, market analyst at KCM Trade. “If yields fall in line with interest rate expectations, it will be positive for gold.”
According to the current US dollar exchange rate (24,240 VND/USD), the world gold price is 56,845 million VND/tail, he is 11,405 million VND/tail lower than the domestic market.
Therefore, today, September 5, 2023 (at 7:00 am), the price of gold on the global market is approximately US$1,938 per ounce.
“The biggest impact on the gold price going forward is the expectation of the first rate cut by the Fed and changes in the pace of rate cuts,” said Craig Earlam, senior market analyst at OANDA. Then lower interest rates. "
"September is pretty much over at this point," Erlam said, referring to the September 19-20 Federal Reserve monetary policy meeting, where the market largely expects rates to remain flat. Ta.
Data since the last policy session have bolstered the impression that the US economy is slowing rather than collapsing, fueling sentiment for further rate hikes, thereby supporting zero interest-bearing gold power. "Precious metals will depend on what happens to Treasury yields ahead of the FOMC meeting in September," said Tim Waterler, market analyst at KCM Trade. “If yields fall in line with interest rate expectations, it will be positive for gold.”
According to the current US dollar exchange rate (24,240 VND/USD), the world gold price is 56,845 million VND/tail, he is 11,405 million VND/tail lower than the domestic market.
Therefore, today, September 5, 2023 (at 7:00 am), the price of gold on the global market is approximately US$1,938 per ounce.
✅TP1: 1940
✅TP2: 1950
🚫SL: 1930