Gold prices rebounded sharply after a series of consecutive declines

10/11/2024 11:03 Nhat Linh Print article

ANTD.VN - After continuous adjustments since the beginning of the month, world gold prices had a significant recovery session after US inflation data was released.

World gold prices increased sharply in the midday trading session in the United States on Thursday (last night Vietnam time). As of 10:00 a.m. Vietnam time, spot gold was trading around $2,642.5/ounce, up more than $34 in the session, equivalent to an increase of 1.31%.

Gold prices bounced back from more than 10 days of declines after a slightly warmer-than-expected U.S. inflation report and after U.S. weekly jobless claims unexpectedly rose.

Specifically, the US consumer price index in September was just announced to have increased by 0.2% compared to the previous month, compared to the expectation of 0.1%. This index also increased by 2.4% compared to the same period last year, slightly lower than the figure of 2.5% in August.

Core CPI (excluding food and energy) rose 0.3% month-on-month, compared with expectations for a 0.2% increase. Year-on-year, core CPI rose 3.3% in September, compared with a 3.2% increase in August.

Meanwhile, US weekly jobless claims rose more than expected, reaching 258,000 compared to expectations for an increase of only 230,000.

Weaker-than-expected US economic data benefits gold

Overall, today’s US data is seen as positive for the precious metals market, with gold once again proving itself as a store of value as stocks and cryptocurrencies tumble.

Analysts noted that the risk-on asset environment, including cryptocurrencies and stocks, has come under pressure following economic indicators showing persistent inflation and rising unemployment.

This has changed market expectations, erasing predictions of a strong Fed rate cut. Accordingly, the expectation rate of a 25 basis point rate cut in November increased to 86% from 80% in just one day; and the expectation of a similar cut in December also increased to 88% from 79%. The CME FedWatch tool even shows that the possibility of the Fed keeping interest rates unchanged next month is 17%.

Meanwhile, expectations for a significant 75 basis point cut by year-end have plummeted to zero from 45% last week.

Domestically, SJC gold price today remains unchanged at 82.50 - 84.50 million VND/tael for buying and selling.

Meanwhile, gold rings recovered, regaining the threshold of 83 million VND/tael thanks to an increase of about 200 thousand VND per tael in this morning's session.

Accordingly, the Thang Long Gold Dragon plain round ring of Bao Tin Minh Chau is listed at 82.12 - 83.02 million VND/tael; the Phu Quy round ring is 82.15 - 83.10 million VND/tael; the DOJI Hung Thinh Vuong ring is 81.15 - 83.05 million VND/tael; the SJC 999.9 ring is 81.50 - 82.90 million VND/tael...

Source: https://www.anninhthudo.vn/gia-vang-bat-tang-manh-sau-chuoi-giam-lien-tiep-post592268.antd