ANTD.VN - World gold prices fell sharply due to the Fed Chairman's tough statements on interest rate stance, along with profit-taking activities of investors.
The domestic gold market yesterday witnessed intense fluctuations, with the gold price list “dancing” continuously during the session. After reaching a historical record high of 93.10 million VND/tael, the gold price turned around and continuously decreased. In just one session, businesses adjusted the price list up to dozens of times.
At the end of the session, the price of this precious metal even fell below the reference price, with SJC gold only at 88.00 - 90.50 million VND/tael.
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Gold prices fall sharply after setting historic record |
In the morning session, the market continued to fluctuate strongly. SJC gold price dropped sharply by 1.3 million VND/tael for buying and 300 thousand VND/tael for selling, listed at 86.70 - 90.30 million VND/tael in the early morning. The difference between buying and selling prices widened to 3.6 million VND/tael.
Similarly, gold rings also fell sharply. SJC 999.9 round rings this morning decreased by 1.3 million VND/tael for buying, decreased by 800 thousand VND/tael for selling, down to 86.70 - 89.70 million VND/tael; Phu Quy rings decreased by 900 thousand VND/tael for buying, decreased by 600 thousand VND/tael for selling, down to 87.30 - 90.10 million VND/tael.
Bao Tin Minh Chau round ring 88.40 - 90.45 million VND/tael; DOJI 87.80 - 90.00 million VND/tael...
Domestic gold prices fell in the context of world gold falling rapidly from its historical peak of over 2,940 USD/ounce. Currently, world spot gold is only trading around 2,894 USD/ounce.
Precious metals cooled as investors digested testimony before Congress from Federal Reserve Chairman Jerome Powell and recent trade policy announcements from President Donald Trump.
President Trump’s announcement Sunday of plans to impose 25 percent tariffs on steel and aluminum imports, proposed without exceptions or exemptions, has heightened concerns about a potential trade conflict. The protectionist measure, intended to help struggling domestic industries, has raised fears of retaliation from trading partners and the possibility of a broader trade war.
In testimony before Congress, Fed Chairman Powell said the central bank remains cautious about cutting interest rates, citing strong economic conditions and inflation consistently above its 2% target. After three rate cuts in 2024, the Federal Reserve has maintained its current interest rate, with most analysts predicting that stance will continue at the March 19 FOMC meeting.
Market participants are closely watching Powell's remarks at the two-day meeting for insights on future monetary policy, especially ahead of tomorrow's consumer price index release.
Higher-than-expected inflation could challenge current market expectations for two more rate cuts this year. Higher interest rates, as usual, remain a pressure on the gold market.
In addition, the precious metal's retreat from record territory also reflects profit-taking by traders after gold's significant price increase since mid-December. During this period, gold has increased by about $370, or 14.25%.
Source: https://www.anninhthudo.vn/gia-vang-giam-sau-khoi-dinh-lich-su-post603243.antd
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