After a deep drop, gold prices “lie still” waiting for the Fed meeting

12/13/2023 11:20 Nhat Linh Print article

ANTD.VN - While waiting for the latest announcements from the US Federal Reserve's (Fed) policy meeting, gold prices did not fluctuate much.

In yesterday's trading session, domestic gold prices fell quite deeply, down by 300,000 - 500,000 VND per tael.

The downward trend of precious metals was somewhat slowed down in today's session. Saigon Jewelry Company (SJC) kept the listed price of SJC gold unchanged from the previous session's closing price, at VND72.60 - 73.62 million/tael.

At DOJI, the gold price increased slightly by 100,000 VND per tael, to 72.50 - 73.60 million VND/tael. Phu Quy slightly decreased by 100,000 VND/tael for buying and 50,000 VND/tael for selling, listed at 72.55 - 73.55 million VND/tael; Bao Tin Minh Chau also listed at 72.63 - 73.52 million VND/tael...

Giá vàng đang ngóng đợi những thông tin từ cuộc họp của Cục Dự trữ liên bang Mỹ (Fed)

Gold prices are waiting for information from the US Federal Reserve meeting (Fed)

Non-SJC gold was also adjusted down by about 100 thousand VND per tael in both directions. Of which, PNJ gold was listed this morning at 59.90 - 61.10 million VND/tael; SJC 99.99 rings were 59.95 - 61.00 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold was 60.29 - 61.39 million VND/tael...

In the world market, gold prices also moved similarly. At the end of the trading session on December 12 (early this morning, Vietnam time), the spot gold price updated on Kitco decreased slightly by nearly 2 USD/ounce, down to 1,979.5 USD/ounce.

Gold prices were little changed as the new US inflation report was in line with expectations. Specifically, the consumer price index in November increased 3.1%, with the core rate (excluding food and energy) increasing 4.0%.

These figures are similar to October and in line with previous forecasts, helping to relieve some of the burden on gold, thereby "braking the brakes" on the previous sharp decline. Because if inflation increases more than expected, the Fed will likely keep interest rates higher for a longer period of time. This will put great pressure on the precious metals market.

The market is now awaiting the latest update on monetary policy from the US central bank on Wednesday afternoon local time (early tomorrow morning Vietnam time). The market consensus is that the Fed will keep interest rates unchanged.

However, it is also expected that the FOMC statement and Powell at his press conference will still be a bit “hawkish” in saying that the fight against inflation is not over yet.

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