Gold prices soar as global markets anticipate Fed’s rate cut.
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Vietnamese gold prices witnessed a surge today, with SJC gold increasing by approximately VND 600,000 per tael compared to yesterday’s rates. SJC listed gold rings at VND 77.8-79.2 million per tael. DOJI followed suit with rates of VND 77.9-79.1 million per tael. Bao Tin Minh Chau and PNJ quoted their prices at VND 77.88-79.08 million and VND 77.95-79.1 million per tael, respectively.
Meanwhile, SJC gold prices remained unchanged, holding steady at VND 78.5 million per tael for buyers and VND 80.5 million per tael for sellers.
Global gold prices hit a new record high, fueled by expectations of interest rate cuts by central banks.
In the international market, gold reached a historic peak at $2,568 per ounce. This surge in precious metal prices followed the latest move by the European Central Bank (ECB). ECB decided to cut interest rates by 0.25 percentage points at their meeting on September 12, marking the second consecutive cut this year. The interest rates in the Eurozone currently stand at 3.5%.
Many analysts predict that the Federal Reserve (Fed) will also cut rates next week. Lower inflation and interest rates are expected to reduce bond yields, benefiting the gold and silver markets. Expectations of US rate cuts have also weakened the US dollar, which bodes well for gold and silver prices.
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The global gold price continues to soar above $2,500 per ounce, pushing domestic gold ring prices to record highs.
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The gold ring price on the morning of the 9th of September took a dip, falling by approximately 50-150 thousand VND per tael.
Gold Prices Today, 9/8: SJC Gold Bars Retreat From Peak, Gold Rings Remain Sky-High.
Today, gold prices have dipped for SJC gold bars, while gold rings continue to soar at lofty heights.
