Gold Prices Hold Steady
In today’s trading session (August 19), spot gold prices held steady at $3,331.49 per ounce. Gold futures for December delivery in the US dipped slightly by 0.1% to $3,375.40.
This week’s most anticipated event is the speech by Fed Chair Jerome Powell at the central bank’s annual symposium in Jackson Hole, Wyoming, from August 21-23. His speech could provide further insights into the economic outlook and the Fed’s monetary policy direction.
Kyle Rodda, a market analyst at Capital.com, commented: “Gold prices are consolidating and waiting for a new catalyst to break out. I think the big event to watch is the Jackson Hole symposium and whether the Fed signals a more dovish stance.”
Gold market stands still ahead of crucial meetings.
According to the CME’s FedWatch tool, markets predict an 84% likelihood that the Fed will cut interest rates by 25 basis points at its next meeting. Gold tends to perform well in low-interest rate environments and heightened uncertainty. The minutes from the Fed’s July meeting, due to be released on Wednesday, will provide further insights.
On the political front, US President Donald Trump assured Ukrainian President Volodymyr Zelenskiy that Washington would guarantee Ukraine’s security in any peace deal with Russia. This commitment follows a meeting between Trump and Russian President Vladimir Putin in Alaska, which did not result in any agreements.
Trump described his meeting with Zelenskiy as “very good” and stated that he had called Putin to arrange a three-way meeting.
“In the event that some kind of deal is signed between Ukraine and Russia, that could be a negative surprise for gold prices,” added Kyle Rodda.
Silver spot prices dipped by 0.5% to $37.82 per ounce, while platinum rose by 0.1% to $1,323.76, and palladium fell by 0.9% to $1,112.34.
Oil prices also declined during the Asian trading session as investors anticipated tripartite talks between Russia, Ukraine, and the US, which could lead to the lifting of sanctions on Russian crude oil.
Brent crude futures for October delivery dipped by 7 cents (0.11%) to $66.53 per barrel. West Texas Intermediate (WTI) crude futures for September delivery fell by 6 cents (0.09%) to $63.36 per barrel.
Stock Markets Tread Cautiously
Asian stock markets witnessed minor declines, reflecting investor caution ahead of the US central bank meetings and positive diplomatic signals.
Japan’s Nikkei 225 index fell by 0.11% after hitting a new high in the previous session. Shares of SoftBank Group plunged by 5.69% following its announcement of a $2 billion investment in Intel at $23 per share, below Intel’s closing price.
South Korea’s Kospi index dropped by 0.31%, while the Kosdaq index fell by 0.67%. China’s CSI 300 index remained flat, and Hong Kong’s Hang Seng index slipped by 0.12%.
Stock markets exhibit caution.
In the US, the three major indexes ended the session nearly unchanged. The Dow Jones fell by 0.08%, the S&P 500 dipped by 0.01%, while the Nasdaq Composite edged up by 0.03%. The decline was led by large-cap tech stocks like Meta Platforms (-2.3%) and Microsoft (-0.6%).
European stock futures edged higher, with Euro Stoxx 50 futures rising by 0.3%, Germany’s DAX futures climbing by 0.2%, and FTSE futures gaining 0.3%.
The uptick came after Ukrainian President Zelenskiy stated that national security issues would be addressed within the next ten days, following his talks with Trump and European leaders. NATO Secretary-General Mark Rutte told Fox News that the meeting between Trump, Zelenskiy, and European partners was very successful.
“Viet Nam Dong Surges: Bank Rates Surge Past 26,500, Freefalling USD Hits New Lows”
This morning, the US dollar rate surged past 26,500 VND at several banks. Meanwhile, the dollar rate in the free market hit a record high of 26,600 VND on the selling side.
Credit Growth and the ‘Carrot’ for Select Banks
The rapid growth of credit contrasted with slower capital mobilization has put significant strain on the banking system’s liquidity. In response, the State Bank has intervened by reducing the statutory reserve ratio by 50% for four banks that are recipients of mandatory transfers from four banks under special control.
The Soaring Price of Gold: USD Hits All-Time High
This morning (August 20th), the price of SJC gold soared to a staggering peak of VND 125 million per tael, firmly establishing a new high. In tandem with this ascent, the value of USD in Vietnam’s banking system breached the threshold of VND 26,500 per USD, marking yet another record in its own right.
The Golden Opportunity: Unveiling the Latest Trends in the Precious Metal Market
The gold price remained stagnant this morning, following yesterday’s decline, while global prices continued to plummet.
“High Interest Rates on Short-Term Deposits: Implications for Vietnam’s Economy”
The private sector in Vietnam is currently dominated by banking and real estate enterprises. This, according to Dr. Le Xuan Nghia, former Vice Chairman of the National Financial Supervisory Commission, is an inevitable phase of accumulation that many nations have gone through on their path to industrialization and the development of science and technology.
