Gold price today September 7, the biggest drop in over a year
World gold prices fell from a six-year peak after the US and China agreed to postpone trade talks to October.
Spot gold fell 0.6% to $1,509.41 an ounce after falling to $1,504.30 an ounce, its lowest since Aug. 23. Meanwhile, U.S. gold futures fell 0.5% to $1,517.90 an ounce.
Gold prices gave up a 2% gain from the previous session, marking the biggest one-day drop since June 15, 2018, and the biggest decline in U.S. dollar terms since November 11, 2016.
World gold prices sold off widely after money left and returned to stock markets, due to positive news such as the US-China returning to the negotiating table, Brexit in the UK will have an agreement and the political crisis in Hong Kong cooled down.
The trade war broke out in the context of Chinese leaders facing many challenges both economically and politically, including the fight against corruption, protests in Hong Kong and economic growth on the decline.
Chinese Vice Premier Liu He spoke by phone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer. Meanwhile, in Hong Kong after the controversial extradition bill was withdrawn. Many stock markets rose again, putting downward pressure on gold.
Mr Trump’s trade war with China is really about preventing American businesses from contributing to the country’s rapid rise. Tariffs are just one part of that strategy.
Economists and business owners often try to reassure themselves that the tariffs imposed on Chinese goods are just a temporary trade negotiation tactic by US President Donald Trump.
Phillip Futures analyst Benjamin Lu said gold prices remained high due to concerns about the risk of a global economic recession, rising geopolitical risks and the US monetary easing policy in the third quarter of 2019.
Opening on the morning of September 6, the domestic gold bar price was listed by Doji Gold and Gemstone Group at: 42,000 million VND/tael (buy) and 42,400 million VND/tael (sell), down 69 thousand VND for buying and down 51 thousand VND for selling compared to the end of the previous session.
Saigon Jewelry Company listed the price of SJC gold at VND42,100 million/tael (buy) and VND42,520 million/tael (sell), down VND45,000 for buy and down VND40,000 for sell compared to the end of the day on September 4.
As of early this morning, the price of Bao Tin Minh Chau's Rong Thang Long gold brand decreased by VND570,000/tael compared to the end of yesterday, currently listed at VND41.94 - 42.44 million/tael./.
