Gold price down at the beginning of the week

The USD tends to increase after the Fed official's statement about the possibility of raising interest rates, which partly puts downward pressure on gold prices right at the opening session this morning in the Asian market.

Accordingly, at 8:00 a.m. Hanoi time, the spot price decreased by nearly 2 USD, down to nearly 1,319 USD per ounce. This price is equivalent to 35.51 million VND per tael. Meanwhile, the domestic market opened today's session listed at around 36.36-36.45 million VND, 850,000 and 940,000 VND higher than the world price, respectively.

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Analysts believe that gold prices will be under downward pressure this week due to the possibility of the USD index rising. Last weekend, Janet Yellen - Chairwoman of the US Federal Reserve - Fed in her speech at the Jackson Hole Leadership Conference said that the country's labor market has improved significantly and is a premise for economic growth. Therefore, the possibility of raising interest rates is also very clear. This has helped the USD rise compared to other currencies in the currency basket.

In the last session of last week, the spot gold price closed the day at 1,321 USD, down slightly by more than 1 USD. This Friday, the August employment report will be released and is important data before the meeting of the US Federal Open Market Committee - FOMC to be held on September 20-21, which is expected by investors to raise interest rates.

Still, retail investors remain bullish on gold for now. "I know there are investors who are still buying gold in anticipation of higher prices as well as to hedge against market volatility," said George Milling-Stanley, head of gold strategy at State Street Global Advisors.

Furthermore, the European Central Bank will also hold its monetary policy meeting in September and experts expect ECB President Mario Draghi to signal economic stimulus at this meeting. Any economic stimulus measures by the ECB will be beneficial for gold.

According to VNE