Gold prices slide
Vietnam's gold prices declined on Wednesday afternoon following a drop in global bullion rates.
Gold prices in Vietnam experienced a slight decline, with the price of gold bars dropping 0.35% to VND143 million (US$5,503.81) per tael, according to the Saigon Gold Jewelry Company. Similarly, gold ring prices also decreased to VND142.5 million per tael. Globally, gold prices slipped on Wednesday as the US dollar strengthened, with investors eagerly anticipating minutes from the Federal Reserve's September meeting to determine if policymakers will continue raising interest rates.
Spot gold saw a 0.8% decrease to $4,130.37 per ounce, while US gold futures fell 0.7% to $4,157.00. The US dollar index rose 0.3%, making metals priced in greenbacks more expensive for investors holding other currencies. Frank Walbaum, a market analyst at Naga.com, noted that the minutes from the Federal Reserve meeting would provide crucial insights into the Fed's monetary policy and the level of support for further rate hikes, potentially impacting future rate hike expectations.
Subsequent factors such as long-term Treasury yields, the US dollar, or oil prices influenced by Middle East developments could further influence gold's price direction. At the London Bullion Market Association's annual conference in Sorrento, Italy, delegates projected that gold could reach $5,013 an ounce within the next 12 months.
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