Saturday, August 27, 2022 16:57

Beneath nice strain when the US was prepared to commerce off the financial system to struggle inflation, gold worth plummeted in immediately’s buying and selling session.

Within the buying and selling session on August 27, the world gold worth plummeted to the extent of 1,734 USD/ounce, equal to 49.4 million VND/tael. It’s value mentioning that the value of gold immediately has decreased by 500,000 VND/tael in comparison with yesterday.

The value of gold immediately fell sharply as a result of speech of Mr. Jerome Powell, Chairman of the US Federal Reserve (Fed) on August 26. This individual mentioned that the Fed will elevate rates of interest in a robust technique to quell inflation, which is at a 40-year excessive, though this may occasionally create some ache for the financial system.

Not solely that, Philip Streible, chief economist of Blue Line Futures Fund (USA), mentioned that Jerome Powell’s feedback confirmed that the Fed was very aggressive in elevating rates of interest. Beneath strain of excessive rates of interest, gold worth plummeted.

In response to many specialists, the gold chart within the brief time period remains to be falling. In the long run, gold remains to be prone to enhance in worth as a result of influence of the financial downturn and the necessity to discover gold as a protected haven.

Analyst Craig Erlam assessed that whether or not gold breaks the $1,730 mark or not is dependent upon Mr. Powell’s feedback and traders’ reactions.

Within the home gold market, the gold worth immediately additionally fell sharply consistent with the world gold worth. Particularly, Saigon Jewellery Firm – SJC nonetheless stored the shopping for worth at 66.1 million dong/tael and promoting out at 66.9 million dong/tael. For gold worth 4 and 9 fell to the extent of shopping for in at 51.55 million VND/tael, promoting at 52.45 million VND/tael, down 200,000 VND in comparison with yesterday.

In the meantime, DOJI Group listed the gold worth at 66.05 – 66.85 million dong/tael in flip shopping for – promoting route. The distinction between shopping for and promoting gold at DOJI is VND 800,000/tael. On this newest session, the gold worth in each instructions of shopping for by DOJI elevated by 100,000 VND/tael and decreased the promoting worth.