Gold Prices Rebound After Oil Price Drop

Gold prices have lost momentum to recover in the morning session of September 22 after a sharp decrease in the previous trading session. As oil prices cooled down and interest rate expectations continued to be monitored by the market, gold's value decreased slightly.

The spot price of gold fell 0.05% to $4,341.41 per ounce at 10:00 AM Vietnam time on September 22. December gold futures also dropped 0.07% to $4,380.75 per ounce.

Gold prices had previously traded around $4,360 per ounce after falling the most in a week in the previous session. The market is still assessing the possibility of the US Federal Reserve (Fed) maintaining a high interest rate policy, which has put pressure on gold.

However, the sharp drop in oil prices has created more support for gold, as it reduces concerns about inflationary pressure. This could also reduce the Fed's need to continue raising interest rates to control inflation, providing a supporting factor for gold.