Gold Prices Rebound Amid Weakening Dollar
World gold prices rebounded on September 18 as US bond yields slightly decreased and the USD weakened, reducing pressure from the US Federal Reserve's interest rate hike. Spot gold price traded around $4,340.6 per ounce at 3:55 am Vietnam time.
Last night, gold prices increased sharply to $4,372.30 per ounce, with silver reaching nearly $65.477 per ounce. This increase followed the precious metal being under pressure from the Fed's tough monetary policy message in the previous session.
The decrease in US bond yields helped reduce pressure on precious metals, while a weakening USD also created more momentum for gold prices. However, market analysts consider this a short-term recovery and not a new upward trend.
Oil prices fell, partly reducing concerns about inflationary pressure and supporting gold. Geopolitical risks in the Middle East region continue to affect market sentiment.
To consolidate the recovery momentum, gold prices need to surpass $4,354 per ounce and further reach the $4,403 per ounce mark.