Commodities
Gold Prices Unlikely to Fall as Market Forms Bottom
Gold prices in Vietnam are unlikely to fall significantly after forming a bottom. This is according to recent market trends, where global gold prices rose by 0.74% last week and domestic prices are about 9 million VND per tael higher than the world price.
The US Consumer Price Index (CPI) rose 3.4% in August compared to the same period last year, matching economists' forecasts. This has bolstered expectations of a Federal Reserve interest rate hike next week.
Despite this, gold prices did not plummet after the US CPI announcement and even rose. Closing the week above $4,300 per ounce is considered a noteworthy signal by analysts, indicating that investors had already absorbed the impact of the CPI results.