Gold Prices Reach New ⁤Heights Amidst Interest Rate Adjustments

As of September 14, 2024, the global ⁢gold market continues to experience a surge in prices, driven by the impending ⁤interest rate adjustments by the Federal Reserve. The previous day’s ⁤record-breaking peak has been surpassed, with the precious metal showing⁣ no⁤ signs of slowing down.

The global gold ‍price has ⁤seen ⁣a ⁤significant increase at the start of the US trading session. As⁢ of 9:00⁢ p.m. (September 13, Vietnam time), the price ⁢of gold was trading ⁣at $2,577 per ounce, representing a 0.61% increase ‍from the beginning of the session.⁢ The December 2024 ⁤gold futures price has also reached $2,604 per‌ ounce.

The ⁣upward trend in gold prices can be attributed to the ​US Central Bank’s impending monetary policy adjustments. The decline in the US dollar and bond‍ yields has led to​ an increase in ​gold demand, further fueling the price ‍surge.

The ⁢US ‌Dollar Index (DXY), which measures the greenback’s performance against six major​ currencies (EUR, JPY, GBP, CAD, SEK, CHF),​ currently stands at 100.94 points.

Domestic gold‌ prices remain stable, with the ⁢price of 9999 gold bars at SJC listed at 78.5 ⁢million ⁢VND/tael (buy) and 80.5 million VND/tael ⁤(sell). Doji⁣ has also listed the price at 78.5 million VND/tael (buy) and 80.5 ⁢million VND/tael (sell).

Nymex crude oil prices have experienced a slight increase, trading at around $69.75 per barrel. ‌The yield on the benchmark 10-year U.S. Treasury note has decreased to 3.648%.

In the ⁤foreign exchange market, the Japanese yen continues to strengthen, with the USD/JPY exchange rate reaching its lowest level‍ since late December. This trend is expected to continue,‌ driven⁤ by the prospect of⁤ the Federal ​Reserve cutting⁢ interest rates and the Bank of Japan raising interest rates.

The European Central Bank ⁣(ECB) has announced a 0.25% interest rate cut, bringing the rate down to 3.5%. This marks the⁤ second time this year that the ECB has cut interest rates, citing cooling inflation and economic growth ⁣in ⁢the region.

Gold Price Forecast

Experts predict that ⁢the Federal‌ Reserve will begin cutting interest rates next week, which is expected to weaken⁢ the US dollar and have a positive impact on gold prices.

According to the World Gold Council’s​ 2024 Central Bank Gold Reserve Survey, 29% of ⁣respondents plan to increase their gold holdings over ​the next 12 months,​ the highest percentage since ​the survey began in‍ 2018.

Ewa Manthey, commodity strategist at ING, believes that the Fed’s long-awaited rate cut will propel gold prices to new heights, while the US ​presidential election⁣ in November is also ⁤expected to boost gold prices until the end of the year.