.jpg "Livestock output increased by 31.6%")
.jpg "Each tael of gold reversed and decreased by more than 3 million VND.")
.jpg "Kim Thanh reclaims more than 234 hectares of land to build an industrial park")
.jpg "Binh Giang's first quarter budget revenue reached nearly half of the province's annual target.")
.jpg "Early spring tea")
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On the morning of July 16, the world gold price was listed on Kitco at 2,420 USD/ounce, up 14 USD/ounce compared to early yesterday morning.
Gold prices rose, boosted by expectations that the US Federal Reserve (Fed) will cut interest rates.
According to the CME FedWatch tool, the market is pricing in a 94% chance of a US rate cut in September. Bullion's appeal tends to shine in a low-interest-rate environment.
In a speech at the Economic Club of Washington earlier this week, Fed Chairman Jerome Powell stressed that the US central bank is moving closer to a decision to cut interest rates as inflation cools.
The announcement, which comes after three straight months of falling price pressures, marks a significant shift in the Fed’s stance on monetary policy. While Powell did not provide a specific timeline for easing monetary policy, he did suggest a rate cut in September.
Powell’s change in stance is expected to have a positive impact on financial markets. Kitco Metals senior market analyst Jim Wyckoff said he wouldn’t be surprised to see the precious metal hit a new record high in the coming weeks or even sooner.
Gold price movements today
Domestic gold price
At 6:00 a.m. on July 16, the gold price at Doji was listed at 74.98 - 76.98 million VND/tael (buy - sell), unchanged from early this morning.
At the same time, the gold price at SJC was listed at 75.48 - 76.98 million VND/tael (buy - sell), unchanged from early this morning.
International gold price
The world gold price listed on Kitco is at 2,420 USD/ounce, up 14 USD/ounce compared to early this morning. Gold futures last traded at 2,425 USD/ounce.
Gold Price Forecast
Naeem Aslam, Head of Investment Strategy at Zaye Capital Markets, said that at this point, the possibility of a rate cut in September is very high.
The market is awaiting some important economic reports coming out soon but he does not expect any impact from these reports. However, that continues to support the new bullish momentum of gold.
Carsten Fritsch, a commodities analyst at Commerzbank, also expects gold to hit an all-time high next week. The September rate cut is almost fully priced in, so gold could return to a new record high in the coming days.
TB (according to VTC)
.jpg "Hai Duong's agricultural, forestry and fishery value increased by 7.51% in the first quarter.")
