As of August 30, gold prices on the international market have rebounded strongly after a sharp drop in the previous session. At 6 AM (Vietnam time), the spot gold price reached $2,520 per ounce, up about $15 per ounce from the previous morning. During trading, gold prices briefly fell to nearly $2,500 per ounce but then surged to a high of $2,528 per ounce. The daily price fluctuation of gold is currently around $30.
This significant volatility in gold prices is largely influenced by expectations regarding potential interest rate cuts by the Federal Reserve (FED). Meanwhile, the US dollar has also recovered, pushing the DXY index to 101.3 points, a 0.31% increase from the previous session. Despite the rise in the USD, gold prices have continued to climb, surprising many investors. They are closely monitoring US inflation data to gain clearer direction on gold prices.
Previously, US unemployment claims data decreased more than expected, indicating that inflation is being well-managed. However, this positive data has sparked debate about whether the FED might cut rates by less than the anticipated 0.5 percentage points.
Market Outlook and Predictions:
Gold prices rose on August 29 due to strong expectations that the FED will lower interest rates in September. The spot gold contract ended the session up 0.91% at $2,525.12 per ounce, while the gold futures contract increased by 0.82% to $2,558.60 per ounce. According to market analyst Everett Millman, the market anticipates an interest rate cut, but the extent of this cut remains uncertain.
The market is awaiting the release of the Personal Consumption Expenditures (PCE) price index data on August 30 for more information on inflation growth. Forecasts suggest that the PCE index may increase by an additional 10%, which could impact the FED’s interest rate policy decisions.
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