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Fed signals easing, global gold prices surge

In New York this morning, spot gold rose 1.1% to 3,373.89 USD/ounce, while December futures climbed to 3,418.50 USD/ounce.

The rally was fueled by the latest signals from the US Federal Reserve (Fed). At the annual meeting, Chairman Jerome Powell acknowledged rising risks in the labor market but also highlighted persistent inflationary pressure. He left the door open for policy adjustments, raising expectations that the Fed may cut interest rates by 0.25% in September.

According to the CME FedWatch tool, the probability of a September rate cut jumped from 75% to 85%. Independent metals analyst Tai Wong noted that Powell’s remarks surprised markets, lifting precious metals, though gold still faces resistance at the 3,400 USD/ounce level.

At the same time, the US dollar fell 1%, making gold more attractive to investors holding other currencies. Demand across much of Asia remained subdued this week due to volatility, but in India it stayed strong ahead of the festive season.

Domestically, SJC gold bars were quoted at 124.40 – 125.40 million VND/tael (buy – sell). SJC gold rings traded at 117.50 – 120.00 million VND/tael. PNJ listed Kim Bao 999.9 at 117.50 – 120.50 million VND/tael, while Bao Tin Minh Chau offered plain round rings at 117.60 – 120.60 million VND/tael.

Converted at Vietcombank’s selling rate of 26,520 VND/USD, international gold prices equaled about 108.9 million VND/tael, significantly lower than domestic rates.

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