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LFHCK a.k.a LiFeHaCK

Gold Hits Two Records in a Single Day

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Gold prices in Vietnam continued to rise during Monday afternoon, hitting yet another all-time peak.

The Saigon Jewelry Company’s gold bar price increased by 0.16%, reaching a record high of VND127.1 billion (US$4,830.4) per tael after rising 0.24% to VND126.9 billion earlier in the day.

The cost of a gold ring rose by 0.24% to VND121.6 million per tael. Previously, it had climbed by 0.25% to reach VND121.3 million. One tael is equivalent to 37.5 grams or 1.2 ounces.

Worldwide, gold fell from a nearly two-week peak on Monday due to an increase in the value of the dollar, but growing expectations of interest rate reductions by the U.S. Federal Reserve after Chairman Jerome Powell’s more accommodative stance last week provided some encouragement for precious metals,
Reuters
reported.

Gold prices fell slightly by 0.1%, reaching $3,367.86 per ounce, following an increase to their peak level since August 11 on Friday. The price of U.S. gold contracts for December shipment declined by 0.2% to $3,412.50.

On Friday, Powell indicated the possibility of an interest rate reduction during the Fed’s upcoming meeting, stating that dangers to the employment sector were increasing, although inflation still posed a risk, and emphasizing that no final decision had been made yet.

Markets currently factor in an 87% probability of a half-percentage point interest rate decrease during the September monetary policy session, along with a total drop of 48 basis points by the end of the year, as indicated by the CME FedWatch Tool.

Gold typically increases in value when interest rates are low, lowering the expense of keeping unproductive metal.

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