Gold Falls Because The Dollar Strong Up Before The Fed Meeting

World gold prices fell sharply in this morning (September 20) as the USD strongly before the US Federal Reserve (FED) started a period of 2 days of periodic monetary policy. : 00/3: 51 Navigen illustration - Photo: Bloomberg. In the country, the price of gold pieces has a place to go sideways, with a place to increase, the difference compared to the world gold price is over 9 million VND / tael. Spot gold prices in the Asian market stood at 1,749.3 USD / oz, down 5

.5 USD / oz compared to closing last weekend in New York. This price is equivalent to more than 48.2 million dong / tael if converted at USD exchange rate at Vietcombank and does not include related costs
The dollar raises the price to the highest level for 1 month, causing gold prices Under pressure dropping sharply. The Dollar Index this morning fluctuated around 93.3 points, from 93.25 points to closing last week. The analysis is expecting that in the meeting took place on September 21-22, the Fed will signal More clearly about proceeding to cut the $ 120 billion asset purchase program every month. However, the official time to start cutting this program depends on the US job market growth in September and even the following months. The Fed begins to recall the loosened monetary policy A disadvantage factor for gold, because gold is an asset without interest, often benefiting in low interest rates and vice versa. In addition, FED's monetary policy tightened also paved the way for USD to raise prices, causing more pressure to devalue to gold, because gold was valued in USD. Another problem for the gold market at this time is The lack of the concern of the new investor, according to TD Securities's Bart Melek's Bart Melek strategy. "Traders are preparing to sell gold if there are any signs that show good economic activities More forecast
Because the positive economic figures make them believe that the Fed will not hesitate to start cutting a property purchase program ", Mr. Melek speech. Gainesville Coins's precious metal Everett Millman emphasizes that Macroeconomic data is dominating the gold market. "1,700-1,800 USD / oz is a comfortable price of gold. Unless there are unexpected data, I don't think this precious metal will have a unique one-way volatility, "Millman told Kitco News. "USD 1,740 / oz is a support level, and resistance is the threshold of 1,770-1,800 USD / oz". World gold price variable from the beginning of the year until now. Unit: USD / OZ - Source: TRADING VIEW. Talking about the possibility of gold continues to be sold, Mr. Melek said it was difficult to have a deep reduction in gold prices even if the Fed had some moves. "I don't give a loud selling ability. People still think that interest rates will not increase too much next. Fed is still focusing on creating jobs and Fed also believes that inflation is not a big problem. For me, that means that the Fed will cut the asset purchase program, but will do it at a premium speed. "Melek added:" After the Fed's next week meeting, the signs will be clearer . USD 1,740 / oz will be a strong support level of gold prices. The price can still drop to 1,730 USD / oz, but I don't think there will be a big seller ". The Phu Quy Group listed SJC gold price for Hanoi market at 56.25 million dong / tael ( Buying in) and 57.25 million dong / tael (sold), unchanged compared to the weekend. Substance to smooth 999.9 Phu Quy also moves sideways compared to the weekend, at VND 50 million / tael and 51 , VND 2 million / tael. In Ho Chi Minh City market, SJC company quotes gold bars and brands at 56.15 million dong / tael and 56.8 million dong / tael, an increase of VND 150,000 / tael compared to the end Week.So with world gold price changes, the price of retail gold is 8.5-9 million VND / tael. Vietcombank Bank this morning quotes USD at VND 22,670 (buy) and 22,870 VND ( sold out).

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