Analysts say buyers in the gold market are getting tired after a sustained rally…
Illustration photo – Photo: Getty/CNBC.
World gold prices fell in the trading session on Thursday (September 11), although newly released US inflation data was generally in line with forecasts and reinforced the possibility of the Fed cutting interest rates in the last months of 2025. The SPDR Gold Trust sold about 3 tons of gold, moving towards completing a week of selling more than buying.
At 7:30 this morning (September 12) Vietnam time, the spot gold price in the Asian market stood at 3,633.5 USD/oz, down 1.9 USD/oz compared to the closing price last night in the US market, equivalent to a decrease of 0.05% – according to data from the Kitco exchange. Converted according to the USD selling rate at Vietcombank, this price is equivalent to about 115.9 million VND/tael, down 300,000 VND/tael compared to yesterday morning.
At the same time, Vietcombank website quoted USD prices at 26,172 VND (buy) and 26,482 VND (sell), up 10 VND and unchanged compared to yesterday morning.
Closing last night’s session in New York, the price of gold for immediate delivery was 3,635.4 USD/oz, down 5.8 USD/oz compared to the closing price of the previous session, equivalent to a decrease of 0.16%.
During the session, gold prices fell more than $20/oz due to profit-taking pressure at near-record prices and a hotter-than-expected US consumer price index (CPI) report for August. After that, the decline in gold prices narrowed as investors had enough time to ponder economic reports released on Thursday.
According to data from the Bureau of Labor Statistics (BLS) of the US Department of Labor, the CPI in August increased by 0.4% compared to July, higher than the forecast of 0.3% increase that economists surveyed by Dow Jones news agency gave earlier.
However, compared to the same period in 2024, the CPI increased 2.9%, in line with the forecast. The core CPI – a measure that excludes food and energy prices – increased 0.3% in August and increased 3.1% compared to the same period last year, both in line with forecasts.
Another report from the BLS showed that the US labor market continued to show signs of slowing, as evidenced by a sharp increase in the number of people filing for unemployment benefits each week. In the week ending September 6, the number of people filing for unemployment benefits increased by 27,000 to 263,000, the highest level since October 2021 and higher than the forecast of 235,000.
Analysts said that although the CPI increase in August compared to July was larger than forecast, the weakening labor market will still be the basis for the Fed to cut interest rates next Wednesday.
Traders in the interest rate futures market are pricing in a 95% chance of a 25 basis point rate cut at the Fed’s next meeting, and a 5% chance of a half-point cut, according to the CME’s FedWatch Tool. Bets on an October rate cut rose to 86% from 74% the day before, and the probability of a third cut in December rose to 79% from 68%.
“Gold prices were supported by data showing a sharp rise in initial jobless claims,” independent precious metals trader Tai Wong told Reuters.
World gold price movements in the past month. Unit: USD/oz – Source: Trading Economics.
After hitting a record high above $3,670 an ounce on Tuesday, gold prices have been struggling above $3,600 an ounce. Analysts say this shows that buyers in the gold market are getting tired after a long rally. However, according to Mr. Wong, the room for gold to fall is limited and the outlook for the precious metal in the coming months is positive.
The US dollar fell on Thursday as the possibility of a Fed rate cut continued to be reinforced. The US Dollar Index, which measures the greenback’s strength against six other major currencies, closed at 97.53 points, down nearly 0.3% from the previous session’s close of 97.8 points.
The world’s largest gold ETF, SPDR Gold Trust, sold about 2 tonnes of gold on Thursday, reducing its holdings to nearly 978 tonnes. After gold prices hit a record earlier this week, the fund has shown signs of becoming more cautious, selling more than buying, but the amount of selling is quite reserved. Before gold prices hit a record, the fund had several consecutive weeks of strong net buying.
In a report, analysts from ANZ bank said that slowing economic growth, high inflation, geopolitical shifts, and the trend of diversifying assets away from the US dollar will continue to boost gold investment demand and net gold purchases by central banks in the coming time.
Srouce: vneconomy.vn
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