Gold price market confused by Fed’s news

While gold price of SJC in Hanoi rose slightly, Ho Chi Minh city fell down, this makes gold market fell into chaos. In contrast, the dollar still be stable in some banks. Besides, the Fed may raise interest rates in the near future.

At 9:45 a.m of September 22, gold in Hanoi is on sale at 34.1 million / a tael (bought in) – 34.18 million / a tael (sold out) for retail transactions and 34.11 million/ a tael – 34.18 million / a tael for wholesale transactions.

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Compared to today, gold price in Hanoi increased slightly 30,000 dong / a tael. Before that, at more than 8 a.m, SJC gold price is traded at 34.07 million/ a tael – 34.15 million / a tael, down about 70,000 dong/ a tael in each day compared to yesterday afternoon. This has been the lowest rate since September 17.

In Ho Chi Minh city, gold prices are adjusted more slowly, only 20,000 VND and 30,000 VND / a tael, the price of gold is 34 million / a tael – 34.22 million / a tael.

The world’s gold price is converted at 30.75 million/ a tael. This price is lower than the domestic price about 3.4 million / a tael.

In the world, at 10 a.m, gold prices in Asia rose slightly to $ 1,133.9/ an ounce. Also in yesterday, gold prices fell to $ 1,133.4/ an ounce.

Wall Street and European stocks rose more than 1% with strong momentum of the USD and oil prices, suggesting that the recovery of investor confidence after the Fed decided to keep interest rate in September 17.

According to technical analysis, immediate resistance level of gold price is $ 1141.5 / an ounce, followed by $ 1147.3/ an ounce. The first support level is $ 1126.9/ an ounce, followed by $ 1,120 / an ounce.

Yesterday, Fed officials informed that the Fed will raise interest rates next month. Investors are looking forward to a speech by Fed President Janet Yellen in Thursday for more information and clues about the time of raising interest rates.

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