In the lead up to the U.S. Federal Reserve (Fed) meeting, gold prices were steadily climbing while the U.S. dollar was edging down. How will Vietnam’s monetary policy respond to these market developments? Fluctuations ahead of the Fed rate cut On September 16, 2024, the spot price of gold on the international market approached US$2,600 per ounce, having surged by almost US$70 per ounce compared to the previous weekend. On September 13, December gold futures surpassed US$2,600 per ounce. Over the past month, gold prices have consistently risen to new records despite reports that China has halted gold purchases for over four months. In the domestic market, gold jewelry prices have closely followed global trends, reaching VND79.2 million per tael (or 1.2 troy ounces) early this week, with SJC-brand gold bars soaring to VND82 million per tael on September 17. However, after a contraction in the trading network, the domestic gold market has become less active than before. Conversely, the U.S. dollar has been steadily sliding in recent days. The U.S. Dollar Index fell by 1%, from 101.8 on September 12 to 100.7 at the start of last week. Over the past two and a half months, the index has […]
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