Gold prices plunge amid rising U.S. inflation and Fed rate hike expectations

gold prices Federal Reserve inflation PPI SJC gold

Global gold prices have experienced a sharp decline, dropping to approximately 4,317 USD per ounce. This downturn follows the release of U.S. Producer Price Index (PPI) data, which showed an August increase of 0.4% from July. This inflationary signal, combined with rising oil prices, has bolstered market expectations that the Federal Reserve may implement an interest rate hike at its upcoming meeting. Traders currently estimate a 70% probability of a rate increase.

In Vietnam, the domestic gold market has seen significant volatility. SJC gold bar prices fell by 1.6 million VND per tael, with purchase prices dropping to 142 million VND and selling prices to 145 million VND. Various jewelry brands, including DOJI and PNJ, have also adjusted their prices in response to the global trend. Meanwhile, crude oil prices have surged, with WTI crude surpassing the 100 USD per barrel mark, further contributing to inflationary concerns and impacting financial markets.

Entities

Doji · Federal Reserve · Goldman Sachs · Kitco · PNJ · Phú Quý · SJC · StoneX · U.S. Bureau of Labor Statistics · United States · Vietcombank · Vietnam

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] US 10-year Treasury yields reached 4.857%.
[● 3 SOURCES] SJC listed SJC gold bars at a purchase price of 143.6 million VND/tael and a selling price of 146.6 million VND/tael.
[● 2 SOURCES] DOJI set ring gold purchase prices at 144 million VND/tael and selling prices at 148 million VND/tael.
[○ 1 SOURCE] WTI crude oil prices increased by 3.25% to close at 96.05 USD per barrel.
[● 2 SOURCES] Global gold prices are trading at approximately 4,403.3 USD per ounce.
[○ 1 SOURCE] Brent crude oil prices rose by 3.36% to 101.21 USD per barrel.
[○ 1 SOURCE] Brent crude oil prices rose 3.36% to 101.21 USD per barrel.
[● 2 SOURCES] Global gold prices reached approximately 4,403.3 USD per ounce.
[● 4 SOURCES] Market traders estimate a 70% probability that the Federal Reserve will raise interest rates at its upcoming meeting. baotintuc.vn · doanhnghieptiepthi.vn · thoibaotaichinhvietnam.vn · cafef.vn
[● 2 SOURCES] WTI crude oil prices rose significantly, surpassing 100 USD per barrel. cafebiz.vn · tienphong.vn
[● 2 SOURCES] Global gold prices dropped to approximately 4,317 USD per ounce. baogialai.com.vn · kinhdoanhvaphattrien.vn
[● 6 SOURCES] U.S. Producer Price Index (PPI) for August rose 0.4% from July. baotintuc.vn · doanhnghieptiepthi.vn · thoibaotaichinhvietnam.vn · thuonggiaonline.vn · cafebiz.vn · +1 more