Gold prices fluctuate amid Fed interest rate expectations

Global gold prices have faced downward pressure, with spot gold retreating toward the 4,000 USD per ounce threshold. This decline is driven by strong US economic data, including a 3.4% GDP growth in the third quarter and higher-than-expected Personal Consumption Expenditures (PCE) inflation figures. These indicators have bolstered market expectations that the Federal Reserve may implement another interest rate hike in December to combat persistent inflation.

In Vietnam, domestic gold prices have shown mixed movements. While SJC gold bars remained relatively stable at certain brands, other retailers reported significant price drops of up to 1.3 million VND per tael. Gold ring prices also experienced volatility, with varying rates across major brands such as DOJI, PNJ, and Bao Tin Minh Chau.

Geopolitical tensions in the Middle East and fluctuations in oil prices continue to influence the market, though the primary driver remains the interplay between US monetary policy and inflation data.