(PLO)- There is not much chance for gold price to rise again at the moment.
Jerome Powell, Chairman of the US Federal Reserve (Fed) just gave a talk at an event in Washington, and warned that US inflation is starting to cool, but the way forward may be will be long and bumpy. The reason is that the economy is still growing well, the job market is still growing hot, putting pressure on the US’s fight against inflation.
“The cooling of inflation is showing signs of progress but still depends on the data. For example, a big challenge is the service sector has not yet cooled, better-than-expected employment data are also signs. The signal shows that the process of reducing inflation will take a considerable amount of time. Therefore, rate hikes, even if limited, must continue,” – the Fed chair emphasized.
In general, Mr. Jerome Powell’s speech is not too different from his comments when announcing a rate increase to 0.25% on February 1. It’s still going to be tough fighting inflation and interest rates will have to rise.
Interest rates are still a strong obstacle to gold prices. When there is nothing optimistic about interest rates, gold still declines in price. Today’s trading session (February 8), the world gold price maintained at 1,874 USD/ounce, equivalent to 53.8 million VND/tael.
Today (February 8), only SJC gold increased 200,000 dong to 67.3 million dong while PNJ gold was still flat at 55 million dong.
Imported gasoline prices fell slightly
(PLO)- It is very difficult for domestic gasoline prices to drop sharply in the adjustment period on February 11 here.
PHUONG MINH
According to Synthesis