Gold market defies common rule after Fed’s interest rate hike
The gold market resumed stability shortly after a quick increase on March 16 after the US Federal Reserve (Fed) raised its interest rates, which experts described as going against common rule.
Hanoi (VNA) – The gold market resumed stabilityshortly after a quick increase on March 16 after the US Federal Reserve (Fed)raised its interest rates, while the US dollar lost in value compared to othermajor currencies, which experts described as going against common rule.
Analysts said that normally, a rise in US interest rate willlead to increases of the value of other forms of property and therefore pullinggold price down.
However, market developments on March 16 did not follow thatrule, as right after Fed’s announcement, world gold price was up 1.5 percent tothe highest level in a week. Meanwhile, domestic price also rose above thelong-stable price of 36.5 million VND (1,601 USD) per tael (one tael isequivalent to 37.5 grams).
Dr. Nguyen Tri Hieu, a finance-banking expert, held thatdespite the unexpected developments of the market, major fluctuations have notoccurred as the Fed decision has been anticipated.
Instead of declining, gold price on March 16 increased dueto instabilities surrounding the elections in the Netherlands and France aswell as negotiations on the UK’s separation from the EU, he said.
At the same time, he asserted that incomprehensiblemanagement policies of US President Donald Trump and the increased demand forgold in the world significantly contributed to the hike in gold prices.
On March 16, domestic gold prices also increased sharplyinitially due to influence from the world market but then quickly regained stability.
According to a representative of Doji Group, the rise indomestic gold price has yet to match that in the global market. Therepresentative attributed the situation to surplus supply and weak demand.
On March 17, domestic gold price saw little change from theday before. As of 17:00, Doji Group listed its SJC gold price in Hanoi atbetween 36.6 million VND (1,562 USD) and 36.7 million VND (1,566.8 USD) per tael,a slight decreased compared to prices early of the day.
Meanwhile, world price continued the rising trend amidst thedevaluation of the US dollar.-VNA
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Illustrative image (Source:VNA) 
