Gold price today October 2, 2023: Selling pressure,

On the world market, the spot price of gold on Kitco on September 30 (at 8:00 p.m., Vietnam time) traded at 1,848 USD/ounce. Meanwhile, the futures price of gold fell to 1,866.10 USD/ounce.

Gold prices decreased due to selling pressure. At the end of the last trading week of September, world gold prices fell deeply (-4%) compared to the previous week's closing level, marking the worst week of performance since June 2021. By the end of September, the price of gold had lost 4.6% compared to the closing level in August. In the past 3 months, this precious metal has decreased by 3.3%.

Comment:

The fact that the US Federal Reserve (Fed) did not raise interest rates in the last September adjustment period supported the USD and US bond yields increased, triggering a sell-off in the gold market, which caused prices to rise. Gold has been continuously pushed to low levels for many months.

Precious metal experts predict that gold is still under pressure from high interest rates, the price is likely to fall further and cannot rule out the possibility of reaching 1,800 USD/ounce.