Market Highlight 10.09.2026

Global gold prices traded near 4.400 USD/ounce after rising by 1% in the previous session, ending a three-day losing streak. Since rebounding from a low of nearly 4.000 USD/ounce in July, gold has mainly fluctuated around the 4.400 USD level as markets have repeatedly reassessed the outlook for Federal Reserve (FED) policy. Economists will closely watch U.S Producer Price Index (PPI) and Consumer Price Index (CPI) data this week ahead of the FED’s next meeting on 14 - 15/9. The market is currently pricing in around a 65% probability of a FED rate hike next week. The U.S 10-year Treasury yield moved higher again after the announced plan to purchase up to 6 billion USD of Government bonds fell short of market expectations. Brent crude rose to 100 USD/barrel for the first time since July, adding to inflation concerns. Tensions in the Middle East show no signs of easing, increasing the risk of energy supply disruptions across the region.
Following the European Central Bank and the Bank of Japan, the Reserve Bank of Australia (RBA) may consider raising interest rates at its meeting later this September after already delivering 3 rate hikes this year. Inflation in Australia has exceeded the RBA’s 2% - 3% target range in 17 of the past 20 quarters, creating significant pressure on households. The RBA appears increasingly concerned about elevated oil prices, the strong expansion in Artificial Intelligence (AI) investment, and supply-side constraints in the economy. Therefore, a 0,25% increase in the policy rate to 4,6% at the upcoming 29/9 meeting remains a realistic possibility.
Interbank USD/VND continued to decline by a further VND 50 on Wednesday to 25.910. Abundant domestic USD supply, together with the weakening USD in global markets, continues to support the current downward trend.

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