Shocked by the shocking increase in gold prices

10/14/2023 09:00 Nhat Linh Print article

ANTD.VN - After just one session, the world gold price increased to more than 64 USD per ounce, as investors rushed to buy precious metals for "safe haven" amid escalating tensions in the Gaza Strip.

In the trading session on October 13 in the US market (last night, Vietnam time), the spot gold price jumped up to 64 USD per ounce, closing at 1,932.4 USD/ounce. Thanks to this strong increase, the yellow precious metal ended the trading week with an increase of up to 6%.

Domestically, gold prices also increased dramatically this morning.

Saigon Jewelry Company (SJC) listed the price of this gold brand early this morning at 70.40 - 71.62 million VND/tael (buy - sell). DOJI Group listed it at 70.30 - 71.60 million VND/tael.

Thus, compared to yesterday's closing price, SJC gold price has increased by about 900 - 950 thousand VND per tael for buying and increased by 1.4 million VND per tael for selling compared to the end of yesterday.

The price of gold rings and other brands of gold today also increased sharply by about 500 thousand VND/tael. PNJ gold this morning was listed at 57.20 - 58.20 million VND/tael...

Gold prices rise sharply due to escalating tensions in the Middle East

Investors are looking for safe havens as tensions in the Middle East escalate, analysts say. Israel said its infantry and tanks carried out raids inside the Gaza Strip, its first announcement of a shift from air warfare to ground operations to root out Hamas militants – a week after the militant group’s brutal attack.

The conflict in the Middle East has become a focal point, forcing traders to shift their focus away from the impact of other financial and economic issues.

Many analysts expect that in the short term, institutional investors will return to the market to provide gold with the necessary impetus to return to $2,000/ounce. This prediction comes amid the lack of ETF inflows during the precious metal’s recent surges last week, suggesting that the market is waiting to see how the conflict plays out.

Despite the sharp rise in gold prices, higher US inflation data is fueling concerns about another Fed rate hike this year, which will be a drag on gold prices in the coming time.

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