World gold price sets new record, surpassing 3300 USD/ounce

According to Investing, the world gold price recorded at 3:00 p.m. today, Vietnam time, was 3,306.68 USD/ounce. Today's gold price increased by 81.7 USD/ounce compared to yesterday. Converted according to the USD exchange rate at Vietcombank (26,040 VND/USD), the world gold price is about 104.86 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 10.14 million VND/tael higher than the international gold price.

The sharp rally was driven by escalating trade tensions and concerns about a global economic downturn.

The situation became even more heated when former US President Donald Trump announced an investigation into tariffs on critical minerals.

Gold prices are expected to rise more than 20% in 2024, largely due to trade war and recession concerns. Major banks remain bullish, predicting that gold prices could hit $4,000 an ounce by mid-2026.

The strong growth in gold ETFs coupled with continued central bank buying are key factors supporting this forecast.

In India, the upward trend in gold prices was evident as spot gold on MCX closed at Rs 92,822 per 10 grams in Hyderabad. Futures also traded at a high of Rs 93,493 per 10 grams.

New York trading also saw a sharp rally in the late afternoon as US Treasury yields fell for a second straight day, with the market further strained by reports that President Trump may impose tariffs on imported pharmaceuticals.

In addition, China's request for airlines to stop receiving planes from Boeing further dampened investor sentiment.

These developments show that gold is being viewed as a "safe haven" in the context of global economic instability. With fundamental factors still supporting, gold prices are likely to continue to increase in the coming time.

Source: https://baoquangnam.vn/gia-vang-the-gioi-lap-ky-luc-moi-vuot-3300-usd-ounce-3152891.html