Spot gold rose to $2,788.87 an ounce, after hitting a record high of $2,789.73 an ounce, while US gold futures also rose to $2,800.8 an ounce.
Gold prices hit a record high in the trading session on October 30, as uncertainty surrounding the US presidential election increased demand for safe-haven assets.
In this session, traders are also waiting for important economic data to determine the policy direction of the US Federal Reserve (Fed).
Specifically, the spot gold price increased by 0.5% to 2,788.87 USD/ounce, after reaching a record high of 2,789.73 USD/ounce. The US gold futures price also increased by 0.7% to close at 2,800.8 USD/ounce.
Factors such as the upcoming election and political uncertainty, the Fed’s rate cut and the Russia-Ukraine conflict are driving gold prices higher, said Daniel Pavilonis, a strategist at brokerage RJO Futures. According to Pavilonis, gold prices could soon hit $2,850 an ounce.
The US presidential election will take place on November 5. Considered a safe haven in times of geopolitical uncertainty, gold has gained 35% in value this year and is on track for its best year since 1979.
Gold prices could reach $3,000 an ounce by 2025, driven by inflows into gold ETFs and a post-election market correction, according to Dominik Sperzel, head of trading at Heraeus Metals Germany.
New data showed the US private sector added 233,000 jobs in October, more than expected, despite concerns about temporary disruptions caused by storms and strikes.
Fed policymakers are expected to cut interest rates by another quarter of a percentage point at their next meeting. Markets are also awaiting data on personal consumption spending and employment, due on November 30 and November 1, respectively.
In Vietnam, Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 87-89 million VND/tael (buy-sell).
Source: VNA
Source: https://baophutho.vn/gia-vang-the-gioi-lien-tuc-pha-dinh-trong-phien-giao-dich-30-10-221826.htm
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