Gold prices on the world market continue to set new "peaks"

Factors such as uncertainty surrounding the upcoming US election and conflict in the Middle East, along with expectations of monetary policy easing by major central banks, have contributed to supporting gold prices.

People choose to buy gold jewelry at a store in Bhopal, India.

World gold prices increased by 1% in the trading session on October 22, reaching a new record high, amid increased demand for "safe haven" assets.

Factors such as uncertainty surrounding the upcoming US election and conflict in the Middle East, along with expectations of monetary policy easing by major central banks, also contributed to supporting gold prices.

Specifically, the spot gold price increased by 0.9%, reaching 2,746.69 USD/ounce at 0:40 am on October 23 (Vietnam time). During this session, the gold price jumped to a record high of 2,748.23 USD. The US gold futures price also increased by 0.8%, closing at 2,759.8 USD/ounce.

Gold, considered a “safe haven” asset amid geopolitical and economic uncertainty, has risen more than 33% this year, hitting a series of record highs. Low interest rates have also made gold more attractive.

Geopolitical tensions remain the primary driver (behind the gold rally), said Peter A. Grant, vice president and senior metals strategist at Zaner Metals. With just two weeks to go until the U.S. presidential election, the race remains tight, creating political uncertainty that drives demand for gold.

According to Mr. Grant, if the situation in the Middle East escalates, the price of gold could reach $3,000/ounce before the end of this year, but he still tends to predict that this price mark will be reached in the first quarter of 2025.

According to a Reuters/Ipsos poll, US Vice President Kamala Harris, the Democratic candidate, is currently leading former Republican President Donald Trump by a narrow margin of 46% to 43%.

In the same session, spot silver prices rose 3.2% to $34.84 an ounce after hitting their highest level since late 2012. Platinum prices rose about 2.8% to $1,031.90 an ounce. Palladium prices also rose 2.9% to $1,081.06.

In Vietnam, on the afternoon of October 22, Saigon Jewelry Company announced the price of SJC gold bars at 87-89 million VND/tael (buy-sell).

Source: VNA/Vietnam+

Source: https://baophutho.vn/gia-vang-tren-thi-truong-the-gioi-tiep-tuc-xac-lap-dinh-moi-221327.htm