Gold bars at a trading floor in Seoul, South Korea. (Photo: Yonhap/VNA)
World gold prices increased by more than 1% in the session on September 2, soaring to an all-time high of over 3,500 USD/ounce.
Investors have been rushing to buy the precious metal amid growing confidence that the US Federal Reserve will cut interest rates, along with lingering political and economic risks.
At 1 a.m. on September 3, Vietnam time, the spot gold price increased by 1.5% to $3,529.01/ounce, after reaching a record high of $3,529.93/ounce. In this session, the December gold price closed up 2.2% to $3,592.2/ounce.
Suki Cooper, precious metals analyst at Standard Chartered Bank, said the gold market is entering a strong seasonal consumption period, along with expectations that the Fed will cut interest rates at its September 2025 meeting. Cooper said gold prices will continue to conquer new record highs.
According to CME's FedWatch tool, the market is pricing in a nearly 92% chance that the Fed will cut interest rates by 0.25 percentage points at its meeting on September 16-17. Gold, a non-yielding asset, typically gains in a low-interest-rate environment.
The precious metal has gained 34.5% so far in 2025. Analysts say gold’s record rally this year has been fueled by continued central bank buying, portfolio diversification away from the US dollar, continued safe-haven demand amid geopolitical and trade tensions, and broad-based US dollar weakness.
In addition, uncertainty surrounding US policy under President Donald Trump has also added to the appeal of the precious metal. His disagreements with the Fed, including criticism of Chairman Jerome Powell and efforts to remove Governor Lisa Cook, have raised concerns about the independence of the US central bank.
This makes gold investments more attractive in such a context, according to Commerzbank.
Attention is now focused on US jobs data due on September 5 for clues on the size of the September rate cut.
A weak jobs report this week could reignite speculation about a possible 50 basis point rate cut, said Zain Vawda, an analyst at MarketPulse at financial services firm OANDA.
Regarding the upcoming outlook for gold prices, Ms. Natasha Kaneva, head of global commodity strategy at JP Morgan, commented that central bank purchases could continue to act as a support for gold prices, but the return of capital flows into exchange-traded funds (ETFs) is needed for the price of this precious metal to once again break higher, towards the optimistic target at the end of the year of $ 3,675 / ounce.
Recently, in the session of August 29, the amount of gold held by the SPDR Gold Trust, the world's largest gold-backed ETF, increased by 1.01% to 977.68 tons, the highest level since August 2022.
Ms. Kaneva also said that JP Morgan forecasts that gold prices could reach $4,250/ounce by the end of 2026. In the market for other precious metals, spot silver prices rose slightly by 0.4% to $40.84/ounce, while platinum prices fell by 0.2% to $1,397.16/ounce.
In Vietnam, in the early morning of September 3, Saigon Jewelry Company listed the price of SJC gold bars at 129.10-130.60 million VND/tael (buy - sell)./.
According to VNA
Source: https://baothanhhoa.vn/gia-vang-lap-dinh-lich-su-moi-tren-3-500-usd-moi-ounce-260416.htm
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