Spot gold rose 1.2% to $3,423.30 an ounce at 05:44 GMT (12:44 Vietnam time), after hitting its highest since April 22 in the previous session. So far this week, gold has risen more than 3.4%. US gold futures also rose 1.2% to $3,444.50 an ounce.
Geopolitical tensions escalated after Israel attacked Iran's nuclear facilities, as the US stepped up efforts to prevent Tehran from producing material for an atomic bomb.
“The latest developments in the Middle East have caused investors to put aside trade negotiations and turn to safe-haven assets,” said Tim Waterer, market analyst at KCM Trade.
Israel has declared a state of emergency, anticipating possible missile and drone attacks from Iran. A US official, speaking on condition of anonymity, told Reuters that the US military was preparing for various scenarios in the Middle East, including the possibility of assisting in the evacuation of US citizens.
Gold prices broke above the $3,400/ounce resistance level when news of the airstrikes broke. If the situation continues to escalate, gold prices could rise further, Waterer said.
A slew of recent US economic data also supported gold prices. US jobless claims remained at an eight-month high, suggesting signs of a cooling labor market. Meanwhile, weak domestic demand helped curb producer price increases in May 2025.
The data, released just a day after a report showed US consumer prices rose slightly in May 2025, reinforced expectations that the US Federal Reserve (Fed) will soon cut interest rates.
Traders now expect the Fed to cut its benchmark interest rate by a total of 0.55 percentage points between now and the end of the year, with the first cut likely to come in September 2025, rather than October as previously predicted.
On the same day, spot silver prices fell slightly by 0.3% to $36.25 an ounce. Platinum prices fell by 1% to $1,282.55 an ounce, while palladium lost 0.5% to $1,050.61 an ounce. However, all three metals are heading for weekly gains.
In the Vietnamese market, on the afternoon of June 13, Saigon Jewelry Company listed the price of SJC gold bars at 117.70 - 120.22 million VND/tael (buy - sell).
Source: https://baoninhbinh.org.vn/gia-vang-tang-manh-do-cang-thang-dia-chinh-tri-tai-trung-068365.htm
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