Spot gold prices rose 1.88% to $5,376.44 per ounce, their highest level in more than four weeks. US gold futures also increased 2.7% to $5,389.20 per ounce.
Kyle Rodda, a senior financial market analyst at Capital.com, believes that unlike previous escalations, this time both sides have reasons to continue escalating the conflict. He predicts the situation could lead to a chaotic, unstable, and volatile environment for several days, thereby creating a positive advantage for gold prices.
However, gold's upward momentum was somewhat limited by a 0.27% rise in the US dollar index, making the precious metal more expensive for buyers using other currencies.
Gold has consistently reached record highs this year due to increasing global political and economic instability. This price surge follows a 64% increase projected for 2025, driven by strong buying from central banks, large inflows into exchange-traded funds (ETFs), and expectations of US monetary easing.
Independent analyst Ross Norman believes gold is a barometer reflecting global instability and that its price will continue to climb to new record highs as the world enters an era of geopolitical uncertainty.
The market is also under pressure from US economic data, with the Producer Price Index (PPI) for January 2026 rising higher than expected, raising concerns about inflation. Investors are closely watching a series of US labor market reports this week, including the jobs report, for further signals.
Spot silver prices rose 1.3% to $95 per ounce, platinum prices increased 0.8% to $2,383.50 per ounce, while palladium gained 2.3% to $1,826.59 per ounce.
In Vietnam, at 3:30 PM on March 2nd, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 187.90 - 190.90 million VND/ounce (buying price - selling price).
Source: https://baotintuc.vn/thi-truong-tien-te/gia-vang-the-gioi-cham-muc-cao-nhat-trong-hon-4-tuan-20260302163026095.htm
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