World gold price hits record high, up to 2,220.85 USD per ounce

Gold bars are sold in Dublin, Ireland. (Source: AFP/VNA)

Gold prices hit a record high in the trading session on March 28 due to market expectations of a US interest rate cut and increased demand for gold to preserve assets.

Spot gold prices rose 1.2% to $2,220.85 an ounce at nearly 1 a.m. (Vietnam time), and March was the month with the highest increase in gold since July 2020.

Earlier in the session, gold prices hit a record high of $2,225.09 an ounce. US gold futures also rose 1.2% to $2,238.4 an ounce.

Gold prices could rise further if the market expects a deeper Fed rate cut cycle, said TD Securities expert Daniel Ghali.

Gainesville Coins' chief market analyst Everett Millman said the gold price increase is due to the continued major geopolitical tensions around the globe, which could prompt investors to turn to gold reserves to preserve their assets.

Investors are focusing on the personal consumption expenditures (PCE) price index report, the Fed's preferred inflation measure, due out on Friday (March 29) for clues on the Fed's policy stance.

In Vietnam, at 7:35 a.m. on March 29, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 79.00-81.02 million VND/tael (buy-sell)./.

According to VNA

Source: https://www.vietnamplus.vn/gia-vang-the-gioi-tang-cao-ky-luc-len-222085-usd-moi-ounce-post937184.vnp

Source: https://baolongan.vn/gia-vang-the-gioi-tang-cao-ky-luc-len-2-220-85-usd-moi-ounce-a173553.html