World gold prices rise to highest level since early August

The rising gold price chart encourages investors to buy, plus the rising tension in the Middle East also boosts demand for gold to preserve assets.

Gold jewelry is displayed for sale at a store in California, USA.

World gold prices increased by more than 1% in the trading session on August 12 and reached the highest level since August 2 due to demand for gold to preserve assets.

Traders are waiting for US inflation data this week to get more clarity on the Federal Reserve's interest rate cut plans.

Spot gold rose 1.5% to $2,468.25 an ounce at 1:18 a.m. on August 13 (Vietnam time). US gold futures also rose 1.2% to $2,504 an ounce.

Jim Wycoff, senior analyst at Kitco Metals, said the rising trend in gold prices is encouraging investors to buy. In addition, rising tensions in the Middle East are also boosting demand for gold as a safe haven.

Investors will be watching U.S. producer price data due on Tuesday (August 13) and consumer price data due on Wednesday (August 14) for more insight into inflation.

The market is pricing in a 49% chance of the Fed cutting rates by 50 basis points by September 2024, according to CME Group's FEDWatch tool.

In the Vietnamese market, in the early morning of August 13, Saigon Jewelry Company listed the price of SJC gold at 76.50-78.50 million VND/tael (buy-sell).

Source: VNA

Source: https://baophutho.vn/gia-vang-the-gioi-tang-len-muc-cao-nhat-ke-tu-dau-thang-tam-217059.htm