At the end of the trading session on November 22, the world spot gold price increased by 47 USD to 2,716 USD/ounce. This is the first time the price has exceeded 2,700 USD in the past 2 weeks, when the demand for shelter outweighed the impact of the strong dollar and the possibility of the US lowering interest rates is increasingly unclear.
"Russia-Ukraine tensions seem to be spilling over into Russia-US tensions. This will certainly increase short-term demand for safe havens," said Alex Ebkarian, COO of Allegiance Gold.
Gold prices have risen 5.7% this week - the strongest weekly gain since March 2023 - when the local banking crisis in the US broke out. Prices have increased for five consecutive sessions, with a total of more than $ 170.
Gold is a popular investment during times of political and economic uncertainty and low interest rates. Prices rose despite the Dollar Index hitting a two-year high yesterday and Bitcoin hitting a new record of $99,768 per coin.
The gold market also shrugged off the fact that the probability of the US Federal Reserve easing monetary policy next month is decreasing. Investors now see a 53% chance of the Fed cutting interest rates, down sharply from 82% last week.
This week, some Fed officials expressed concern that the pace of cooling inflation is slowing and called for caution, while others stressed the need for further rate cuts.
Ebkarian predicts that gold prices could rise to $2,750 an ounce by mid-next month due to policy fluctuations and inflation risks from US President-elect Donald Trump's import tax proposals.
Other precious metals were mixed on November 22. Silver rose 1.5% to $31.2, palladium fell 1.4% to $1,015, and platinum rose 0.6% to $964.
TB (summary)Source: https://baohaiduong.vn/gia-vang-the-gioi-vuot-2-700-usd-moi-ounce-398672.html
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