Gold prices continue to reach new highs.

DNVN - In the trading session on October 22, world gold prices increased by 1%, reaching a new record high due to rising demand for safe-haven assets.

Factors such as uncertainty ahead of the upcoming US election and conflicts in the Middle East, combined with expectations that major central banks will ease monetary policy, are also contributing to the rise in gold prices.

Gold bars are displayed at the U.S. Bureau of Engraving and Printing in Washington, D.C. Photo: AFP/VNA.

Specifically, spot gold prices rose 0.9%, reaching $2,746.69 per ounce at 0:40 AM on October 23 (Vietnam time). During the session, gold prices briefly peaked at $2,748.23 per ounce. At the same time, US gold futures also recorded a 0.8% increase, closing at $2,759.8 per ounce.

Gold, traditionally considered a safe haven against geopolitical and economic volatility, has surged more than 33% this year, repeatedly breaking previous records. The low interest rate environment has also made gold a more attractive investment option.

Peter A. Grant, Vice President and Senior Metals Strategist at Zaner Metals, believes geopolitical tensions remain a key factor driving gold prices higher. With only two weeks left until the US presidential election, political tensions are rising, and this is increasing demand for gold as an investment.

Grant predicts that if tensions in the Middle East escalate, the price of gold could reach $3,000 per ounce before the end of this year, but he still believes this figure will be reached in the first quarter of 2025.

A Reuters/Ipsos poll shows US Vice President Kamala Harris, the Democratic candidate, leading former President Donald Trump of the Republican Party by a margin of 46% to 43%.

Also in this session, spot silver prices rose 3.2%, reaching $34.84 per ounce after hitting their highest level since late 2012. Platinum prices increased 2.8%, reaching $1,031.90 per ounce. Palladium prices also rose 2.9%, touching $1,081.06 per ounce.

In Vietnam, on the afternoon of October 22nd, Saigon Jewelry Company announced the price of SJC gold bars at 87-89 million VND/ounce (buying price - selling price).

Lan Le (compiled)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-tiep-tuc-lap-dinh-moi/20241023080840937