Geopolitical risks push world gold prices to one-week peak

World gold prices on June 12 climbed to a one-week high as simmering tensions in the Middle East and cooling US economic data raised new expectations that the US Federal Reserve (Fed) would cut interest rates.

Gold bars in Incheon, South Korea. Photo: Yonhap/VNA

At 1:08 a.m. on June 13, Vietnam time, spot gold prices increased by 0.9% to $3,383.22/ounce, the highest level since June 5. Gold futures prices closed up 1.8% to $3,402.4/ounce.

Gold rose for a second straight day, driven largely by rising geopolitical risks, said Peter Grant, vice president and senior metals strategist at precious metals trader Zanier Metals. If gold breaks above $3,400 an ounce again, the precious metal will face some resistance at $3,417 an ounce and $3,431 an ounce, but the potential for a breakout to a new record high is strong, he said.

US President Donald Trump said the US is moving personnel from the Middle East because it "can be a dangerous place". Iranian Defense Minister Aziz Nasirzadeh also recently announced that if military action against Iran takes place, the country will take retaliatory actions against US bases in the region.

Elsewhere, data showed U.S. producer prices rose less than expected in May. Meanwhile, the number of Americans filing for first-time unemployment benefits continued to rise last week, suggesting that labor market conditions continued to ease steadily.

Traders are pricing in an 80% chance that the Fed will cut rates in September, with a second rate cut possibly coming as early as October, rather than December as predicted before the data.

On the issue of tariffs, President Trump said on June 11 that he was willing to extend the July 8 deadline to complete trade negotiations with countries before higher US tariffs take effect, but did not believe it was necessary.

In other precious metals, spot silver rose 0.1% to $36.25 an ounce, while platinum rose 2.8% to $1,291.09 an ounce, hovering at its highest level in more than four years.

In Vietnam, in the early morning of June 13, Saigon Jewelry Company listed the price of SJC gold bars at 117.20 - 119.20 million VND/tael (buy - sell).

According to VNA

Source: https://doanhnghiepvn.vn/kinh-te/nguy-co-dia-chinh-tri-day-gia-vang-the-gioi-cham-dinh-mot-tuan/20250613093506802