The demand for safe-haven assets is driving gold prices to continue reaching new highs.

Global gold prices continue to hit record highs as concerns about a global trade war drive investors to seek safe haven assets.

Illustrative image: (Source: Vietnam+)

In the trading session on February 20th, world gold prices continued to set records as concerns about the global trade war prompted investors to seek safe haven assets.

Specifically, the spot gold price at one point surged to $2,954.69 per ounce, marking the 10th record high of the year.

Meanwhile, gold futures in the US closed up 0.7% at $2,956.10 per ounce. Year-to-date, the price of the precious metal has risen by approximately 12%.

Peter Grant, Vice President and Senior Metals Strategist at precious metals brokerage Zaner Metals, believes that escalating trade tensions continue to fuel concerns about inflation and economic growth, thereby driving demand for gold as a safe haven.

President Trump recently announced that he will unveil new tariffs on lumber, automobiles, semiconductors, and pharmaceuticals next month or sooner.

Since taking office on January 20th, Trump has imposed a 10% tariff on imports from China and signed an executive order imposing a 25% tariff on steel and aluminum.

Phillip Streible, a strategist at brokerage firm Blue Line Futures, believes that central banks' gold purchases throughout this year have been one of the main factors supporting gold prices.

In addition, the market has also witnessed capital inflows into gold ETFs for three consecutive days.

On February 20, Ukrainian Foreign Minister Andrii Sybiha said he had discussed with US envoy Keith Kellogg measures to achieve a just and lasting peace in the conflict with Russia.

Kellogg's visit to Kyiv comes at a time when the US, Russia, and European countries are seeking a solution to end the nearly three-year-long conflict between Russia and Ukraine.

Grant believes a potential peace agreement could ease geopolitical tensions in the short term and put pressure on gold prices.

However, he believes the current record high could last for a few weeks. Even so, according to Grant, gold remains in an uptrend, thanks to fundamental factors that continue to strongly support the price of the precious metal.

The minutes of the most recent Federal Reserve (Fed) policy meeting, recently released, show that Trump's initial policy proposals raised concerns about rising inflation and reinforced the Fed's view on pausing interest rate cuts.

Data from Swiss customs shows that Swiss gold exports in January increased compared to the same period last year, as gold exports to the US surged to their highest level in at least 13 years.

In Vietnam, at the end of February 20th, Saigon Jewelry Company (SJC) listed the selling price of SJC gold bars at 90 - 92.3 million VND/ounce (buying price - selling price).

Source: VNA

Source: https://baophutho.vn/nhu-cau-tru-an-an-toan-day-gia-vang-tiep-tuc-lap-dinh-228257.htm