Gold prices keep rising on global market fluctuations
VOV.VN - Domestic gold prices hit a new record high of VND71 million per tael on October 14 as prices of the yellow metal shot up in the global market.
At 2:30 p.m. on October 14, Saigon Gold and Jewelry Company listed each tael of SJC gold at VND69.80 million and VND71 million for buying and selling, up VND0.7 million for both buying and selling prices from the previous trading session.
Simultaneously, Doji Group rated the yellow metal at VND69.60 million and 71 million for buying and selling, up VND0.85 million compared to the October 13 trading.
Bao Tin Minh Chau, another gem stones firm in Hanoi, increased rates by VND0.36 million per tael to VND56.98 million and VND57.98 million for buying and selling compared to the previous day.
Meanwhile, the global gold market is experiencing an upward trend, hitting US$1,932 per ounce on October 14, an additional increase of US$55 per tael compared to transactions on October 13.
Notably, the price of the precious yellow metal is still about VND13.7 million per tael lower than the domestic SJC brand.
According to the news website CNBC of the United States, gold prices jumped more than 3% on October 13 and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets.
Investors kept close tabs on developments in the Middle East conflict, which has unnerved markets since the start of the week.
Israel stated that its infantry and tanks had carried out raids inside the Gaza Strip, its first announcement of a shift from an air war to ground operations aimed at rooting out Hamas fighters a week after their deadly rampage in southern Israel.
This has fueled increased inflows into assets which are considered to be safe havens, such as gold.
“Investors are fleeing to safe havens as the risks of Middle East tensions grow,” said Edward Moya, senior market analyst.
“If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the US$2,000 levels this year. We have come from mid-US$1,800s to mid-US$1,900s, US$2,000 is just a fraction of that,” Moya concluded.
