The price of gold bars suddenly increased sharply, reaching 88 million VND per tael.

Domestic gold bar prices increased sharply

Specifically, at 9:15 a.m., the price of gold bars was listed by SJC and Doji at 86 - 88 million VND/tael, an increase of 2 million VND/tael compared to early this morning.

While the price of gold bars increased sharply, the price of gold rings remained unchanged, after continuously increasing sharply last week. Specifically, the price of gold rings was listed by Doji at 84.7 - 85.7 million VND/tael, SJC listed at 84 - 85.7 million VND/tael.

The domestic gold bar price increased sharply this morning due to the impact of the world gold price currently listed on Kitco at 2,721 USD/ounce, the highest price in history.

Previously, the world gold price had a memorable week when it continuously broke records to set new peaks. Last week, the gold price conquered the threshold of 2,700 USD/ounce for the first time.

Gold prices rose continuously due to expectations that the US Federal Reserve (Fed) will cut interest rates next month, along with uncertainties surrounding the US presidential election and conflicts in the Middle East.

Many experts believe that the gold rally is not over yet. The weekly Kitco News gold survey shows that the majority of experts in the industry are optimistic about gold.

Many investors have rushed to buy gold amid escalating conflicts, especially after Hezbollah's declaration of war with Israel, according to precious metals trader Alexander Zumpfe of Heraeus Metals Germany.

Demand for gold will continue to increase in the coming time as tensions in the Middle East continue and BRICS (Brazil, Russia, India, China and South Africa) meet, said Marc Chandler, CEO of Bannockburn Global Forex.

Darin Newsom of Barchart.com also emphasized that gold will increase as investors flock to this precious metal to hedge against potential uncertainties ahead of the US presidential election.

The World Gold Council (WGC) believes that gold prices will continue to be supported in the coming time as geopolitical tensions escalate and the global economic situation worsens.

"Gold prices continue to rise in the long term, partly due to the uncertain financial situation of many Western countries," said Ryan McIntyre, an expert at Sprott Asset Management.

Gold prices hit a new high last weekend despite a stronger dollar and higher U.S. interest rates, and were also supported by escalating tensions in the Middle East, said Marc Chandler, CEO of Bannockburn Global Forex.

TH (synthesis)

Source: https://baohaiduong.vn/gia-vang-mieng-bat-ngo-tang-rat-manh-len-muc-88-trieu-dong-moi-luong-396137.html