World gold price increased more than 1% after Iran airstrike Israel

Gold is stored at a bank in Frankfurt, Germany

At 0:40 a.m. on October 2, Vietnam time, spot gold price increased 1% to 2,661.63 USD/ounce, while gold futures price increased 0.9% and closed at 2,690.3 USD/ounce.

On the evening of October 1 (local time), the Israeli army announced that the country had just suffered a large-scale airstrike with about 100 missiles fired from Iran, forcing many Israelis to run into shelters.

Jim Wyckoff, senior market analyst at Kitco Metals, said traders are concerned that if there are serious casualties in Israel, there could be a full-scale war in the Middle East. This could boost demand for gold, which is seen as a safe haven during times of political and financial uncertainty.

Meanwhile, yields on 10-year US government bonds fell, making non-interest-bearing assets like gold more attractive.

Markets will be closely watching US labor data released this week and remarks from US Federal Reserve officials for further clues on the Fed's policy stance.

Previously, on September 30, gold recorded its sharpest decline in more than four weeks, after Fed Chairman Jerome Powell said the Fed would likely only cut interest rates by 0.25 percentage points each time for the next cuts.

In the market of other precious metals, spot silver price increased 0.7% to 31.36 USD/ounce, while platinum price increased 1.2% to 987.70 USD/ounce.

Meanwhile in Vietnam, on the afternoon of October 1, Saigon Jewelry Company announced the selling price of SJC gold bars at 82 - 84 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both buying and selling compared to the previous session.

TB (synthesis)

Source: https://baohaiduong.vn/gia-vang-the-gioi-tang-hon-1-sau-khi-iran-khong-kich-israel-394610.html