This trading session also saw investors waiting for important economic data to determine the policy direction of the US Federal Reserve (Fed).

Specifically, the spot gold price increased by 0.5% to 2,788.87 USD/ounce, after reaching a record high of 2,789.73 USD/ounce. The US gold futures price also recorded an increase of 0.7%, closing at 2,800.8 USD/ounce.

Factors such as the upcoming election and political uncertainty, along with the Fed's rate cuts and the Russia-Ukraine conflict, are driving gold prices higher, said Daniel Pavilonis, a strategist at brokerage RJO Futures. Pavilonis predicted that gold prices could soon reach $2,850 an ounce.

The US presidential election will take place on November 5. Gold, considered a safe haven in times of geopolitical uncertainty, has risen 35% this year and is on track for its best year since 1979.

Gold prices are likely to reach $3,000 an ounce by 2025 thanks to inflows into gold ETFs and a post-election market correction, according to Dominik Sperzel, head of trading at Heraeus Metals Germany.

New figures showed the US private sector added 233,000 jobs in October, far exceeding expectations, despite concerns about temporary disruptions caused by storms and strikes.

Fed policymakers are expected to cut interest rates by another quarter point at their next meeting. Markets are awaiting data on personal consumption spending and employment data due on November 30 and November 1.

In Vietnam, Saigon Jewelry Company (SJC) announced the price of SJC gold bars at 87 - 89 million VND/tael (buy - sell).

Cao Thong (t/h)