Factors such as uncertainty ahead of the upcoming US election and conflict in the Middle East, combined with expectations that major central banks will ease monetary policy, also contributed to the rise in gold prices.

Gold bars on display at the US Bureau of Engraving and Printing in Washington, DC. Photo: AFP/VNA

Specifically, the spot gold price increased by 0.9%, reaching 2,746.69 USD/ounce at 0:40 am on October 23 (Vietnam time). During this session, the gold price reached a new peak of 2,748.23 USD/ounce. At the same time, the US gold futures price also recorded an increase of 0.8%, closing at 2,759.8 USD/ounce.

Gold, long seen as a safe haven from geopolitical and economic turmoil, has risen more than 33% this year and broken previous records. The low interest rate environment has also made gold a more attractive investment option.

Geopolitical tensions remain a key driver of gold prices, said Peter A. Grant, vice president and senior metals strategist at Zaner Metals. With the U.S. presidential election just two weeks away, political tensions are escalating, which is driving demand for gold.

Mr. Grant predicted that if tensions in the Middle East escalate, gold prices could hit $3,000 an ounce before the end of the year, but he still believes that figure will be reached in the first quarter of 2025.

A Reuters/Ipsos poll shows that US Vice President Kamala Harris, the Democratic candidate, is leading former Republican President Donald Trump by 46% to 43%.

Also in this session, spot silver prices increased by 3.2% to 34.84 USD/ounce after reaching the highest level since late 2012. Platinum prices increased by 2.8% to 1,031.90 USD/ounce. Palladium prices also increased by 2.9% to 1,081.06 USD/ounce.

In Vietnam, on the afternoon of October 22, Saigon Jewelry Company announced the price of SJC gold bars at 87 - 89 million VND/tael (buy - sell).

Lan Le (t/h)