World gold prices rose to their highest level in the past two weeks

VNA September 24, 2019 14:14

World gold prices rose to their highest level in more than two weeks in the session on September 23, amid weak economic data from the Eurozone that raised concerns about the risk of a global recession and forced investors to seek safer assets such as gold.

At 17:37 GMT (around 0:37 a.m. on September 24, Vietnam time), gold prices rose 0.5% to $1,523.51 an ounce. Previously, the price of this precious metal had hit its highest level since September 6 at $1,526.80 an ounce. US gold futures prices rose 1.1% to $1,531.50 an ounce.
Giá vàng thế giới đã tăng lên mức cao nhất trong hơn hai tuần qua trong phiên 23/9. Ảnh: THX/TTXVN
World gold prices rose to their highest level in more than two weeks in the session on September 23. Photo: THX/TTXVN

Phillip Streible, senior commodity strategist at RJO Futures, said gold prices could hit $1,550 an ounce under favorable conditions such as “low interest rates, rising geopolitical risks, the US and China failing to reach a trade deal and weak data suggesting the world economy is falling into recession.

German private sector activity shrank for the first time in six and a half years in September as manufacturing unexpectedly contracted and the services sector lost momentum, while business growth in the eurozone stagnated, a survey showed on September 23.

Meanwhile, better-than-expected US manufacturing Purchasing Managers' Index (PMI) data helped to keep stock markets from falling sharply, but was not enough to curb the upward momentum of gold prices.

In other precious metals, spot palladium closed up 0.6% at $1,650.60 an ounce after hitting a record $1,664.50 an ounce earlier in the session. The precious metal has gained nearly 8% (about $115) since the beginning of September. Spot silver rose 3.5% to $18.61 an ounce, while spot platinum rose 1.1% to $955.85 an ounce.

In Vietnam, at 4:19 p.m., gold and silver companies listed prices at 41.98 - 42.30 million VND/tael (buy - sell).

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World gold prices rose to their highest level in the past two weeks
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