World gold price rises to highest level in 2 weeks
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.
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| World gold prices rose to their highest level in more than two weeks in the session of 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 contracted 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 cushion stock markets from a sharp fall, but was not enough to curb gold's upward momentum.
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).
