On Kitco, analysts at Switzerland's leading investment bank UBS said that gold is one of the best performing assets in 2024.
The precious metal has hit new records several times over the past year amid deteriorating economic conditions, and that rally is expected to continue amid the prospect of lower interest rates and rising geopolitical tensions, according to one bank.
“Gold prices hit an all-time high of $2,607 an ounce in early September. Not only are expectations of lower yields in play, but the continued trend of central bank diversification into the dollar is also supported by macro and geopolitical uncertainties,” UBS analysts said.
They said geopolitical tensions were likely to persist, with no clear catalyst for an end.
“We expect gold to remain a popular hedge against both geopolitical and interest rate risks. Historically, the metal has outperformed equities during periods of high volatility, which has been the case again in recent months despite market uncertainty over the pace of future Fed rate cuts.”
Analysts say the rally could continue, with a price target of $2,700 an ounce by mid-2025.
“In addition to short-term drivers, we expect broader gold ETF demand to accelerate in the coming months. According to official gold ETF data released by the World Gold Council, gold ETFs rose in August, marking the fourth consecutive month of inflows. Total holdings recovered to nearly 3,182 tonnes, the highest level since the beginning of the year.”
“We recommend that a diversified USD portfolio include a 5% allocation to gold,” the analysts said.
Not only gold, experts believe that silver will also benefit from a rising gold price environment: "We maintain the view that silver will benefit from a rising gold price environment, consistent with the Fed's easing policy."
In the coming period, TradingView analyst Xanrox said gold could rise above $2,800/ounce as the precious metal “has started a historic uptrend.”
“I predict gold will hit new highs in the coming days or weeks,” the expert affirmed.
Update domestic gold price
As of 6:00 a.m. on September 24, the price of SJC gold bars listed by DOJI Group was at VND80 - 82 million/tael (buy - sell). The difference between the buying and selling prices of SJC gold at DOJI Group was VND2 million/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 80 - 82 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold at Saigon SJC Jewelry Company is at 2 million VND/tael.
At the same time, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 80.1-81.2 million VND/tael (buy - sell).
Bao Tin Minh Chau also adjusted the price of plain round gold rings to increase to 80.08 - 81.18 million VND/tael (buy - sell).
