Gold price increases sharply, approaching new peak

Khương Duy (Theo Kitco) |

World gold prices continued to increase sharply last night. The precious metal at times approached the $2,700/ounce mark.

Gioi chuyen gia nhan dinh, nhieu yeu to dang ho tro gia vang tang cao, co the ke den nhu cau tru an an toan trong boi canh cang thang dia chinh tri leo thang; cac ngan hang trung uong cat giam lai suat... Anh minh hoa: Phan Anh
Experts say many factors are supporting the rising gold price, including the need for safe haven amid escalating geopolitical tensions; central banks cutting interest rates. Photo: Phan Anh

Last night, gold prices rose to nearly $2,700/ounce after receiving news that the European Central Bank (ECB) cut interest rates across the board by 25 basis points, in line with economists' expectations.

The ECB said falling inflation pressures were creating conditions for easing monetary policy: “Inflation data suggest that the disinflation process is moving in the right direction.”

Looking ahead, analysts expect to see further easing from the ECB in the first half of 2025. “The baseline remains a 25bp cut at the December meeting, followed by similar cuts in early 2025 until the deposit rate reaches neutrality around 2% next summer,” Michael Brown, senior research strategist at Pepperstone, wrote in a note.

Vang dang giu duoc muc tang sau quyet dinh ve chinh sach tien te cua ECB. Ghi nhan luc 2h31 ngay 18.10.2024 (gio Viet Nam), gia vang the gioi niem yet tren Kitco o nguong
Gold is holding its gains after the ECB's monetary policy decision. Recorded at 2:31 a.m. on October 18, 2024 (Vietnam time), the world gold price listed on Kitco was at $2,692.2/ounce.

In addition, the world gold price last night was also affected by some recently released US economic data. Notably, the number of US workers filing for unemployment benefits for the first time fell below the expected level.

The US Department of Labor reported that initial jobless claims fell by 19,000 to 241,000 in the week ended October 12. Analysts had expected an increase of 260,000.

The US labor market is showing signs of instability as last week saw a sharp increase. Last week's employment figure was revised up by 2,000 to 258,000.

The Commerce Department said U.S. retail sales rose 0.4 percent in September, compared with economists' expectations for a 0.3 percent gain. Over the past 12 months, retail sales rose 1.7 percent, compared with expectations for a 1.6 percent increase.

Core US sales, excluding auto sales, rose 0.5% last month, well above the consensus forecast of a 0.1% increase.

The two reports are in line with the US monetary policy hawks who want to see the US Federal Reserve (FED) restrained in its path of interest rate cuts. However, some say the data is unlikely to change the trajectory of the Fed's monetary policy.

See more news related to gold prices HERE...

Khương Duy (Theo Kitco)
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