Gold increased sharply due to the escalation of conflict in the Middle East

Gold price today January 14: World gold increased sharply due to the escalation of conflict in the Middle East

Gold prices hit a one-week high on Friday as conflict in the Middle East escalated, spurring safe-haven buying of gold. Meanwhile, falling US producer price inflation results have also fueled bets that the Federal Reserve could cut interest rates sooner.

Spot gold was up 1% at $2,048.21 an ounce by 2:24 p.m. ET (19:24 GMT), after rising as much as 1.7% earlier in the session.

Bullion was virtually unchanged on the week, but extended its run above $2,000 to nearly a month. US gold futures were up 1.6% at $2,051.60.

The US and UK have launched air strikes across Yemen in retaliation for Houthi forces for attacks on Red Sea shipping by Iranian-backed fighters, as a response to the war in Gaza . Iran condemned the attacks, warning that it would cause “uncertainty and instability” in the region.

A rise in geopolitical risks is pushing gold prices higher, said Bart Melek, head of commodity strategy at TD Securities. its restrictive monetary policy.

Melek added that US producer price index (PPI) data was negative, which was also a significant catalyst for prices.

US producer prices unexpectedly fell in December amid falling costs of goods such as diesel fuel and food, suggesting inflation will continue to decline. However, data on Thursday showed US consumer prices rose more than expected in December.

According to the CME Fedwatch tool, traders see an 80% probability of a rate cut in March, compared with about a 70% probability seen ahead of the PPI report.

Considered a safe haven, gold tends to appreciate in times of uncertainty, while lower interest rates also increase its appeal.

Gold price today January 14: SJC gold increased “dizzily” by 1 million VND/tael

Today’s SJC gold price nationwide continues to be adjusted to increase sharply with the highest increase of 1 million VND to 77 million VND/tael. Currently, a survey on giavang.org at 7:30 a.m. January 14, gold bar prices for brands are listed specifically as follows:

SJC gold price in Hanoi and Da Nang area is listed at 74 million VND/tael purchased and 77.02 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling is 20,000 VND lower. Thus, compared to yesterday morning, SJC gold price has been adjusted to increase by 1 million VND on the selling side, and 500,000 VND on the buying side.

SJC gold bars are currently being purchased by Phu Quy at the price of 73.9 million VND/tael and sold at 76.9 million VND/tael, an increase of 500,000 VND in the buying afternoon and 1.1 million VND in the selling afternoon compared to dawn. via.

Meanwhile, the price of SJC gold bars listed by the PNJ brand is at 72.5 million VND/tael purchased and 75.2 million VND/tael sold, unchanged from yesterday.

Bao Tin Minh Chau also adjusted the buying price by 200,000 VND and the selling price by 150,000 VND to 73.6 million VND/tael and 75.5 million VND/tael, respectively.

The difference between domestic and world gold prices is about over 16 million VND/tael.

Unit: x1000 VND/tael