Investors Drive Gold Prices Up

Concerns over low domestic supply, the fear of missing out, and escalating geopolitical tensions worldwide have significantly increased the demand for gold, a safe-haven asset.

Gold's Rollercoaster Ride in 2024

In May, gold bars hit a new high, exceeding VND92 million per tael, only to experience a sharp decline the following month due to government interventions aimed at narrowing the gap between domestic and global rates. However, the precious metal gradually recovered, marking a 9.4% increase over the next six months.

Global Gold Market Overview

On the last trading day of 2024, global gold prices remained stable, capping off a year where gold achieved its best annual performance in over a decade, according to Reuters. Spot gold slightly increased by 0.1% to $2,608.09 per ounce, while U.S. gold futures also saw a 0.1% rise to $2,620.60.

"2024 was a remarkable year for gold, largely driven by the anticipated shift towards a lower interest rate environment," commented Tim Waterer, chief market analyst at KCM Trade.