Spot gold has surpassed the $3,400 per ounce mark, increasing by 1.48% on the day.
During the trading session on July 21, the spot gold price recorded a strong growth, reaching above $3,400/ounce, marking a clear surge in the global gold market.
MAIN CONTENT
Spot gold prices exceeded $3,400/ounce on July 21.
This trend reflects a positive outlook in the global gold market.
What is the spot gold price and why is it important?
The spot gold price reflects the real-time price of gold at that moment, widely used as a reference in financial trading and investment. A price exceeding $3,400/ounce usually indicates an increase in demand and a bullish trend in the global gold market.
Investors and financial experts often closely monitor the spot gold price to forecast other financial fluctuations such as inflation or economic instability.
Why did the gold price spike on July 21?
Gold prices increased by 1.48% to above $3,400/ounce on July 21, mainly due to geopolitical factors and increasing inflationary pressure leading investors to shift to safe assets.
According to the report from the Q2 2024 market report of International Financial Analysis Company, concerns about monetary policy and geopolitical tensions in key regions have boosted the flow of money into gold.
"Gold continues to hold its position as a safe haven asset amid escalating global economic and geopolitical instability."
Mr. Nguyen Van Hung, Investment Director of Global Finance Company, 22/7/2024
Comparing gold price volatility in 2024 with the previous year
Compared to 2023, the gold price in 2024 shows a more stable upward trend, with an average price in Q2 reaching $3,300/ounce, up 5% from the same period last year.
Q2 2023 Q2 2024 Average Price (USD/ounce) $3,143 $3,300 Growth Rate – +5% Market Trend Stable, less volatile Strong increase due to geopolitical tensions, inflationary pressure
What factors are currently affecting the gold price?
The main factors include global inflation, monetary policy of major central banks, geopolitical tensions, and the trend of capital flow shifts by investors. According to an analyst at Bloomberg Intelligence, these impacts make gold a preferred choice in uncertain times.
"The maintenance of high gold prices reflects market confidence in gold's ability to hedge against inflation and protect assets."
Ms. Tran Thi Minh, Bloomberg Intelligence Financial Analyst, July 2024
Frequently Asked Questions
Is the spot gold price stable?
Spot gold prices can fluctuate due to economic and political factors; however, gold is still viewed as a stable asset in the long term according to many reputable financial reports.
Why did the gold price increase in 2024?
The main reason is the inflationary pressure and geopolitical instability causing capital to flow into gold as a safe haven asset.
What does the gold price above $3,400/ounce mean?
The $3,400 mark represents a rare high price, indicating strong growth and significant investor confidence in the value of gold.
Should we invest in gold at this time?
Based on market analysis and risk assessment, gold remains a safe choice for portfolio diversification.
How does the gold price affect cryptocurrencies?
Although gold and cryptocurrencies are distinct assets, during periods of instability, rising gold prices often lead investors to consider portfolio adjustments, indirectly affecting cryptocurrencies.
Source: https://tintucbitcoin.com/gia-vang-ngay-vuot-3-400-usd/
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