Gold Prices Soar Above $4,400 as Prolonged Conflict Concerns Ease

Gold prices have reversed direction and surged sharply on September 3rd, surpassing $4,400 per ounce. The precious metal's upward momentum was supported by US President Donald Trump's signal that new military operations in the Middle East may not last long, easing concerns about inflation from energy prices.

The spot gold price on the international market reached $4,408.75 per ounce as of 8:56 am Vietnam time, a gain of 20.58 USD or 0.47% compared to the previous session. Meanwhile, December gold futures contracts increased by 0.89%, reaching $4,453.96 per ounce.

The US labor market data also contributed to the recovery of gold prices. New York Fed Chairman John Williams stated that there is evidence that inflation in the US continues to cool down as the impact of tariffs gradually decreases. Higher energy prices have not yet spread to other service groups, reducing concerns that the Federal Reserve may raise interest rates to control inflation.

Market analysts believe that developments in oil prices, the USD, US bond yields, jobs data, and expectations about the Fed's interest rate policy will continue to be crucial factors determining the direction of gold prices in the coming sessions.