Global gold prices rebounded after a sharp drop, with the $4,000/ounce level becoming a key support.
After falling to a two-month low, world gold prices unexpectedly reversed course, rising to $4,194.36 per ounce thanks to bargain-hunting investors returning to the market.
From its lowest price in two months, global gold prices quickly regained upward momentum in the final trading sessions of the week. Demand emerged at lower price levels, helping the precious metal recover, despite concerns about the outlook for interest rates in the US.
According to Reuters, spot gold prices rose 1.5%, reaching $4,194.36 per ounce at 3:29 PM Eastern Time on October 9th, equivalent to 2:29 AM on October 10th in Vietnam. This marks the second consecutive day of gains, pushing the market to its highest price level in a week.