'Sharks' just dumped over 3 tons of gold.

The world's largest gold fund resumed selling more than 3 tonnes of gold after a trading halt, amid a plunge in the price of the precious metal below $4,200 per ounce.

The SPDR Gold Trust, a major gold-producing group, sold a net 3.4 tons of gold during the trading session on June 9th (US time). Photo: Reuters .

According to data from Muavangbac.vn , the world's largest gold fund, SPDR Gold Trust, sold a net 3.4 tons of gold on June 9th (US time) after a trading halt. This move reduced the fund's gold holdings to approximately 1,016.5 tons. Since the beginning of June, the fund has sold a total of more than 12 tons of gold, coinciding with a period of volatile gold prices.

At the close of trading on June 9th, world gold prices fell by $70.7 to $4,258.6 per ounce. The downward trend continued as, during the ongoing trading session, the price dropped further to $4,173.9 per ounce ($- $84.7 ), the lowest price since March 23rd.

Not only gold, but also the iShares Silver Trust (SLV), managed by BlackRock, has sold off 26.68 tons of silver, after aggressively accumulating over 42 tons in the previous session. Currently, the amount of the white metal held by this fund has decreased to 15,030 tons.

Currently, gold prices are about 20% lower than their pre-war trading levels before the conflict with Iran erupted in late February, according to Bloomberg. The recent decline has intensified after gold prices broke through the 200-day moving average, a long-term technical indicator closely watched by institutional investors. This breach triggered further technical sell orders in the market.

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Suki Cooper, Global Head of Commodity Research at Standard Chartered, commented: "We believe that short-term gold price movements will become more vulnerable as the likelihood of the US Federal Reserve (Fed) raising interest rates increases."

According to Ms. Cooper, if gold continues to fall sharply, many investors holding gold-backed ETFs will incur losses, which could trigger further selling pressure and put gold prices at even greater risk of further declines.

Regarding the geopolitical situation, US forces attacked Iranian targets near the Strait of Hormuz after President Donald Trump accused Tehran of shooting down a US military helicopter off the coast of Oman. Iran's Mehr news agency reported that multiple explosions were recorded on Qeshm Island and along the southern coast of the country.

The latest clashes are threatening the already fragile ceasefire and increasing the risk of prolonging the near-total blockade of the Strait of Hormuz, a strategic energy shipping lane connecting the Middle East to the rest of the world.

According to Standard Chartered's assessment, the $4,100 /ounce level is currently the next important technical support level for gold. If this level is breached, the downward trend could continue in the near future.

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Source: https://znews.vn/ca-map-vua-ban-thao-hon-3-tan-vang-post1658544.html