World gold and silver prices plummeted on the morning of June 4th.

Gold prices are falling sharply, trading around $4,428 per ounce, while silver prices are not faring any better. Pressure from high interest rates and geopolitical situations is driving down gold prices. Let's explore the reasons and future trends for gold prices.

Spot gold was trading around $4,428-$4,451 per ounce, down 0.81%, while spot silver was at $74.105 per ounce, down 1.37%.

Gold prices declined amid a relatively busy US economic calendar ahead of the May jobs report released later this week.

According to ADP data, the private sector added 122,000 jobs in May, the highest level in 16 months and exceeding the forecast of 110,000 jobs.

The interest rate environment continues to be unfavorable for gold and silver, with 10-year US Treasury yields remaining around 4.5%, and the US dollar strengthening. In addition, recovering oil prices are increasing concerns about inflationary pressures.

World gold and silver prices plummet.

Oil prices surged following clashes between US and Iranian forces. Reports indicate US forces neutralized an Iranian oil tanker that Washington accused of attempting to breach a blockade, while Iran launched missiles targeting US military bases in Bahrain and Kuwait. Negotiations regarding the reopening of the strategic shipping lane remain stalled, and the likelihood of reaching a comprehensive peace agreement this month has declined from its peak in late May.

The impact of current geopolitical developments on gold is quite complex. On the one hand, the increased risk of conflict is driving demand for defensive and safe-haven assets. On the other hand, sharply rising oil prices, a strengthening US dollar, and renewed inflationary pressures are putting pressure on non-yielding assets like gold and silver.

In other markets, the most noticeable impact was the surge in oil prices, which boosted energy stocks while putting pressure on fuel-sensitive businesses. Simultaneously, inflation premiums increased and volatility returned to the shipping market.

WTI crude oil is trading around $95.78 per barrel, while Brent crude is near $97.89 per barrel. The US dollar index is rising and the yield on 10-year US Treasury bonds remains around 4.5%.

Technically, the next upside target for buyers in the spot gold market is to push the price back to the resistance zone of $4,460 to $4,500 per ounce. If this area is breached, the next targets would be $4,526 and $4,576 per ounce.

Conversely, the short-term downside target for sellers is to push the price below the support level of $4,438.50 per ounce. If this level is broken, the next targets would be $4,436 and $4,400 per ounce. The nearest resistance levels are identified at $4,460 and $4,500 per ounce, while the nearest support levels are at $4,438.50 and $4,436 per ounce.

For spot silver, the next upside target for buyers is to push the price back to the resistance zone of $74.50 to $75.50 per ounce. Higher targets are $75.80 and $76.50 per ounce, respectively.

On the downside, the sellers' target is to break the support level of $73.84/ounce. If successful, the price could continue to retreat to $73.20 and $72.00/ounce. The nearest resistance levels are identified at $74.50 and $75.50/ounce, while support levels are at $73.84 and $73.20/ounce.

Source: https://suckhoedoisong.vn/gia-vang-bac-the-gioi-lao-doc-sang-4-6-169260604063814851.htm