Gold prices suddenly plummeted

ANTD.VN - World gold prices plummeted, witnessing the sharpest decline in nearly 4 years.

The international gold market just experienced a dramatic trading session, witnessing the biggest one-day drop since November 2020. December gold futures closed at $2,628.50, representing a net drop of $90 in the session. Spot gold also saw a similar decline, currently trading around $2,627/ounce.

Gold prices had the biggest drop in the past 4 years

Domestically, the prices of gold brands also plummeted this morning. At 10am, SJC gold recorded a decrease of up to 1.8 million VND/tael in buying price, and a decrease of 1.3 million VND/tael in selling price, listed at 82.80 - 85.30 million VND/tael.

Gold rings of various brands also witnessed a similar decrease. Accordingly, SJC 999.9 rings were listed at 82.50 - 84.50 million VND/tael; Bao Tin Minh Chau plain round rings were 82.73 - 84.68 million VND/tael; DOJI Hung Thinh Vuong rings were 82.30 - 84.40 million VND/tael; Phu Quy round rings were 82.40 - 84.60 million VND/tael...

The abrupt market correction was driven by a shift in market sentiment based on both geopolitical and economic factors, notably President-elect Donald Trump’s pick of Scott Bessent as Treasury Secretary and reports of a ceasefire between Israel and Lebanon.

Analysts at Saxo Bank provided insight into the market dynamics, arguing that the incoming US Treasury Secretary’s reputation as a fiscal “hawk” is likely to bring stability to the US economic landscape. This stance could ease investors’ concerns about the US debt situation, thereby reducing the appeal of gold as a safe-haven asset.

Geopolitical factors also played a role in gold’s price action. While tensions over Ukraine and Russia had pushed gold up 6.5% last week, today it has shed more than 50% of that gain on news of a possible ceasefire in the Middle East.

Interestingly, the 0.55% decline in the USD Index in the same session also failed to counteract the significant decline in gold prices. This reversal once again highlights the complex and multifaceted nature of commodity trading, where geopolitical, economic and technical factors intersect to drive price movements.

Source: https://www.anninhthudo.vn/gia-vang-bat-ngo-lao-doc-khong-phanh-post596570.antd