Gold prices unexpectedly plummeted.

ANTD.VN - World gold prices plummeted, experiencing their sharpest decline in nearly four years.

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

Gold prices experienced their sharpest decline in four years.

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

Gold rings from various brands also saw similar price reductions. Accordingly, SJC 999.9 gold rings were listed at 82.50 – 84.50 million VND/ounce; Bao Tin Minh Chau plain gold rings at 82.73 – 84.68 million VND/ounce; DOJI Hung Thinh Vuong gold rings at 82.30 – 84.40 million VND/ounce; Phu Quy gold rings at 82.40 – 84.60 million VND/ounce…

The sudden market correction stemmed from a shift in market sentiment driven by both geopolitical and economic factors. Notably, this included President-elect Donald Trump's selection of Scott Bessent as Treasury Secretary and reports of a ceasefire agreement between Israel and Lebanon.

Analysts from Saxo Bank provided insights into market dynamics, suggesting that the reputation of the future US Treasury Secretary as a fiscal hawk is likely to bring stability to the US economic landscape. This view could alleviate investor concerns about the US debt situation, thus reducing the appeal of gold as a safe-haven asset.

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Geopolitical context also plays a significant role in gold price fluctuations. While previous tensions involving Ukraine and Russia had pushed gold prices up 6.5% last week, today they have fallen by more than 50% of that gain following news of a possible ceasefire in the Middle East.

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

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