Gold prices cool as safe-haven demand weakens

Gold bars on display at the US Bureau of Engraving and Printing in Washington, DC. Photo: AFP/VNA

Accordingly, spot gold price decreased 0.5% to 3,214.17 USD/ounce at 14:27 (Vietnam time). US gold futures price slid 0.6% to 3,215.60 USD/ounce.

The dollar rebounded slightly after hitting a more than one-week low in the previous session, making greenback-priced gold less attractive to holders of other currencies.

Capital.com financial market analyst Kyle Rodda said the gold price fell as concerns about the US credit rating downgrade eased, while there was some hope of a ceasefire agreement between Ukraine and Russia.

Buying pressure is picking up as gold prices fall below $3,200 an ounce, Rodda said, but he said the market could see a bigger pullback, especially if geopolitical risks continue to ease.

Gold, considered a safe haven asset amid geopolitical and economic uncertainty, has hit record highs several times this year. The precious metal has gained 22% since the start of the year.

Federal Reserve officials have been cautiously assessing the implications of the downgrade and volatile market conditions as they continue to navigate an uncertain economic environment.

Markets are betting the Fed will cut interest rates by at least 54 basis points this year, with the first cut expected in October.

Among other precious metals, spot silver fell 0.4% to $32.23 an ounce. Platinum, on the other hand, rose 0.8% to $1,005.45 an ounce.

In Vietnam, on the afternoon of May 20, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 116.80 - 119.30 million VND/tael (buy - sell).

According to baotintuc.vn

Source: https://baolaocai.vn/gia-vang-ha-nhet-khi-nhu-cau-tru-an-an-toan-suy-yeu-post402089.html