Gold price today, May 1: Continues to decrease sharply

Today's world gold price dropped from 2,329 USD/ounce to 2,292 USD/ounce.

At around 6:00 a.m. on May 1, the world gold price today was trading at 2,292 USD/ounce, down 37 USD compared to the highest price in last night's trading session of 2,329 USD/ounce.

World gold prices fell more than 1% to a one-week low as the US dollar rose 0.3%, making gold more expensive for holders of other currencies.

Meanwhile, the US bond interest rate increased to 4.68%, which means the bond value decreased. This has encouraged investors to put capital into bonds. As a result, very little money flows into precious metals. The sharp drop in the world gold price today is inevitable.

The US Federal Reserve's (FED) monetary policy meeting will end in the early morning of May 2 with a statement from FED Chairman Jerome Powell.

Analysts say that although no change in monetary policy is expected, the Fed's statement will be closely watched by the market. Recent hotter inflation data has pushed the market's expectations for the first Fed rate cut to the fourth quarter of 2024 or 2025. This scenario will put pressure on world gold prices in the coming time.

In Vietnam, because large enterprises are still on holiday, domestic gold prices depend on buying and selling power at gold shops and world prices. On April 29, SJC gold was sold at VND84 million/tael./.

According to nld.com.vn

Source: https://nld.com.vn/gia-vang-hom-nay-1-5-tiep-tuc-giam-manh-196240501063740154.htm

Source: https://baolongan.vn/gia-vang-hom-nay-1-5-tiep-tuc-giam-manh-a175456.html