Gold price today, May 17: Sharp drop

Last night, world gold prices lost their appeal.

Early on May 17, the price of gold on the world market closed the weekend session at 3,203 USD/ounce, down sharply by 50 USD compared to the highest level in last night's trading session (3,253 USD/ounce).

One of the main factors driving the decline in gold prices is the positive developments in the trade relations between the US and China. This increases investors' confidence in risky assets such as stocks, making gold - considered a "safe haven asset" - lose its appeal.

International stock markets, especially in the US, reacted positively to this news, with indexes rising strongly.

Meanwhile, Walmart’s CEO said tariffs have increased costs, especially after disruptions to supplies from China. Federal Reserve Chairman Jerome Powell also warned of the risk of supply shocks that could hit the US economy .

This information raised concerns that the Fed will maintain high interest rate policy for a long time, putting downward pressure on gold prices, because this precious metal does not offer yield.

In addition, the sharp drop in gold prices today also comes from profit-taking activities after gold reached a record high recently.

In Vietnam, as of the end of May 16, the listed price of SJC gold was 118.7 million VND/tael (selling price), while the price of gold rings reached 115.7 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-17-5-lao-doc-manh-196250517050919645.htm